Environment

How GE Vernova plans to deploy small nuclear reactors across the developed world

Published

10 months ago

November 30, 2024

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GE Hitachi Nuclear Energy’s BWRX-300 small modular reactor incorporates proven components.

Courtesy: GE Verona

GE Vernova is aiming to deploy small nuclear reactors across the developed world over the next decade, staking out a leadership position in a budding technology that could play a central role in meeting surging electricity demand and reducing carbon dioxide emissions.

The company’s small modular reactor, or SMR, is designed to reduce the cost of building new nuclear plants, said Nicole Holmes, chief commercial officer at GE Vernova’s nuclear unit GE Hitachi.

GE Vernova is the spinoff of General Electric’s former energy business. The company’s stock has more than doubled since listing on the New York Stock Exchange last April, with investors seeing the Cambridge, Mass.-based company playing a key role in the future of the power industry through a portfolio of divisions that span nuclear, natural gas, wind and carbon capture.

The U.S. government wants to triple nuclear power by 2050 to shore up an electric grid that is under growing pressure from surging power demand. But large nuclear projects, in the U.S. at least, are notoriously plagued by multi-billion dollar budgets, cost overruns, delayed construction timelines and, sometimes, cancellations.

“Affordability has been the real challenge for nuclear through the many years,” Holmes told CNBC. “We’re beginning to crack that at this point.”

Simpler design

GE Vernova’s SMR, the BWRX-300, has a simpler design with fewer components and less concrete and steel compared to a larger nuclear plant, Holmes said. The reactor might cost somewhere in the range of $2 billion to $4 billion to build compared to $10 billion to $15 billion for a large nuclear plant, Holmes said.

The plant generates 300 megawatts of electricity, enough to power more than 200,000 U.S. households. The average reactor in the U.S. fleet has about 1,000 megawatts of power, enough for more than 700,000 homes. The smaller size offers more flexibility in terms of location, she said.

“You could put four of these on a site and get the same output as you would from a single large reactor,” the executive said. “You can have one started, deploying energy, making money while you build out others. It gives you a lot of optionality,” she said.

GE Vernova is targeting more than $2 billion in annual revenue from its small reactor business by the mid-2030s. That compares with total company revenue of $33.2 billion last year. GE Vernova sees demand for as many as 57 small reactors in total across its target markets in the U.S., Canada, the United Kingdom and Europe by 2035.

To hit that revenue target, GE Vernova would need to ship between three to four reactors per year, according to an October research note from Bank of America. The company could capture a 33% market share in its target markets, according to the bank.

“We’re underway building a strong order book in those target markets,” Holmes said. “A lot of the buyers in these early stages will be utilities.”

GE Vernova is also talking to major tech companies, which Holmes declined to name, that are showing a growing interest in nuclear power to meet electricity demand from their artificial intelligence data centers.

“We are in conversations with a lot of the big tech companies,” Holmes said. “I see a ton of interest from them in in new nuclear, and what it could do to meet some of their energy demands.”

North America deployments

GE Vernova signed a collaboration agreement in March 2023 with Ontario Power Generation, Tennessee Valley Authority and Synthos Green Energy in Poland to invest $500 million to kick start the BWRX-300 and launch the reactor at a commercial scale.

The goal is to create a standardized reactor design that can be deployed across GE Vernova’s target markets rather than building different nuclear plants at each site, Holmes said.

“We’re working on a plant that can be deployed in many, many places across many, many regulatory regimes and still be the same fundamental plant,” Holmes said. “They’re helping us with those requirements to make it the same,” she said of the collaboration partners.

GE Vernova is also seeing growing interest in expanding capacity at existing nuclear plants by adding small modular reactors, said Chief Financial Officer Kenneth Parks on the company’s Oct. 23 earnings call.

GE Vernova won the first commercial contract in North America to deploy a small modular reactor for Ontario Power in January 2023. Holmes described the project as the first commercial deployment of an SMR not only in North America, but also in the developed world.

The reactor is scheduled to come online in 2029 in Darlington on Lake Ontario about 60 miles east of Toronto. Ontario Power eventually plans to deploy three more BWRX-300 reactors at Darlington.

In the U.S., the Tennessee Valley Authority (TVA) is considering building a BWRX-300 at its Clinch River site a few miles from Oak Ridge National Laboratory.

TVA received the first early site permit in the nation from the Nuclear Regulatory Commission in 2019 for a small modular reactor at Clinch River. The power company has approved $350 million for the project so far, though its board has not made a final decision yet on whether to build a reactor.

TVA is pursuing small reactors because there is less financial risk tied to them compared to large 1,000 megawatt, or 1 gigawatt, size reactors, said Scott Hunnewell, vice president of TVA’s new nuclear program.

“If you have a gigawatt scale plant where your construction timeline starts at eight years and then gets longer, your interest expenses really start to accrue and really drive your cost up,” Hunnewell told CNBC. “The SMR just overall, it’s a smaller bite at the apple, a lot less risk associated with it.”

And TVA is already familiar with the boiling water technology of the BWRX-300, Hunnewell said. The power company operates three large GE boiling water reactors at its Browns Ferry site that use the same fuel that would power the BWRX-300.

“GE Hitachi is a known quantity,” Hunnewell said.

GE Vernova, Ontario Power, TVA and Synthos Green Energy will share lessons learned as they deploy reactors to further streamline the construction process, Holmes said.

The collaboration will also potentially benefit companies that are not part of the team. TVA plans to share information with any utility that is interested in learning from the power company’s experience as it seeks to deploy small reactors, Hunnewell said.

Tech sector interest

While the primary customers for the BWRX-300 are utilities, the tech sector is playing an increasingly influential role in reviving nuclear power after a long period of reactor shutdowns in the U.S. due to poor economics in the face of cheap and plentiful natural gas.

Microsoft signed 20-year power purchase agreement with Constellation Energy, which will provide long-term financial support to revive the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Amazon and Alphabet’s Google made investments in small nuclear reactors in October.

Holmes doesn’t see the tech companies actually building and operating their own nuclear plants, but instead supporting the deployment of new reactors by purchasing dedicated power from utilities.

“As utilities think about deploying additional capacity, these large tech companies could be an off taker and agree to power purchase prices that support deployment of these early units and early technologies,” Holmes said.

The growing power needs of tech companies’ artificial intelligence data centers will be a “tremendous demand driver” for small nuclear reactors, the executive added.

Environment

Enel and Mars ink a milestone Texas solar agreement

Published

1 hour ago

September 15, 2025

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Enel and Mars ink a milestone Texas solar agreement

Enel Mars Texas solar — Photo: Enel North America

Enel North America and food and snacks giant Mars have signed a massive clean energy deal that will power up Mars’s operations with Texas solar.

The two companies completed a power purchase agreement (PPA) for the full output – all 851 megawatts (MW) – of three Texas solar farms. Together, those plants are expected to deliver 1.8 terawatt-hours of electricity annually, the equivalent of enough electricity to power 150,000 homes. That makes this Enel’s largest corporate PPA worldwide.

Michele Di Murro, CEO of Enel North America, said the deal “shows how renewables are among the fastest and most affordable solutions to meet the nation’s energy needs. Through these agreements, we’re adding clean capacity to the Texas grid while supporting a leading manufacturer’s sustainability goals.”

For Mars, the move goes beyond just greening its own factories. Kevin Rabinovitch, global VP of sustainability at Mars, explained that this PPA “lets us bring demand for all the electricity used in our value chain to the clean energy market in a highly efficient manner. The more demand we create together, the faster we can build the future we all want.”

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All three solar farms will use sheep grazing to manage vegetation, a dual-use practice Enel has scaled through the largest solar grazing agreement in the US.

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Environment

Finance a new EV for less: EV deals with 0% interest this September

Published

2 hours ago

September 15, 2025

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Finance a new EV for less: EV deals with 0% interest this September

0% financing for 2024 Hyundai IONIQ 6 EV

Lease deals get all the headlines, but 75% of new car buyers still finance their cars, indicating that they want to own their vehicles once the payments are done. If that sounds like you, and you’ve been holding out for relief from sky-high payments, a wave of new EVs are now available with 0% financing — making it one of the best months yet to buy a new EV.

Every month, Electrek readers looking for great deals on a new EV flock to our lease deal posts. Recently, however, the comments have been asking another crucial question: what about EV deals for the people who want to buy, instead of leas?

You asked, we listened. This roundup is for that 75% of new car buyers who choose to finance their cars instead of lease — so here’s a list of all the 0% financing deals on EVs you can get in September, 2025.

As I put this list together, I realized there were plenty of ways for me to present this information. In the end, I decided to present these deals in alphabetical order, by brand name (make). And, as for which deals are new this month? You’re just gonna have to check the list. Enjoy!

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Acura ZDX

New for the 2024 model year, the Acura ZDX uses GM Ultium battery and drive technology, but the styling, interior, and infotainment are all Honda, delivering GM-level parts support with Honda-level fit, finish, and quality. Add in standard Apple CarPlay support, 0% financing for up to 72 months, and $7,500 customer cash through September 30th, and the ZDX becomes easily one of the best sporty crossover values on the market.

Chevy Equinox EV

With an impressive combination of affordability, practicality, and advanced features, the Chevy Equinox is a standout EV. And with an EPA-estimated range of up to 319 miles and a starting price under $35,000, it’s no wonder they’re flying off dealer lots.

For well-qualified buyers, Chevrolet is offering 0% APR financing for up to 60 months through GM Financial through September 30th. That offer can be paired with the $7,500 federal EV tax credit (which you can claim at the dealer), along with up to $1,250 in additional discounts for Costco members, depending on membership level.

Dodge Charger

Dodge is hoping that at least a few muscle car enthusiasts with some extra cash will find their way to a Dodge store and ask for the meanest, loudest, tire-shreddingest muscle car on the dealer’s lot without caring too much about what’s under the hood.

For them, Dodge has the new electric Charger with up to 670 battery-backed horsepower. And if you still owed money on the Hemi you just totaled, Dodge will help get the deal done on its latest retro-tastic ride with a $7,750 retail cash allowance or 0% financing for up to 72 months — and that’s before any dealer discounts.

Ford F-150 Lightning

America’s best-selling electric truck offers V2x technology, a nationwide dealer network, a universe of aftermarket accessories, and a look that blends into the crowd. This month, this proven pickup adds 0% interest financing for up to 72 months. Ford Pro customer can get access to advanced telematics and, in some cases, even get help sourcing additional grants and rebates, too.

GMC Hummer EV

The biggest of GM’s Ultium-based EVs are seriously impressive machines, with shockingly quick acceleration, plus on-road handling that seems to defy the laws of physics once you understand that these are, essentially, medium-duty trucks. This month, GMC is doing its best to move out its existing inventory with 0% financing for well-qualified buyers plus $1,250 in discounts for select Costco members. So, if you’re a fan of heavy metal you’ll definitely want to stop by your local GMC dealer and give the Hummer EV a test drive.

GMC Sierra EV

In addition to offering a solid Powerwall alternative, these big Ultium-based EVs from GM’s “three letter bandit” commercial brand are just as impressive as their Hummer stablemates, but one-up the Hummers with heavy-duty towing prowess and the added capability of bidirectional charging baked in. And, like the Hummer, GMC is doing its best to move out its existing inventory of Denali and AT4 model Sierra EVs with 0% financing for well-qualified buyers plus $1,250 in discounts for select Costco members.

Honda Prologue

Like the Acura ZDX at the top of this list, the Honda Prologue was blends the excellent GM Ultium EV platform with Honda sensibilities and Apple CarPlay to create a winning combination. It’s no surprise that it’s one of the top-selling electric crossovers — and to move out as many as possible before the $7,500 federal tax credit goes away, Honda is offering 0% APR for up to 60 plus up to an additional $2,000 in Honda Loyalty or Conquest cash.

Hyundai IONIQ 6

hyundai-Samsung-SK-LG-EV-alliance — Hyundai IONIQ 6; via Hyundai.

The last of the streamliners, the IONIQ 6 has influences from Ferry Porsche and Raymond Loewy without looking like a copy of either. In addition to being a future classic, it’s efficient, comfortable, quick, offers up to 361 miles of range, can charge just about anywhere, and (now through the end of the month), can be financed with 0% interest for up to 48 months or $7,500 in customer bonus cash on all trims.

If you’re flexible on color, Hyundai dealers with “aged inventory” will give you an extra $1,000, for $8,500 total incentive dollars on your IONIQ 6.

Jeep Wagoneer S

Jeep's-electric-SUV-dirty — Jeep Wagoneer S; via Stellantis.

The Jeep Wagoneer S is a slick, capable, street-oriented EV that’s been inexplicably saddled with a sloping roof and spoiler that eats away at the electric SUV’s ultimate utility (that’s the “U” part), but if you can get past that minor caveat, this first-ever battery-powered Jeep is ready to deliver. With $7,750 retail cash allowance or 0% financing for up to 72 months before dealer discounts through September 30th, the Wagoneer S might just be the best EV deal going.

Kia Niro EV

Kia is doing a phenomenal job moving its supercar-baiting EV6 and ultra-capable EV9 family trucksters, but the under-mentioned and underrated little Niro EV seems like it could use a little help. To that end, Kia is offering 0% interest financing or up to $7,500 customer cash on select examples of the little urban runabout now through September 30th.

Nissan Ariya

I’ve already said that the Nissan Ariya didn’t get a fair shake. If you click that link, you’ll read about a car that offers solid driving dynamics, innovative interior design, and all the practicality that makes five-passenger crossovers the must-haves they’ve become for most families. With up to 289 miles of EPA-rated range, Tesla Supercharger access, and 0% interest from Nissan for up to 72 months or up to $10,000 Customer Cash (that’s not a typo) undecided EV buyers could do a lot worse than to give the Ariya a chance to win them over.

Polestar 3

Polestar's-electric-SUV-cheaper — Polestar 3; via Polestar.

Sleek, Scandinavian, and seriously quick, the Polestar 3 is the lovechild of Swedish brand Volvo and Chinese brand Geely’s billions. As such, it delivers both Scandinavian style and high-tech substance with dual-motor power, a minimalistic, luxurious cabin, and Android Auto baked right in. The Polestar 3 was designed to turn heads while keeping daily driving effortless, and through the month of September, it’s sure to turn even more heads with 0% financing for up to 72 months through Polestar Financial Services and a $10,000 Clean Vehicle Incentive in some markets.

Put it all together, and the Polestar 3 stands out as one of the most compelling premium EV SUV deals of the month.

Subaru Solterra

The first-ever electric Subaru had a rocky start (no pun intended), but this off-road-ready sibling of the Toyota bZ4X seems like a solid mid-size electric crossover with some outdoorsy vibes and left-leaning granola style that offers more than enough utility to carry your mountain bikes to the trail or your inflatables out to the pond. Add in 227 miles of range, some big discounts, and 0% financing for up to 72 months, and this should be a great month for electric Subaru fans to drive home in a new Solterra.

Volkswagen ID.4

One of the most popular legacy EVs both in the US and Europe, the ID.4 offers Volkswagen build quality and zippy around-town handling. Everyone I know who has one loves it, and VW dealers are getting aggressive with discounts, making this fast-charging, 291 mile EPA-rated range, 5-star safety rated EV a value proposition that’s tough to beat.

This month, get a Volkswagen ID.4 with 0% financing for up to 72 months or up to $5,000 customer cash. You’ll need to do some math to see which offer works best for you.

Disclaimer: the vehicle models and financing deals above were sourced from CarsDirect, CarEdge, and (where mentioned) the OEM websites – and were current as of 15SEP2025. These deals may not be available in every market, with every discount, or for every buyer (the standard lines of “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.

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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Environment

A SWTCH and FLO agreement just made EV charging a lot easier

Published

3 hours ago

September 15, 2025

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A SWTCH and FLO agreement just made EV charging a lot easier

EV charging networks SWTCH Energy and FLO have signed a roaming agreement that lets drivers charge on either network with just one app, removing the need to juggle multiple accounts or payment methods.

One of the biggest frustrations for EV owners is charging network fragmentation. Using multiple apps and memberships makes it clunky and time-consuming for drivers to plug in, especially on road trips. This new agreement gives drivers access to tens of thousands of chargers on SWTCH and FLO’s networks.

If you’re using the SWTCH or FLO app, you can now see and use chargers from both networks. Your existing payment method works across the board, and expanded charger visibility makes trip planning easier. That should mean a smoother, more consistent experience.

SWTCH CEO Carter Li said, “SWTCH users now have access to more than 70,000 chargers across North America. We’re creating the seamless, integrated charging ecosystem that drivers deserve.” FLO CEO Louis Tremblay added that FLO’s roaming agreements already give its members access to more than 110,000 public chargers, and teaming up with SWTCH further strengthens that coverage.

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Both companies already have roaming deals with other charging networks in Canada and the US.

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