(Another) Nuclear Renaissance: Why Will This One Deliver?

Last week, I was fortunate enough to visit Washington D.C. for the Westinghouse Congressional AP1000® Meet-and-Greet. During my trip, I also spent time with some of the global players and decision-makers in the nuclear industry, including NEI and the NRC. It was an invigorating few days that only amplified the urgency and opportunity we have in the nuclear community. I can confidently say that support for nuclear power is the highest I've seen in my career, and the future looks brighter than ever.

It has me reflecting back to nearly two decades ago, when I founded Mirion as part of a three-way merger. At that time, we were on the cusp of a budding nuclear renaissance. The promise of clean, reliable energy seemed within reach. However, the momentum didn’t quite get off the ground for a multitude of reasons, including the natural gas boom, government incentives for other alternatives, as well as public confidence in the industry.

Fast forward to today, and I still find myself at the helm of Mirion, a company that has become a cornerstone of the nuclear industry around the globe, despite the “failure” of major nuclear growth. Now, 21 years later, the nuclear renaissance dominates public conversation once again. You might ask, “What’s different this time?”

Powerful Tailwinds

I often share with our stakeholders that the powerful tailwinds propelling this movement are unlike anything I’ve witnessed before. AI is one of the biggest catalysts. Data centers, which are the backbone of AI, consume enormous amounts of electricity. You’ve likely heard this in the media -- the world simply does not have enough electrical generating capacity, particularly base-load energy, to power the AI revolution taking form in real-time every day.

Companies like Microsoft, which is investing in the Three Mile Island site, and Amazon, with their commitment to Small Modular Reactor (SMR) development, are leading the charge. For these hyper-scalers, nuclear energy is the answer, and they have the investment power and innovation capabilities to make it a reality.

Recent news makes it clear that the nuclear energy industry has more than just big tech on its side. The financial world also pledged support, and just this month news hit that the World Bank may reverse their ban on nuclear project funding. The public – which was also once heavily divided on this topic – is now largely on board. The 2024 National Nuclear Energy Public Opinion Survey shows more than 75% of Americans support the use of nuclear energy, a record level for the fourth consecutive year. I think it’s safe to say this shift can partially be attributed to the global desire to decarbonize, and there’s an understanding that nuclear power is a strong and proven option for a safe, and sustainable, source of energy for the future. In fact, at the recent COP29 UN Climate Change Conference, six more countries joined the commitment to triple global nuclear energy capacity by 2050, for a total of 31 countries endorsing this move for the future.

Innovative Solutions

Nuclear energy stands as the cornerstone of a cleaner, more sustainable future for the world. Reliable power plants, with their highly visible cooling towers and broad footprints, have safely fueled our communities for generations and will continue to thrive. Beyond these traditional reactors, the horizon is filled with innovation in the form of the SMRs I mentioned earlier. SMRs offer a more compact, efficient, and scalable solution to meet modern energy demands. Beyond their efficiency, SMRs also strengthen energy security by providing a stable, domestic source of power, reducing dependence on volatile fuel markets.

As we look ahead, it’s clear nuclear power is expanding and evolving to meet pressing global needs. At Mirion, we are active participants in this transformation, driving innovation and ensuring that nuclear energy is harnessed safely and efficiently.

It’s real and we’re in it for the long haul.

Nuclear power accounts for nearly 40% of Mirion’s total business revenue, and we have a long history of leadership in this industry. In the last few years, Mirion has been awarded a strategic design contract by X-energy on a key fuel handling system for their new Xe-100 SMR, as well as selected to supply two key systems for TerraPower’s Natrium Reactor Demonstration Project. We were awarded strategic contracts for the Sizewell C nuclear power station project in the UK, and continue to develop relationships with other key organizations, including major utility company Électricité de France, to advance our mission. This strategic focus on nuclear energy initiatives underscores our commitment to nuclear safety and innovation and is also a testament to the movement in the broader energy landscape.

The nuclear renaissance is more than a possibility; it is a necessity. A future where our rising energy needs are met -- and met with a clean solution -- is not just within our reach, it’s under construction. As we frame up this new era, Mirion is uniquely poised to lead the way, and I look forward to sharing more updates as we continue our nuclear journey.