October 26, 2024

Nucleation’s Three Year Overview

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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.

August 23, 2024

Help us expand our deal syndications

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Nucleation Capital is growing!

Seeking help increasing our syndicate deal flow

The level of activity and new venture formation in the areas of advanced nuclear and deep decarbonization innovation is growing rapidly.  Nucleation Capital is seeking to expand our reach and connect with as many of these new ventures as we can. We are thus pleased to invite you to work with us to help us expand our syndicate deal flow and earn a share of our upside syndicate compensation.  Here's how it works.

You find and connect with a young, growing venture that fits our thesis. If this venture is actively looking to raise capital and has a fundraising pitch deck, you introduce them to us and we will review their deck. If we agree that it is a promising prospect, you can offer to help them raise capital through our pronuclear investor network and syndicate. If they like that idea and agree to give us an allocation of equity, you will then produce a deal memo and we will float a syndicate to help them raise capital.

When investors agree to participate in the syndicate, they pay no management fee but they agree to pay carried interest to the deal sponsor, which is Nucleation Capital. Depending upon your contribution to creating the deal memo and promoting the SPV, we will provide a fair split of the carried interest fee earned from the successful exit of this venture.

There are two ways that you can work with us to bring us potential deals and earn participation on the success of the ventures you bring:

1. Venture Associate: If you are a young professional keen to learn how to help ventures raise capital with some spare time to devote to meeting new teams and making introductions, we will bring you on as a Venture Associate.  You'll get training, guidance on how to find and connect with new ventures, and invitations to participate in due diligence sessions as well as other opportunities to enage with our syndicate team. We'll help you build your skills in this area and show you how to evaluate new ventures.

2. Ventury Ally: Perhaps you are a bit too busy to take on the task of writing deal memos but you are well connected, want to help worthy ventures raise capital and would like to make introductions. We invite you to join our team as a Venture Ally and we will delegate syndicate prep tasks to another member of our team. We would welcome your help connecting us to new teams working in our sectors through simple introductions.

This is an incredible opportunity for those keen to learn the ins and outs of the venture capital industry and for those who are deeply connected into the start-up world to help to help build stronger ventures.

Learn more here about this opportunity to join Nucleation's syndication team.

July 9, 2024

Biden Signs the ADVANCE Act

By Rod Adams, Nucleation Capital Managing Partner and founder of Atomic Insights.

(Click to expand)

President Biden has signed S. 870, “A bill to authorize appropriations for the United States Fire Administration and firefighter assistance grant programs, to advance the benefits of nuclear energy, and for other purposes.”

NRC’s Newly Aligned Mission Will Accelerate Nuclear Energy Deployment

With resounding bipartisan, bicameral support that also achieved enthusiastic support of the Executive Branch, the US has enacted a new law announcing its support of nuclear energy. It has the potential to make an even larger impact on global atomic energy use than the combination of the Atomic Energy Act of 1954 and President Eisenhower’s Atoms for Peace program of international nuclear energy expansion.

Seventy years ago, that earlier combination of law and policy partially removed the blanket of tight security that had locked up fission energy in the years immediately following WWII. President Eisenhower’s clearly stated goal in enabling commercial atomic energy was to develop “the greatest of destructive forces” into a “great boon, for the benefit of all mankind.”

The “great boon” produced a wave of nuclear power plants that now produce the energy equivalent of Saudi Arabia’s oil production. That energy comes at a low marginal cost without air pollution or greenhouse gases, but nuclear power’s contribution to world energy production leveled off at roughly 2600 TWh/yr 20 years ago.

A growing fraction of the world’s science, engineering, environmental and political leaders agree that the situation needs to be changed. In November 2023, the United States led a coalition of two dozen nations in a promise to take action to triple world nuclear energy production by 2050.

Even before the U.S. signed that declaration of intent, House and Senate Republicans and Democrats began holding hearings, listening to constituents, debating with colleagues and engaging in what used to be considered the normal order of business to produce the ADVANCE Act of 2024.

I’ll say that again, Republicans and Democrats from both the House and Senate worked together in a sustained manner to pass a bill important to all of us in 2024. 

That bill was passed in May with a vote of 393-13 by the House of Representatives. It was passed in June by the Senate with a vote of 88-2.

The bill’s title – ADVANCE – is derived from “Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy.” The name might be dismissed as a clever acronym, but each of the words helps to convey the intent of the authors and approvers.

The new law of the land is clear; the United States has decided that it is moving forward at an increasing speed – accelerating – in the important task of deploying multi-function, advanced nuclear energy so we can spread the benefits of clean atomic energy to all mankind.

Mission alignment

A key accelerant is the Act’s direction to the Nuclear Regulatory Commission to update its mission statement. The new law tells the NRC that its modern mission is to provide a reasonable assurance of adequate protection of public health and safety in “a manner that is efficient and does not unnecessarily limit” the use of radioactive materials and nuclear energy to benefit society.

Here is the complete provision from Section 501 of the Act

SEC. 501. MISSION ALIGNMENT.

(a) Update.—Not later than 1 year after the date of enactment of this Act, the Commission shall, while remaining consistent with the policies of the Atomic Energy Act of 1954 (42 U.S.C. 2011 et seq.) and the Energy Reorganization Act of 1974 (42 U.S.C. 5801 et seq.) (including to provide reasonable assurance of adequate protection of the public health and safety, to promote the common defense and security, and to protect the environment), update the mission statement of the Commission to include that licensing and regulation of the civilian use of radioactive materials and nuclear energy be conducted in a manner that is efficient and does not unnecessarily limit—

(1) the civilian use of radioactive materials and deployment of nuclear energy; or

(2) the benefits of civilian use of radioactive materials and nuclear energy technology to society.

Ted Nordhaus, the Executive Director of the Breakthrough Institute, supports the mission realignment. He is quoted by Axios as follows. “When we look back on this thing five years from now…. no one will remember anything else that happened in this piece of legislation, except for the change in the statutory mission.”

Nuclear energy opponents have sharply questioned the act’s NRC mission realignment section. Their opposition indicates the importance and the value of the provision in the national effort to more promptly deploy nuclear energy facilities.

In a piece published in the Montgomery County Sentinel, Karl Grossman provided reactions to the ADVANCE Act from a host of historically antinuclear groups and individuals, some of whom were most upset by the mandate given to the NRC.

Senator Ed Markey testified against the Act during the Senate floor debate, aiming particularly at the mission realignment section. He revealingly stated that the “Commission’s duty is to regulate, not facilitate.”

He is correct in noting that the new mission effectively tells the NRC to facilitate nuclear energy development, but wrong in implying that regulators shouldn’t facilitate the technology that they are assigned to regulate. FDA (Food and Drug Administration) staffers help us all retain access to both food and medicinal drugs while the staff members at the FAA (Federal Aviation Administration) work hard to ensure that air travel is both safe and available.

Dr. Ed Lyman of the UCS, provided the following comment.

“The change to the NRC’s mission effectively directs the agency to enforce only the bare minimum level of regulation at every facility it oversees across the United States.”

Leaving out his emotionally laden modifiers, Dr. Lyman is correct in noting that the change essentially directs the NRC to impose the minimum necessary level of regulation. Safety rules should be viewed as a “pass-fail” assignment. If they are good enough, there is no reason to raise the bar, especially when the claimed improvement is in a calculated probability that is already tiny. Layered requirements do little or nothing but they inevitably increase costs.

How does changing the mission improve prospects for advanced nuclear energy?

The Nuclear Regulatory Commission has always attracted talented, well-educated, service-minded employees. Most of them are dedicated to mission accomplishment but they have been culturally encouraged to believe their safety mission should be interpreted as avoiding all appearances of favoring the use of nuclear energy. The Advance Act revises the mission to align with the societal need for nuclear; it will change the culture.

Applicants should find a new, more helpful attitude emerging among regulators. Instead of assiduously avoiding advice that might be classified as “consulting” to the benefit of industry, they might offer their expertise and guidance with the goal of improving regulatory efficiency and the overall safety performance of the project being reviewed.

Junior NRC staff members have expressed serious concerns about climate change and air pollution as reasons why they became interested in nuclear energy. They understand how data show that most of the energy not produced by nuclear power will be produced by burning fossil fuels. The change in law provides a tool that enables them to resist negative influence from longer serving staff members who habitually avoid facilitating nuclear power.

Nuclear energy opponents have asserted that regulating without imposing unnecessary limits is simply a way to increase industry profits and improve the financial health of its investors, but they say that as if it is a bad thing.

They don’t like nuclear energy, often for competitive or ideological reasons. They know that profits and investor returns will attract the skills and resources that are required to make nuclear energy flourish. They prefer to starve the industry and are willing to forgo the environmental, health, safety and security benefits associated with a vibrant, growing clean nuclear energy industry.

The rest of us aren’t willing to give up the benefits, especially when decades worth of experience has shown us that nuclear energy risks are lower than those associated with available replacement power sources.

Regulatory efforts that eliminate unnecessary limits will help nuclear project deployers overcome some of the few credible concerns remaining about expanding the use of nuclear energy. It’s true that nuclear plants cost too much and take too long between planning and project completion.

A mission-driven regulator that protects health and safety while recognizing the relatively larger human costs and environmental risks associated with competitive energy sources will enable fission power to increase its role in addressing all facets of the energy trilemma – energy security, energy equity and environmental sustainability.

An exciting, growing, problem-solving and respected industry will attract an increasing flow of talented people who can develop the skills needed to reinforce the industry’s growth potential.

Nuclear plants use the same power conversion technology as fossil fuel plants, but they have recently been costing several multiples more in Western countries. There are no good reasons for that situation to continue to be true.

If bureaucratic inertia prevents the mission realignment directive from producing the intended results, the Advance Act’s language provides licensees a tool for challenging NRC impositions when a legal case can be made that NRC regulations or processes “unnecessarily limit” the use of nuclear energy.

Though it’s not blindingly obvious, giving the NRC a new sense of mission will make a global impact. The US Nuclear Regulatory Commission has a well-earned reputation as being the world’s most influential nuclear regulator. Its altered focus and processes will inspire improvements elsewhere.

Additional features of the ADVANCE Act

Even though it has the potential for outsized impact, the word count of the “mission realignment” portion of the Advance Act is a minor fraction of the act itself. There are additional useful features and provisions of the important new law.

The Advance Act gives the NRC increased responsibilities in international nuclear regulations and trade, reduces fees for advanced reactor license applicants, establishes prizes for the first of a kind licenses in five different categories, delineates some considerations for licensing reactors for nonelectric applications, directs the preparation for licensing demonstration reactors on DOE or other national security sites, mentions fusion energy, requires new considerations and processes related to nuclear plant siting choices, establishes timelines for combined license application reviews, requires regulatory provisions for micro-reactors, modifies prohibitions on foreign ownership of nuclear power plants, directs a report on advanced manufacturing for nuclear energy projects, seeks to improve the process of qualifying advanced and accident tolerant nuclear fuels, authorizes special hiring authority and requires improvements in nuclear reactor environmental reviews.

The Clean Air Task Force issued a press release with the following comment on the importance of the Act.

“As we continue to decarbonize our nation’s energy system and address growing energy demand, we need all options available and nuclear energy will play an important role in making sure we are able to meet these challenges.  The passage of the ADVANCE Act will bolster the United States’ ability to expand its capacity for this carbon-free, always available energy source,” said Evan Chapman, U.S. Federal Policy Director at Clean Air Task Force. “Nuclear energy has bipartisan support, and has a range of economic, national security, and climate benefits. This bill will address current barriers to deploying innovative nuclear energy technologies, help preserve existing nuclear capacity, and build capacity at the Nuclear Regulatory Commission, marking a significant step forward for American nuclear energy leadership. We applaud Congress for passing this important legislation and look forward to President Biden’s signature to turn this act into law.”

Sources

You can find more detailed information about the rest of the act from these excellent sources.

  1. SIGNED: Bipartisan ADVANCE Act to Boost Nuclear Energy Now Law, Senate Committee on Environment & Public Works, July 9, 2024.
  2. Rodgers, Pallone, Carper, Capito Celebrate Signing of Bipartisan Nuclear Energy Bill, the ADVANCE Act, July 9, 2024.
  3. The White House, Bill Signed S. 870, July 9, 2024.
  4. The ADVANCE Act—Legislation Crucial for a U.S. Nuclear Renaissance—Clears Congress. Here's a Detailed Breakdown by Sonal Patel, Power Magazine June 20, 2024
  5. Congress Passes ADVANCE Act to Facilitate U.S. Development of Advanced Nuclear Reactors Sidley Austin LLP, June 26, 2024

May 4, 2024

Rod Adams: Investing in the Future of Energy

Rodney Adams, Managing Partner, Nucleation Capital, had the honor of speaking with Amy Rotman of 121 Mining, at their New York event on May 4th, 2024. For more information about the event, which connects mining companies with investors, see the 121 Mining website. Please click the arrow below to watch Rod's conversation.

November 10, 2023

About NuScale and implications of the CFPP cancellation


Why did the Carbon Free Power Project get cancelled? What does that mean for NuScale?

By Rod Adams, Nov. 10, 2023
Cross-posted from our related blog, Atomic Insights

I’ll start with a disclosure. I’m still long on NuScale in my personal portfolio and have no intention of changing that position in the near future. I believe that the company has a good product and excellent potential for growth. The image above with Jose Reyes and me is from a visit I paid to the NuScale test loop in October 2014.

Yesterday (Nov 8, 2023), an expected shoe dropped. NuScale and UAMPS (Utah Association of Municipal Power Systems) announced that they had decided to abandon their Carbon Free Power Project. The press release stated, “Despite significant efforts by both parties to advance the CFPP, it appears unlikely that the project will have enough subscription to continue toward deployment.”

A chorus of commentary has erupted on social media. Some are cheers from the usual suspects who have never met a nuclear reactor that they like. Others are from people who ardently support different designs that range from different water reactors to gas-cooled, molten salt or liquid metal reactors that don’t use water cooling and moderation.

Some believe that the decision proves that NuScale Power Modules are hopelessly uneconomic and that the CFPP cancellation proves that NuScale is on shaky grounds as a company. Self-admitted short sellers are doing everything they can to undermine investor confidence so that the company stock price falls quickly and profitably for those betting on that behavior.

My conclusions from the project cancellation are different. There is no doubt that a smooth first-of-a-kind demonstration of a 6-12 unit NuScale power plant would have been better for the company’s prospects in the short term. That result would have also helped to increase interest in new nuclear power projects and would have increased investor FOMO (fear of missing out.)

As a venture capitalist helping to manage a fund that is focused on advanced nuclear energy as a major, undervalued tool for the energy transition from high carbon fossil fuel combustion to ultra low carbon energy sources, that result would have been a welcome reinforcement of our investment thesis.

Competitive headwinds fighting Carbon Free Power Project

During the past few years, however, the prospects for success for the CFPP have repeatedly dimmed to the point where its cancellation was readily foreseeable. The initial 12-unit power plant was scaled down to a 6-unit facility. Individual members of the UAMPS association pulled out as it became ever clearer that a new, first of a kind nuclear plant built in the remote Idaho desert would produce power that was measurably more expensive than the low priced mix of coal, natural gas, hydro and wind they were used to.

That cost disadvantage only grew as it became less and less likely that there would ever be a price on carbon in the states UAMPS serves. Rising interest rates also reduced the economic viability of capital-intensive power plants compared to established, depreciated plants burning cheap local coal, low capital cost plants burning natural gas from nearby places like North Dakota or onshore wind located in sparsely-populated windy plains near mountain ranges.

As coal demand falls throughout the US as a result of changing air pollution regulations, increased production from natural gas, solar and wind and continued excellent performance by existing nuclear plants, coal prices soften. The long term prospect is that they will remain affordable and perhaps decline considerably, especially in places that are close to established mines. UAMPS member power systems have ready access to local coal sources.

The UAMPS-served areas are close to productive oil shale formations that contain substantial quantities of associated natural gas. Sometimes North Dakota gas is almost given away – even in the dead of winter – because it is an annoying byproduct of oil production. Associated gas is still flared – burned without serving any customers – for safety reasons. Regulators are increasingly enacting rules that discourage the practice. There are also financial incentive programs that encourage operators to find customers that will pay something.

UAMPS members also benefit from their favorable wind locations. They have wide open spaces and good wind associated with nearby mountains. On-shore wind turbines are well proven and numerous developers have cost effective processes and experienced installation teams. The Inflation Reduction Act provides long term certainty for clean energy subsidies, ensuring that the power prices are consumer friendly. It also opens new avenues for non profit utilities to directly benefit from tax credit programs. A nuclear power project like the CFPP would be eligible for the same subsidy level as other clean energy sources but the tax credit programs in the IRA start paying real money only after projects are completed. A wind project can be finished in just a year or two in places where there isn’t much opposition. Earlier monetary flows are more valuable than later flows.

Even if they are led by people who would like to decarbonize, municipal power systems have a mandate to provide the most cost-effective power possible within the given constraints. They have access to relatively low cost, tax exempt debt, but bond issues needed to access that debt capability are often tenaciously debated, political choices. The interest rates paid may be lower than commercial rates, but rates for new debt are still linked to those paid in the rest of the borrowing market. Rising rates affect all borrowers.

Munis have no access to capital markets where investors have more understanding and appetite for a certain amount of financial risk. It is highly unlikely that they could convince their customers to pay catalytic prices for power from new technology with significant room for growth.

in summary, economic conditions for the Carbon Free Power Project have been deteriorating for several years. The total expenditures associated with that project have not been publicly released, but the amount spent is nowhere near the amount of money that was earmarked. UAMPS only submitted an application for “Limited Work Authorization” to the NRC in August of 2023 and it has only been a few weeks since the NRC accepted that application for review. No dirt has been moved at the site, other than that needed to conduct environmental impact studies.

Where does NuScale go from here?

This commentary is not supported by any direct communication with NuScale. It is based on publicly available news and announcements.

The CFPP was an important project for NuScale, but it is not the only sale that the company is working on. UAMPS is not the only customer attracted by a passively cooled, light water reactor using established fuel forms, materials and chemistry refined through many decades of operation in large fleets of nuclear power plants.

NuScale’s power modules have been issued a design certification at a time when none of the alternative choices have submitted an application for review. Submission is needed to start a regulatory calendar that moves at an excruciatingly slow pace. Though we hope the next review will be quicker, it took more than six years from the time NuScale submitted its Design Certification Application until the 5-member commission issued the final document. (Dec 31, 2016Feb 21, 2023)

According to Fluor, which still holds its large stake in NuScale, 18 active and signed Memorandums of Understanding from 11 different countries were in effect at the end of 2021.

Though none have yet achieved the status of a signed contract, there have been public announcements of serious interest in Romania and other Eastern European countries. NuScale is one of the six finalists selected for the Great Britain Nuclear light water reactor SMR program. Standard Power announced its interest in using NuScale power plants for two data centers, one in Ohio and one in Pennsylvania.

In March, 2023, an early stage start up company named Blue Energy visited Houston, TX – arguably the energy capital of the United States – for CERAWeek. The founders gave a presentation on their concept for offshore power plants that combine NuScale power modules with proven technology from offshore oil and offshore wind. They shared some startling numbers about the cost reduction potential available for NuScale power modules when using the ocean for the ultimate heat sink instead of a giant man-made pool that must be protected from aircraft impact.

Blue Energy is “productizing” nuclear fission by manufacturing pre-certified light water small modular reactors in shipyards as fully-completed, transportable nuclear power plants that are leased to industrial facilities and countries seeking energy security, price stability, and turnkey decarbonization. We leverage existing oil & gas platform manufacturing infrastructure and a simplified plant design to shrink the construction schedule from 10 years to 24 months and the overnight capital cost from greater than $6,000/kW to less than $2,500/kW while putting nuclear on a learning curve down to $1/W.

CERAWeek presentation “Blue Energy | Offshore Nuclear Power” Mar 7, 2023

The news of the demise of the CFPP should not discourage nuclear energy advocates for very long. It’s not good news, but no one should expect 100% good news with new nuclear development. CFPP’s demise should not – but certainly will – provide PR fodder for those who have never met a nuclear project that they like. It should not – but certainly will – provide a reason for “I told you so” commentary among nuclear energy cheerleaders who are rooting for a different kind of nuclear power system.

I am neither a registered investment advisor nor a broker-dealer and I do not provide stock market recommendations. As a managing partner of Nucleation Capital, I invest solely in private equity. My personal public market portfolio, however, includes some SMR (NuScale’s NYSE ticker symbol) stock that I have no intention of selling.

Additional References

Nov. 22, 2023: The Clean Air Task Force published Lessons learned from the recently cancelled NuScale-UAMPS project, with yet another very powerful argument against reading too much into the cancellation of NuScale's demonstration project as a reflection of the prospects of the broader SMR and advanced reactor market in the United States or globally.

June 30, 2023

Screen “Nuclear Now”

Nucleation Capital sponsored free screenings of Oliver Stone's timely documentary, Nuclear Now, through June. Now you can stream this film through iTunes, Amazon, Google Play, Vudu, Microsoft Store/X-box, and cable-on-demand platforms like Comcast, Spectrum and Cox. Stone finally clears away the myths and fictions about this powerful source of carbon-free energy with a surprisingly positive and even encouraging film. Learn why a growing number of energy and climate experts call for the use of nuclear power in humanity's fight against fossil fuel emissions.

Oliver Stone’s documentary “Nuclear Now” opened in New York, Los Angeles and other markets across the U.S. and Canada on April 27th with great critical acclaim. Many theaters held a panel discussion after the screening, so viewers could continue the conversation. We hosted a series of virtual panel discussions that were well attended.  We have one final panel planned for later this summer. If you would like to learn about that and have not previously signed up to attend an event, use this registration link and we will send you an invitation to this event. If you have already signed up for an event, you don't need to do so again.

Schedule of Events

April 27, 2023
May 1, 2023

The film premiers in 350 theaters around the the country. Check for theaters and purchase tickets online through this link.

May 2, 2023

(5:00 pm PT/8:00 pm ET)

The 1st VIRTUAL PANEL DISCUSSION, hosted by Nucleation Capital, for those who were able to attend a viewing during the film's premier in theaters. To obtain the calendar invite and Zoom Link to attend this discussion, click this link to register. [PAST EVENT]

May 11, 2023

(5:00 pm PT/8:00 pm ET)

The 2nd VIRTUAL PANEL DISCUSSION, hosted by Nucleation Capital, for those who were able to access the GWU screening link. To obtain the calendar invite and Zoom Link to attend this discussion, click this link to register. [PAST EVENT]

May 25, 2023

(5:00 pm PT/8:00 pm ET)

The 3rd VIRTUAL PANEL DISCUSSION, hosted by Nucleation Capital, for those who register to view the film through Nucleation's Sponsored Screening Link. Fill in our registration form, and we will send you a link to download and stream the film. You will also receive a calendar invite and Zoom Link to attend this discussion, click this link to register. [PAST EVENT]

June 6, 2023

(5:00 pm PT/8:00 pm ET)

The 4th VIRTUAL PANEL DISCUSSION, hosted by Nucleation Capital, for those who register to view the film through Nucleation's Sponsored Screening Link. Fill in our registration form, and we will send you a link to download and stream the film. You will also receive a calendar invite and Zoom Link to attend this discussion, click this link to register. [PAST EVENT]

Stay tuned . . .

(Nuclear Movie Director Panel . . . being planned for later this summer.)

Streaming and other licenses

The Nuclear Now Film

(https://nuclearnowfilm.com)

There are many ways that NUCLEAR NOW can be licensed for viewing by groups or institutions through the filmmaker and media partners, including RoCo and Participant Media. Please visit the website to learn more.

Original publication date: April 29, 2023. Updated May 15 and June 30.

March 21, 2023

Oliver Stone’s “Nuclear Now” Film Delivers

Oliver Stone’s new pronuclear documentary “Nuclear Now” has announced distribution in North American and will be coming to a theatre near you later this spring. The three-time Academy Award winner signed Abramorama and Giant Pictures for the right to screen the film in theaters and on streaming platforms. Nuclear Now will open in New York, Los Angeles and other markets across the U.S. and Canada beginning on April 28th, followed by its release to digital and streaming services.

The film, based on the 2019 book by Dr. Joshua S. Goldstein, "A Bright Future", makes the case that nuclear is a vital piece of our clean energy solution to climate change. Stone was able to obtain extraordinary access to people in the industry around the world, including Nucleation's managing partner, Rod Adams and nuclear influencer, Isabelle Boemeke, among others. But Stone also was able to film unique, revealing and damning footage of the acknowledgement of responsibility of Russian operators of the Chernobyl plant for having neglected their jobs and allowing that accident to happen, which caused unimaginable damage to the nuclear industry.

Unlike so many Hollywood disaster and dystopia films, “Nuclear Now” contains a hopeful, “we can do this” message. It features a small selection of some of the many scientists, engineers and communicators working to develop or enable the kinds of advanced nuclear energy systems that are being added to the Nucleation Capital portfolio. In addition to Rod Adams the film’s stars include Jake DeWitt (Oklo), Caroline Cochran (Oklo), Shannon Bragg-Sitton (INL), Ashley Finan (NRIC), Isabelle Boemeke (Isodope), and Joshua Goldstein, the author of the book, "A Bright Future."

“This is, in my mind, the greatest story of our time,” Oliver Stone said in an interview with Deadline, “discussing humanity’s arc from poverty to prosperity and its mastery of science to overcome the modern demand for more and more energy. I am thrilled that Richard Abramowitz and the teams at Abramorama, Mediawan, ROCO, Giant, Think-Film Impact Production and Participant have come on board to help share this important message with audiences across the country and around the world.”

Updates:
  1. Now you can listen to Rod Adams interviewing Oliver Stone and Joshua Goldstein, co-writers of Nuclear Now, for Atomic Show #305. In their conversation, Rod explores their personal journeys from being reflexively opposed to nuclear energy to becoming committed proponents of nuclear power as an important tool for mankind, in a climate stressed world.
  2. May 2, 2023: Nucleation Capital hosted the first of several virtual gatherings for those wishing to discuss the film. We invited anyone who was going to attend a local screening to join our virtual Zoom discussion and get their questions answered. This was a very informative and lively discussion. (Sorry, it was not recorded but we will do more.)
  3. May 5, 2023 Update:  If you were unable to see the film in the theater, we will be hosting a free screening for those who have not had the chance to see the film. You can now sign up here to get a link to see the film during the coming week or weeks. We will then send you a notification about the next virtual panel discussions, which are now scheduled for Thursday, May 11th and Thursday, May 25th at 5:00 pm PT/8:00 pm ET (on both days).

_________________

Read more at Deadline, "'Nuclear Now' Trailer: Oliver Stone's Documentary Makes Case for Atomic Energy to Solve Climate Change," by Matt Grobar, March 21, 2023.

New York Times, ‘Nuclear Now’ Review: Oliver Stone Makes the Case for Power Plants, by Brandon Yu, NYT Film Critic, April 27, 2023.

HuffPost, Oliver Stone Wants To Atone For Hollywood’s Sins Against Nuclear Energy, by Alexander Kaufman, May 7, 2023.

September 15, 2022

Oliver Stone’s “Nuclear” premiered at Venice Film Festival

Oliver Stone’s award-winning[1] documentary titled “Nuclear: Time to Look Again” premiered at the Venice Film Festival on September 9, 2022.

The film has an important backstory. By 2019, Stone had become increasingly concerned about climate change and the apparent lack of progress in reducing the CO2 emissions that cause it. After hearing about and then reading Joshua Goldstein and Staffan Qvist’s “A Bright Future: How Some Countries Have Solved Climate Change and the Rest Can Follow” he decided that nuclear energy was a tool with great promise. He chose to contribute his skill as a filmmaker and storyteller to the pronuclear effort.

He and Goldstein co-wrote the script for “Nuclear.” During the 2-year-long effort to film and edit the movie, Goldstein provided detailed critiques and challenges. In interviews conducted before or immediately after the film’s premier, Stone has described the process of getting it right as a “pain in the ass” but also as an imperative to ensure that the film is not dismissed based on minor technical errors. He chose the documentary format as most appropriate for a topic with a public discourse that has been overloaded with emotion and fear and lacking in rational exploration of the underlying facts.

IMDB provides the following plot summary:

As fossil fuels continue to cook the planet, the world is finally becoming forced to confront the influence of large oil companies and tactics that have enriched a small group of corporations and individuals for generations. Beneath our feet, Uranium atoms in the Earth's crust hold incredibly concentrated energy. Science unlocked this energy in the mid-20th century, first for bombs and then to power submarines, and the United States led the effort to generate electricity from this new source. Yet in the mid-20th century as societies began the transition to nuclear power and away from fossil fuels, a long-term PR campaign to scare the public began, funded in large part by oil interests. This campaign would sow fear about harmless low-level radiation and create confusion between nuclear weapons and nuclear power. With unprecedented access to the nuclear industry in France, Russia, and the United States, director Oliver Stone explores the possibility for the global community to overcome challenges like climate change and reach a brighter future through the power of nuclear energy.

In a series of appearances throughout the film, Nucleation Capital’s Rod Adams described the way that fossil fuel interests invested in a nuclear energy fear campaign to protect their markets and political power. He also talked about the inspiring features of densely concentrated fuel that produces little or no pollution and about the advances being made in making nuclear energy systems smaller, simpler and easier to produce.

Unlike so many Hollywood disaster and dystopia films, “Nuclear” contains a hopeful, “we can do this” message. It features a small selection of some of the many scientists, engineers and communicators working to develop or enable the kinds of advanced nuclear energy systems that are being added to the Nucleation Capital portfolio. The film’s stars include Jake DeWitt (Oklo), Caroline Cochran (Oklo), Shannon Bragg-Sitton (INL), Ashley Finan (NRIC), Isabelle Boemeke (Isodope), and Joshua Goldstein (Bright Future).

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Footnote

[1]  “Nuclear” won the CICT Award – UNESCO “Enrico Fulchignoni” and the Fondazione Mimmo Rotella Award at the Venice Film Festival

We will be planning events around film-screenings of #Nuclear in the coming weeks. If you are interested in attending a screening event, please sign up here and we will send you a notification.

September 7, 2022

Celebrating A Nuclear Win and the Village that Created It


Diablo Canyon has been saved—for now! Rather than allowing this clean energy producing power plant to be wastefully decommissioned by those who simply dislike nuclear power, the California legislature, under the leadership of Governor Gavin Newsom, voted to extend its life by up to 10 years. Senate Bill 846, sponsored by Jordan Cunningham (CA-25, R), passed with nearly unanimous votes in both the Democratically-controlled Assembly and Senate. SB 846 also provides for as much as $1.4 billion in loans from California to PG&E for re-licensing and enables PG&E to also submit a timely application to the DOE's Civil Nuclear Credit program for further aid in re-starting licensing with the NRC and transitioning back to full-operating mode. This is a nearly miraculous win for California's pronuclear advocates and it is worth celebrating both the win and the broader community that made it possible.

While there are a lot of individuals and organizations who contributed to setting the stage for this phenomenal political win for nuclear power in general and Diablo Canyon specifically, there were also considerable underlying political realities that effectively forced the Governor's hand. In particular, the state's own energy experts from CALISO, CEC, as well as academia and industry, expressed extreme alarm at the high level of fragility of the grid and the high risk of power outages even with Diablo Canyon operating. The closure of Diablo Canyon was clearly going to exacerbate the already bad situation. Climate change and state clean energy mandates made the CPUC's plan to replace Diablo Canyon's clean energy with dirty coal power from PacifiCorp anathema to the both the state's goals and the Governor's political reputation. Meanwhile, the Russian invasion of Ukraine has resulted in dire energy shortages in Europe and rising gas prices. This is making the world's growing reliance on natural gas both uneconomical and politically unsavory.

With that as the political and economic backdrop, we wish to take a look at some of the individuals and groups that took on prominent roles advocating for nuclear power in general and for Diablo Canyon specifically. Some of these groups worked behind the scenes and some played highly prominent roles. The press has recognized the advocacy of the San Luis Obispo-based Mothers for Nuclear, which has consistently stood up for Diablo Canyon at local hearings, rallies and in the press.  This mom-led non-profit further coordinated with Isabelle Boemeke, a model-turned "nuclear influencer," whose online presence "Isodope," introduced a witty, stylish and slightly snarky approach to pronuclear advocacy, sharing her frank messaging with a new generation. Together, they organized several recent and memorable public events, a rally on behalf of Diablo Canyon and the issuance of letter to Governor Newsom signed by 79 prominent scientific experts. As impactful as both of those campaigns were, their success rested upon a foundation of public opinion that had grown stronger due to very considerable contributions from the following very notable individuals and groups:

The Pronuclear Village


(Click to enlarge.)

Nuclear-Focused Writers

James Conca, Forbes
Robert Bryce,  Forbes and other
Michael Shellenberger, Forbes, Environmental Progress
Rod Adams,  Atomic Insights
Catherine Clifford, CNBC

Academics & Scientists

Dr, James Hansen, Climate Science, Awareness and Solutions, at the Earth Institute of Columbia University
Dr. Todd Allen, University of Michigan
Dr. Jacopo Buongiorno, MIT
Dr. Steven Chu,  Stanford University
Dr. Jesse Jenkins, Princeton
Dr. Jessica Lovering,  University of Colorado, Boulder
Also, another 75 or so who signed the February 2022 letter to Governor Newsom

Non-Profits & Think Tanks

The Breakthrough Institute, Ted Nordhaus
Clean Air Task Force,  Armond Cohen
Californians for Green Nuclear Power, Carl Wurtz, Dr. Gene Nelson
Anthropocene Institute, Carl Page
The Long Now, Stewart Brand
Energy for Humanity, Kirsty Gogan
Nuclear Innovation Alliance, Judi Greenwald
TerraPraxis, Erik Ingersoll, Kirsty Gogan
Good Energy Collective, Dr. Jessica Lovering, Suzy Hobbs Baker, Dr. Rachel Slaybaugh
Energy Impact Center, Bret Kugelmass
Energy for Humanity, Kirsty Gogan
Fastest Path to Zero, Dr. Todd Allen, at the University of Michigan
Climate Protection & Restoration Initiative, Dr. James Hansen, Donn J. Viviani and others
The Nature Conservancy, Mark Tercek
The World Resources Institute

Podcasters

Titans of Nuclear, Bret Kugelmass
The Atomic Show, Rod Adams
Decouple Podcast, Dr. Chris Keefer
Energy Impact Podcast, Bret Kugelmass
Climate Fix, Colby & Phil
Columbia Energy Exchange, Jason Bordoff, Bill Lovelass
Cowen’s Energy Transition Podcast, Marc Bianchi

Organizers & Advocates

Environmental Progress, Michael Shellenberger
Mothers for Nuclear, Heather Hoff and Kirstin Zaitz
Save Clean Energy, Isabelle Boemeke
Generation Atomic, Eric Meyers
Campaign for a Green Nuclear Deal, Madison Hilly
Stand Up for Nuclear, Paris Ortiz-Wines
Emergency Reactor, Zion Lights
Climate Coalition,  Valerie Gardner, Gary Kahanak
Nuclear New York, Dr. Dietmar Detering, Isuru Seneviratne
US Nuclear Industry:  NEI, ANS, USNIC, NIA, INPO, etc.
International:  IPCC, WNA, IAEA, WNN, etc.

Artists & Authors

Robert Stone, Pandora’s Promise (documentary)
Dave Schumacher, The New Fire (documentary)
Robert Bryce, Juice (documentary) and author of "A Question of Power: Electricity and the Wealth of Nations"
Oliver Stone, Nuclear: Time to Look Again (a new documentary, being released now)
Joshua Goldstein, "A Bright Future: How Some Countries Have Solved Climate Change and the Rest Can Follow"
Meredith Angwin, “Shorting the Grid: The Hidden Fragility of our Electric Grid” and "Campaigning for Clean Air"
Dr. Robert Hargraves, author of "Thorium, Energy Cheaper than Coal"
Michael Bloomberg, co-author of "Climate of Hope"
Gwyneth Cravens, author of "Power to Save the World: The Truth about Nuclear Energy"
Mathijs Beckers, author of "Highway to Dystopia: About spaceship Earth, Climate Change and more"
Isabelle Boemeke, creator of the “Isodope” TicTok videos and tweets
Baba Brinkman, Nuclear/Science rapper

Influencers

Stewart Brand, The Whole Earth Catalog
Californians for Green Nuclear Power, Dr. Gene Nelson
What is Nuclear, Nick Touran
Radiant Energy,  Mark Nelson
Thorium Energy Alliance,  John Kutsch
Google,  Ross Koningstein (IEEE, White Papers)
D.J. LeClear, The Rad Guy
TEA,  Silicon Valley,  Alex Cannara
Save Clean Energy, Isabelle Boemeke
Citizen’s Climate Lobby,  Jim Hopf (Nuclear group)
4th Generation Blog, Canon Bryan, Amelia Tiemann
Rethinking Nuclear, Richard Steeves

Politicians & Biden Admin

Trump Administration & Congress, laid a foundation with the passage of NEIMA & NEICA
Senator Sheldon Whitehouse, loudly pronuclear
Senator Cory Booker, introduced his support of nuclear power during the 2019 Primary Climate Debates
President Joe Biden, ushered in the Energy Bill of 2020,  which funded the Advanced Reactor Development Program (ARDP), to accelerate commercialization of the next generation of reactors
Dept. of Energy, Secr. of Energy, Jennifer Granholm, worked overtime to introduce the Civil Nuclear Credit program in a timely way, plus, she has posted many great videos about the need for nuclear to address climate
Gov. Gretchen Whitmer has expressed her support for the protection of the Palisades Nuclear Power plant and now for Holtec's application to restart it
The Infrastructure & Jobs Act, set up the Civil Nuclear Credit Program, with a $6 billion fund to save nuclear power plants, such as Palisades and Diablo Canyon
Representative Elaine Luria, has introduced a bevy of important nuclear energy bills, including the Nuclear Energy Leadership Act (’19), Nuclear Power Purchase Agreements Act (’21), and Fueling our Nuclear Future Act (’22)
All of Congress, has used voice votes to approve key pronuclear pieces of legislation
Senator Diane Feinstein, wrote about her support for Diablo Canyon in a number of OpEds
DOE’s Loan Program Office (LPO), under the leadership of Jigar Shah, has been working to provide Government-guaranteed loans to key projects

Funders

There is a small but dedicated community of funders who have shown a willing to support many of the above non-profits, as well as the various artistic and advocacy campaign initiatives.  We are greatful to them, as they have allowed much of the work that others have not been willing to fund, to be produced.

[Please note: All of the above listed groups have websites that are available online. Legislation is all searchable. We are not able to provide links for every group but have provided for some that may be harder to find. If you have trouble finding information you need, please reach out through our contact form. We have had a prime seat for the last decade or so to follow the events but we cannot possibly include everyone or every group that is active in this space. However, if you think we have omitted an important contributor who should be listed as having had a meaningful impact on the decision to save Diablo Canyon, please use the comment box below to send us a private message.]

August 6, 2022

Oliver Stone announces a new documentary film on Nuclear

With an August 3rd tweet, filmmaker Oliver Stone announced the premiere of his latest documentary, Nuclear: Time to Look Again, at the Venice Film Festival on September 9th. We are looking forward to its release. Along with the promotional image shown above, Stone attached a brief written statement which reads:

I've been working on this for almost two years with the enormous help of Joshua Goldstein, coauthor of "A Bright Future." By now, I'm sure you know that this is an argument in favor of nuclear energy as the realistic solution to the gulf we now face in the production of clean energy for our continuing existtence here on the planet Earth.  This is an energy that will not only save the planet but allow us to thrive upon it.  And although it's long regarded in popular culture as dangerous, it is, in fact, far safer than coal, oil, and gas.  The documentary, at 1-hour-45-minutes, gets into the details but it doesn't sink into all the petty arguments that the anti-nuclear crowd throws at it.  Renewables like wind and solar work to a limited degree, but by now, we should know they don't come close to fixing the problem alone — — which is why the fossil fuel companies support renewables.  Because they inevitably require large amounts of methane gas to ensure their reliability.

I believe this is the greatest story of our time.  We must use science and our brains to overcome this ultimate challenge given to us by nature.

We'll be making the film more and more available on domestic platforms as we get closer to its release.

We will be planning events around film-screenings of #Nuclear in the coming weeks. If you are interested in attending a screening event, please sign up here and we will send you a notification.

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