Nuclar Energy
We’re trying a new format today – 1-10-60. If you have 1 minute… read one thing. If you have 10 minutes… update yourself on the state of the ecosystem. If you have 60 minutes… learn about a topic.
Today’s topic is a fune one… we’re deep diving into the European energy crisis and how tech can be used to solve it. As the supply of gas becomes Russia’s newest geo-political weapon, European countries are faced with tough questions on where their next Megawatt of electricity will come from. Do they return to fossil fuels, risking their commitment to Europe’s Green Deal, or invest in nuclear, despite strong (but misinformed) opposition?
If you have 1 minute… understand how nuclear fits into the RePowerEU plan
“Furthermore, the Commission makes clear that [nuclear energy] will also bring economic benefits, as it will lead to lower investment costs. Given this, we firmly believe that one of the best ways of ensuring security of supply and lower investment costs today is to keep as many nuclear power plants running for as long as possible. However, more needs to be done to support the development of new nuclear projects, including small modular reactors, to secure a long-term, stable and affordable supply of low-carbon energy for the EU.”
– Yves Desbazeille, FORAM (European Atomic Forum) Director General. In response to the European Commission’s REPowerEU plan (aimed at reducing dependence on Russia for energy).
Source: World Nuclear News
If you have 10 minutes… update yourself on the ecosyste
Cathay Innovation launches €1 billion global fund to supercharge the sustainable transformation of society
Is it a bird? Is it a plane? No, it’s a flying ferry
Shell chief warns Europe may need to ration energy this winter
Impact-driven Systemiq Capital makes the first close of Fund II to fuel the climate tech revolution
Escooter rentals aren’t as green as you think
Denmark has introduced the highest corporate carbon tax in Europe
EU court ruling expands Brussels’ powers to scrutinise tech mergers
COI Partners launches €120m growth fund for DACH startups
Crypto lender Celsius files for bankruptcy in New York
Berlin-based insurtech wefox adds $400 million to its warchest, reaches valuation of $4.5 billion
Paris-based fintech startup Hero scores €12.4 million for its full-stack payments solution
Spain’s Impress raises $125M as teeth alignment procedures become more common
BMW starts selling heated seat subscriptions for $18 a month
Q2 European startup funding drops 38% from a year earlier
The US is no longer the top choice of foreign talent when asked where they would move for work. France is not in the top 5 anymore as well. Canada is.
If you have 60 minutes/1 hour… learn how new nuclear tech could help prevent future energy crises in Europe
How Europe’s worst energy nightmare is becoming reality.
The Russia and Ukraine conflict has thrown European energy markets into disarray. Consumers are faced with skyrocketing prices as winter temperatures rapidly approach. Countries are resorting to restarting coal plants to supplement supply, which is jeopardising the success of the European Green Deal goals.
“For months, European leaders have been haunted by the prospect of losing Russia’s natural gas supply, which accounts for some 40 percent of European imports and has been a crucial energy lifeline for the continent. That nightmare is now becoming a painful reality as Moscow slashes its flows in retaliation for Europe’s support for Ukraine, dramatically increasing energy prices and forcing many countries to resort to emergency plans.”
Last week, the EU parliament confirmed rules that would allow certain investments into gas and nuclear to be labelled as “green”. These two sources were previously excluded from the EU’s definition of clean energy. This new ruling has caused further nuclear-related divisions in the bloc, with pro-nuclear countries like France clashing with others like Austria, who aim to challenge the ruling in court. In Eastern Europe, countries such as Poland and Romania are betting on small scale nuclear projects as a way to meet climate goals, ensure continued energy supply, and attract investors to the region.
“The nuclear industry’s main selling point is a technology involving scaled-down plants, or small modular reactors, that supporters say are safe, cheap and efficient. The argument is that wind and solar power alone won’t be enough to help countries meet the goals outlined at the United Nations climate summit this month in Glasgow. As investors look at where to deploy trillions of dollars in assets in the shift away from fossil fuels, nuclear power is becoming harder to ignore.”
Governments, and startups, are betting on Small Modular Reactors as the nuclear tech of the future
In addition to nuclear waste and the dangers of nuclear disasters, the construction time and costs of new nuclear plants greatly hinders adoption. It takes an average of 8 years to construct a “traditional” nuclear reactor (in addition to the time taken for approval, etc). However, new technology in the form of Small Modular Reactors (SMRs) offer a much quicker construction time of 1.5 – 2.5 years, while producing about 10 – 20% of traditional nuclear reactors’ output. Startups, and governments, have noticed.
“A simpler, smaller, more flexible version of the traditional nuclear plant could dramatically accelerate deployment. This is what Small Modular Reactors (SMRs) are trying to accomplish. The technology is promising, and the economics seem appealing on paper, but it has yet to be tested on a larger scale.”
In an industry usually dominated by government owned entities, and avoided by investors, some companies have made promising strides. Rolls-Royce is hoping to install 16 SMRs in the UK. Nuscale has signed agreements with Romania and Bulgaria to install SMRs. Last Energy, also based in the US, last month signed an agreement in Poland to develop SMRs. ARC Clean Energy Canada raised a $30 million Series A this year. Other big players include TerraPower (founded by Bill Gates), GE Hitachi (an alliance created between General Electric in the US and Hitachi in Japan) and government owned entities such as KEPCO in South Korea, China’s National Nuclear Corporation and Électricité de France (which is set to be re-nationalised).
Gonz Sanchez
Seedtable
