2025 has shown strong financing momentum for advanced nuclear, with major rounds across reactor developers, fuel innovators, and back-end solutions, including Nucleation companies like Aalo and Deep Isolation — underscoring widening investor confidence in our sector.
Nucleation Capital Completes its Third Year!
Issues a report on the growing demand, the status of Nucleation Fund I, plans for Fund II and portfolio updates
Nucleation issued its Three Year Report to all Limited Partners (LPs) of the fund in mid-October, following the completion of three full years of investing at the end of Q2-2024.
The report covered the state of the current market, with the recent slate of high-profile power purchase announcements, a review of recent major nuclear purchase announcements by major technology companies, as well as a run-down of key events of the prior three years heralding the current inflection point in the market. Additionally, Nucleation provided its assessment of what is coming down the pipeline for investors in both energy and carbon management demand.
The report further shared more details about Nucleation’s plans and strategies for its three year-old evergreen Fund I and for its upcoming, traditional Fund II. Lastly, Nucleation provided detailed and confidential updates on the progress made and current status of each of its twelve Fund I portfolio ventures.
REQUEST A COPY
If you are interested in learning more about either Fund I, our low-cost evergreen fund, now in its fourth year, or our upcoming traditional Fund II, click here to request a copy of our Three Year Report Overview.
Published by Nuclea_Admin in NEWS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Nucleation communications
President Biden efforts to build a coalition pledging to triple the world's production of nuclear energy by 2050 has succeeded! We've learned from several attendees at the COP 28 conference (through their Twitter activity) that the following twenty-two countries have joined the coalition and signed the Pledge Declaration as of December 2nd:
|
Belgium |
Bulgaria |
Canada |
Czech Republic |
Finland |
France |
Ghana | Hungary |
Japan |
Moldova |
| Mongolia | Morocco | Netherlands | Poland |
Republic of Korea |
Romania |
Slovakia |
Sweden |
United Arab Emirates  |
Ukraine  |
United Kingdom  |
United States  |
Declaration to Triple Nuclear Energy
December 2, 2023
Recognizing the key role of nuclear energy in achieving global net-zero greenhouse gas emissions / carbon neutrality by or around mid-century and in keeping a 1.5°C limit on temperature rise within reach and achieving Sustainable Development Goal 7;
Recognizing the importance of the applications of nuclear science and technology that contribute to monitoring climate change and tackling its impacts, and emphasizing the work of the International Atomic Energy Agency (IAEA) in this regard;
Recognizing that nuclear energy is already the second-largest source of clean dispatchable baseload power, with benefits for energy security;
Recognizing that analyses from the OECD Nuclear Energy Agency and World Nuclear Association show that global installed nuclear energy capacity must triple by 2050 in order to reach global net-zero emissions by the same year;
Recognizing that analysis from the Intergovernmental Panel on Climate Change shows nuclear energy approximately tripling its global installed electrical capacity from 2020 to 2050 in the average 1.5°C scenario;
Recognizing that analysis from the International Energy Agency shows nuclear power more than doubling from 2020 to 2050 in global net-zero emissions by 2050 scenarios and shows that decreasing nuclear power would make reaching net zero more difficult and costly;
Recognizing that new nuclear technologies could occupy a small land footprint and can be sited where needed, partner well with renewable energy sources, and have additional flexibilities that support decarbonization beyond the power sector, including hard-to-abate industrial sectors;
Recognizing the IAEA’s activities in supporting its Member States, upon request, to include nuclear power in their national energy planning in a sustainable way that adheres to the highest standards of safety, security, and safeguards and its “Atoms4NetZero” initiative as an opportunity for stakeholders to exchange expertise;
Recognizing the importance of financing for the additional nuclear power capacity needed to keep a 1.5°C limit on temperature rise within reach;
Recognizing the need for high-level political engagement to spur further action on nuclear power;
The Participants in this pledge:
Commit to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050, recognizing the different domestic circumstances of each Participant;
Commit to take domestic actions to ensure nuclear power plants are operated responsibly and in line with the highest standards of safety, sustainability, security, and non-proliferation, and that fuel waste is responsibly managed for the long term;
Commit to mobilize investments in nuclear power, including through innovative financing mechanisms;
Invite shareholders of the World Bank, international financial institutions, and regional development banks to encourage the inclusion of nuclear energy in their organizations’ energy lending policies as needed, and to actively support nuclear power when they have such a mandate, and encourage regional bodies that have the mandate to do so to consider providing financial support to nuclear energy;
Commit to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonization, such as for hydrogen or synthetic fuels production;
Recognize the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles;
Recognize the importance, where technically feasible and economically efficient, of extending the lifetimes of nuclear power plants that operate in line with the highest standards of safety, sustainability, security, and non-proliferation, as appropriate;
Commit to supporting responsible nations looking to explore new civil nuclear deployment under the highest standards of safety, sustainability, security, and non-proliferation;
Welcome and encourage complementary commitments from the private sector, non-governmental organizations, development banks, and financial institutions;
Resolve to review progress towards these commitments on an annual basis on the margins of the COP;
Call on other countries to join this declaration.
"We know from science, the reality of facts and evidence that we cannot achieve carbon neutrality by 2050 without nuclear power."
— John Kerry, US Climate Envoy
“First, i want to reiterate the fact that NUCLEAR ENERGY IS CLEAN ENERGY. it should be repeated. Nuclear energy is also a stable form of energy which means it’s a perfect complement to renewables. Because of nuclear energy, our (France’s) electricity is one of the cleanest in the world.”
— Emmanuel Macron, President of France
"We aim to build new Nuclear Energy equal to 2500 MW by 2035 & equal to at least x10 large reactors by 2045. In other words, Sweden is open for business in new Nuclear Energy."
— Ebba Busch, Deputy Prime Ministera of Sweden
To receive this reporting from the #COP28 conference in Dubai, you can follow members of this crowd (and others not shown) on Twitter:
@isabelleboemeke
@NuclearHazelnut
@Dr_Keefer
@energybants
@Dr_A_Stein
@W_Nuclear_News
@ryan_pickering_
@sollidnuclear
@econucleares
@ia_aanstoot
@Nuklearia
@IAEA
@RafaelmGrossi
@Africa4N
Published by Nucleation Capital in Advanced Nuclear, Brilliant thinkers, Carbon emissions, Climate policy, Energy abundance, Future of Energy, Government support, International support for nuclear, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Solving climate, US competitiveness, US technological leadership, Zero emission energy
President Biden is building a coalition that is pledging to triple the world's production of nuclear energy by 2050. The U.S. is preparing to announce the coalition with more than ten countries on four continents, already signed on, in the first major international agreement to ramp up the use of atomic power.
According to Alexander C. Kaufman in "A Massive U.S.-Led Pledge Could Be A Global Gamechanger," published in the Huffington Post on November 16th, signatories to the pledge, set to be unveiled at the United Nations climate summit in Dubai later this month, include many of the largest current users of nuclear energy such as the United States, the United Kingdom, France, Romania, Sweden, the United Arab Emirates, Japan and South Korea. A handful of "newcomer countries," countries that have not yet built reactors, including Poland, Ghana and Morocco, are also said to have joined the pledge.
The plan will put pressure on the World Bank to end its long-standing ban on financing nuclear-energy projects and it will take a match to the plans of many of the worlds largest funders of fossil fuel projects, both banks and institutional LPs, who will find that the global appetite for nuclear power is growing by virtue of pressure to address the problems of climate change, which are being caused by the continued use of fossil fuels.
(Click to hear Dr. Katy Huff say the U.S. needs to triple its nuclear power to meet its climate goals.)
The Biden White House, according to Jackie Toth, the deputy director of Good Energy Collective, a progressive pronuclear think tank, has adopted what Toth described as a “concerted whole-of-government effort” to “support nuclear energy as an important component of a clean-energy transition.”
According to Kaufman, the nuclear pledge represents one of the most ambitious attempts by the U.S. yet to reassert itself as an exporter of atomic energy technology. For decades, Russia has dominated the export market, with its state-owned Rosatom nuclear company offering a one-stop shop for reactors, uranium fuel and financing. Nearly one-third of the roughly 60 reactors under construction worldwide are Russian designs, including the debut nuclear plants underway in Turkey, Egypt and Bangladesh. Moscow’s virtual monopoly over key types of nuclear fuel has made Rosatom immune to the sanctions the U.S. and Europe have piled on Russian gas, oil and mineral exports in the nearly two years since Russia’s invasion of Ukraine began.
[Aside: According to the World Nuclear Association, in addition to the 60 plants in construction, another 110 nuclear power plants are in the planning stages and some additional 300 reactors are being proposed by some 33 nuclear countries or the 30 or so "newcomer countries" that are looking to add nuclear to their energy systems.
Separately, the US is also working to build an international pact, co-led by the European Union and the UAE, to triple renewables. President Biden announced an agreement with China to triple world capacity of renewable power during Chinese President Xi Jinping's visit to the U.S. in early November. There are now more than 70 countries that have agreed to the renewable energy pledge.
Lastly, Biden is trying to build commitments from other nationals for the deployment of carbon capture technology. In other words, he's focused on all of the right areas to buttress the world's clean energy capabilities and to begin to reduce the accumulations of carbon dioxide. Bravo, Mr. President.
Read more at the Huffington Post in "A Massive U.S.-Led Pledge Could Be A Global Gamechanger," by Alexander C. Kaufman, November 16, 2023.
See more data about nuclear power at the World Nuclear Association.
Published by Nucleation Capital in Advanced Nuclear, Brilliant thinkers, Carbon emissions, Climate policy, Energy abundance, Future of Energy, Government support, International support for nuclear, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Solving climate, US competitiveness, US technological leadership, Zero emission energy
After years of disinterest, energy security concerns and the push for net zero are leading investors to bet on nuclear power. The fact that the world has not managed to meaningfully reduce emissions—despite commitments from most every country and billions spent on renewables—has made it clear that more dramatic action is needed.
Many of those trying to gauge investor interest look at spot Uranium prices, believing that these are a barometer for investor interest in nuclear. The fact that the spot price rose 55% between January and October speak loudly about the shifting sentiments and prospects for nuclear power.
According to Cameco's website, the world's largest publicly traded uranium company, “Ongoing geopolitical events coupled with the global focus on the climate crisis have created what we believe are transformative tailwinds for the nuclear power industry, from both a demand and supply perspective.” Not surprisingly, Uranium spot prices stood at $74.38 per pound at the end of October, based on month-end prices published by nuclear research companies UxC and TradeTech, up from just $18 in October 2016 and $47.68 at the end of 2022. According to Morningstar, nuclear related exchange traded funds were the best performing ETFs, with Sprott Uraniaum Miners ETF (URNM) gaining 13% over the summer.
Back in May, Bank of America’s Research Investment Committee (RIC) forecast a 20 to 40% upside on uranium and nuclear power after a decade of underinvestment. Bank of America published its research findings in a report called "The Nuclear Necessity" and pointed out that global demand for nuclear had grown with 60 new reactors being built, 100 more approved and plans for old reactors to be refurbished, adding to the positive investor sentiment.
The entire global economy is, in fact, poised to move into a new period of increased interest in building nuclear, premised upon macroeconomic forces that include "resource nationalism, energy security, war and inflation." According to Jared Woodard, Bank of America's Investment and ETF Strategist, "Every analyst I spoke to was bullish on prospects for nuclear power as a technology that's clean and meets the kinds of goals that so many policymakers are eager to hit in terms of reducing emissions."
Both sides of the political spectrum see the beneifts of nuclear, progressives like the low emissions and highly reliable capacity of nuclear for addressing climate change and conservatives like the national and energy security aspects. [Aside: What's been working in the U.S. Congress is that both Democrats and Republicans vote in support of bills that both protect existing and help next-generation nuclear power using voice votes. Pronuclear bills have been passed with bipartisan majorities in every administration since Barack Obama's, with the Biden Administration doing the most good to level the playing field for nuclear. Virtually every elected official supports nuclear but progressives still find it harder to explain their support to their constituents. Less so with Republicans.]
Read more at Reuters Investors are turning bullish on nuclear, by Paul Day, November 16, 2023.
Reuters, Best and Worst Performing ETFs in August, by Valerio Baselli, September 15, 2023.
Published by Nucleation Capital in Asset manager support, Capital reallocation, Carbon emissions, Climate policy, Corporate decarbonization, Energy abundance, International support for nuclear, Investor activity, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Private companies, Public companies, Solving climate, Zero emission energy
Bank of America's Research Investment Committee issued a landmark report on May 9th to its securities clients entitled "The Nuclear Necessity," finding evidence of increasing demand and giving a bold "BUY" recommendation for nuclear and uranium. (Note: Initially, only a summary image of the top-line take-aways was shared on Twitter. More recently, BofA has chosen to share the report online.)
This report gave a bullish assessment of the nuclear power industry and its new growth prospects. (Note: Initially, a summary image of the top-line take-aways was shared on Twitter. More recently, BofA has chosen to share the report online.) The entire report is worth reviewing but there were two bullish catalysts not priced into the market in the analysts' opinion: 1) a potential G7 sanction on Russian uranium and 2) policy shifts towards nuclear "as the best climate solution."
We are very excited to see this analysis by a big bank and expect that many others will follow, as it has become clear that nuclear has hit an inflection point. We also believe there are several other very important catalysts not included in the BofA analysis. Reach out to us if you'd like to learn more about what we are seeing happening in the public markets and especially if you are intrigued to participate in the growing private markets. Nucleation provides investors with several unique vehicles which enable affordable access to the nascent but growing areas of deep tech innovation, expansion and improvement of collateral support, supply and integration services through our venture fund offerings.
(Click image to access the full report)
References
Bank of America Securities/BofA Global Research: The RIC Report, The Nuclear Necessity, published May 8,2023.
Updated: October 2023
Published by Nucleation Capital in Asset manager support, Capital reallocation, Carbon emissions, Climate policy, Corporate decarbonization, Energy abundance, International support for nuclear, Investor activity, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Private companies, Public companies, Solving climate, Zero emission energy
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