April 30, 2025

POWER SURGE: Report on this one-day conference

Power surge conference

An important conversation hosted by Doon Insights

Doon Insights, an investment-focused group organized by Howard Chao, convened dozens of subject-matter experts as speakers (see the list below) across many disciplines in Santa Cruz, California to address trends and issues impacting demand for and supply of energy in the coming years and decades. Energy, which is what makes today's technologically-dependent society possible, is a very large and important topic and was a lot to cover. But in an ambitious, rapid-paced one-day conference titled "POWER SURGE: Solving for Unprecedented Energy Demand," dozens of people laid out the fundamentals and discussed the key questions around both what is driving demand and how will we meet that demand. Questions tackled included:

The demand side    Demand Side

  • Why projections for US power needs now greatly exceed what would have been predicted only a couple of year ago
  • Why the exceptional needs of AI Data Centers and the electrification of diverse parts of the economy are driving energy demand
  • What are the challenges of building, financing and operating new data centers? 
  • How much more power will these new facilities require? Where will they be located and what is the attitude of utilities, state and federal government towards supporting them?  
  • How will the rapidly changing AI competitive landscape affect these power projections? Does the advent of very cheap, highly efficient, smaller SLMs, open source models and Chinese competitors mean that investors have overestimated the need for huge data centers?  
  • How will the electrification of vehicles, buildings, industry and transactions (blockchain and cryptocurrencies) further accelerate and add significant incremental power demand?
  • What are the primary challenges to meeting these power demands of these expanding use cases in the coming years and what will be the main challenges to implementation, including the need to expand the transmission capabilities of the grid?
  • Will the new administration's renewed emphasis on fossil fuels result in a slowdown in electrification? 
  • What will be the impact of the tariffs on the buildout of all these projects?
  • How will the new administration's energy policies impact all of these areas? Will we be able to unleash power generation sufficient to sustain the foreseeable economic growth while also continuing to reduce carbon emissions?

"The Nuclear Option" panel title displayed on the big screen.      Supply Side

  • What are the near and longer-term challenges and solutions to the surge in power demand?
  • Will growing renewables and batteries be sufficient?
  • Will fossil fuels experience a resurgence, with all that drilling?
  • Will the sexiest and biggest solutions—nuclear fission and fusion—be coming on stream faster than most people believe?
  • What are the short, medium and long-term prospects for these new technologies?
  • Will the "privatization" of nuclear innovation and the prevalence of an industry being led by fast-moving private companies, pleasantly surprise us with their speed to market?
  • What will be the near-term and longer-term mix of energy solutions?
  • How will a patchwork of revamped legacy technologies, including fuel cells, wind, solar, distributed generation, energy storage, energy time-of-use shifting and other behind-the-meter solutions help in the short-term? 
  • How are advancements in small modular nuclear reactors (SMRs), which offer enhanced safety features, reduced construction times, and the flexibility to be deployed in diverse locations, going to contribute?  
  • Given that major technology companies like Google and Amazon are investing in SMRs to power their expansive data centers, how will this accelerate commercialization?
  • Fusion energy—which is experiencing a wave of breakthroughs, with multiple companies and research initiatives racing to develop and commercialize multiple technologies, such as high-temperature superconductors, improved plasma confinement techniques, and novel neutron flux applications—is beginning to generate revenues but has yet to complete a power-generating reactor design. Will the new administration help accelerate progress towards practical fusion power with pilot plants within the decade or is this game-changing technology still decades away?

The Nuclear Option

Screenshot 2025 05 04 at 8.23.42 amValerie Gardner, Nucleation's managing partner, moderated the day's fission panel, called "The Nuclear Option: Generation IV and Small Modular Reactors," which looked at the role of fission innovation and the coming wave of small, modular reactors (SMRs), that were poised to bring nuclear power into the 21st century. She and her panelists, Leah Crider from Westinghouse (seated on the left), representing the eVinci design, and Clayton Scott from NuScale Power (in the center), which has the first NRC-certified advanced fission design, discussed how and why next-generation nuclear will be the ideal clean energy solution that few think is possible.

While the Fission panel had a full 45 minutes (and probably went over-time) to cover a lot of ground, including reviewing nuclear's status as a major source of today's clean energy, the fact that nuclear is turning into a "technology" product that can be manufactured in factories and shipped to locations, and how a growing assortment of energy buyers like Google, Amazon and Dow Chemical see advanced nuclear as solving their energy needs better than other solutions, because the subject matter was so expansive, Valerie and her panel were able to cover many but definitely not all of the important points. Nevertheless, the fact that this conference's supply-side conversation included nuclear fission at all was a huge victory. This inclusion reflects the fact that nuclear energy is no longer seen as the taboo topic it was long deemed to be, at least up until the last couple of years. For too long, nuclear fission was excluded and no one considered it a vital part of the clean energy solution set. But times have changed and especially among investors looking to understand key long-term trends and be able to invest into them at an early stage.

According to Howard Chao, each panel of the conference, by design, was too short, leaving a lot of unfinished conversations. Nucleation Capital was honored to have been included in this discussion and we look forward to continuing to see interest in advanced nuclear broaden.

POWER SURGE: List of Speakers

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March 25, 2025

POWER SURGE: Solving for Unprecedented Energy Demand

Announcing a Doon Insights Workshop

Power surge

Registration link for the Power Surge Conference

Doon Insights, hosted by Howard Chao, is convening dozens of experts to address trends and discuss issues impacting demand for and supply of energy in the coming years and decades. This one-day conference is being held on April 30th, 2025 in Santa Cruz, at the Boardwalk's Cocoanut Grove Resort.  This is Doon Insights first energy-focused workshop, so the event will bring investors up to speed on the topic of energy and how we will meet that demand. It is not too late to register to attend. The conference is titled "POWER SURGE: Solving for Unprecedented Energy Demand."

Ray Rothrock, renowned venture capitalist and Nucleation Capital advisor, will give a keynote talk about the solutions to the demand surge in conversation with Howard Chao. Valerie Gardner, Nucleation Capital's managing partner, is moderating an afternoon panel on Long Term Supply Side Solutions from Nuclear Fission: Specifically Gen IV and Small Modular Reactors. Following that, Matt Trevithick of Leitmotif Ventures, will moderate a panel on Fusion.  For the complete event overview and agenda, see thePOWER SURGE website.

Official Event Description

Doon Insights is pleased to announce our Power Surge Workshop: Solving for Unprecedented Energy Demand!

Our Power Surge Workshop will convene an exclusive gathering of industry leaders, investors, technologists, and innovators to explore one of the most pressing challenges of our time: meeting the surging demand for energy in a scalable and sustainable way.

As data centers, the electrification of everything, crypto mining, and other emerging energy-intensive applications create an unprecedented spike in demand, the energy sector is facing a pivotal moment. This perfect storm of demand must be addressed with both more conventional power generation, better power management and revolutionary new technologies.

Why Attend?

This Workshop is a must-attend event for energy innovators, investors, technologists, energy, manufacturing, mobility and other energy industry executives. Engage in in-depth discussions, network with industry leaders, and discover actionable insights into our energy future. And enjoy the beach and mountains of Santa Cruz!

Event Details:

Date:April 30, 2025 - 8 am

Location:The Boardwalk's Classic Cocoanut Grove Ballroom, 400 Beach Street, Santa Cruz, CA (Workshop); Bonny Doon, CA (Reception and Dinner)

Join us to explore the technologies, strategies, and collaborations that will define the next generation of energy systems. Secure your spot today!

Very much looking forward to seeing everyone in Santa Cruz!

November 1, 2024

Assessing the Election’s Impacts on Nuclear

By Valerie Gardner, Nucleation Capital Managing Partner

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Presidential elections are always important and this year's election is widely considered particularly critical and unusual.  There are vast differences of opinion on matters of great national importance—from voting rights and health policies to international relations and national security policies. Less well litigated is where these candidates stand on matters of energy security, the energy transition and future deployments of both traditional and advanced nuclear power. How will the differences in character, knowledge and respect for facts, science and experts play out on U.S. policies towards nuclear power?  Based upon various sources, it appears that the election will have a significant impact. For those still making up their minds, this summary assessment may help clarify how numerous pundits view these differences.

Summary

Nuclear energy has enjoyed enduring bipartisan support across both Democratic and Republican administrations for years now. The Congress has passed, with overwhelming bipartisan majorities, bills aimed at modernizing and accelerating commercialization of new nuclear.

Nevertheless, in 2024, the two presidential candidates bring potentially unconventional approaches that may differ from the standard positions of their respective parties. Republicans have long valued America's nuclear capacity and have seen the need for the US to maintain leadership to boost both national security and to expand our ability to export our technologies. They recognize that the U.S. needs to counter the geopolitical influence of adversaries like Russia and China which are offering to help developing nations with nuclear power as a means of increasing their influence within those countries.

Democrats have also, if more recently, come around to support nuclear. Both the Obama White House and the Biden Administration have provided broad support for the industry and particularly for the acceleration of next-generation nuclear technologies and American leadership in the energy transition. Front and center of their support is the recognition that nuclear power is a critical, differentiated component of a reliable, 24/7 low-carbon energy grid. They support its expansion primarily as a mechanism to meet growing energy needs and fortify grid reliability while reducing carbon emissions and addressing climate change, in tandem with renewables.

The question then of which candidate is more likely to support the continued acceleration of nuclear power is thus wrapped up with policies relating to energy security, fossil fuels, geopolitical competition with Russia and China, and support for addressing climate change. The Inflation Reduction Act passed in 2022 and signed by President Biden marked the Congress' single largest investment in the economy, energy security and climate change and is widely seen as the most important piece of climate legislation ever passed. It simultaneously rebuilds the U.S. industrial capabilities while incentivizing the growth of clean energy technologies including domestic nuclear power. It is already making an enormous and beneficial impact on the U.S. nuclear indsutry.

Kamala Harris, while possibly more progressive than Biden, has shown her support for Biden's approach to incentivizing the clean energy transition through the IRA, Biden's signature piece of climate legislation, which has received staunch support from industry. She is unlikely to make many if any changes to the IRA's clean energy technology-neutral Investment Tax Credits and Production Tax Credits or reduce the billions in loan guarantees available through the Loan Program Office, which have already stimulated significant investment in protecting and restarting existing reactors.

Because of Biden’s Infrastructure Investment & Jobs Act’s Civil Nuclear Credit program, California is proceeding with the relicensing of Diablo Canyon, Holtec has chosen to restart, rather than decommission, Michigan’s Palisades nuclear power plant, Constellation has inked a deal with Microsoft to restart Three Mile Island Unit 2, and NextEra Energy is actively considering the restart of Duane Arnold. Meanwhile, Google has signed a deal to buy power from advanced nuclear reactors being designed by Kairos Power and Amazon has signed a similar deal with X-energy, marking the first corporate purchases of next-generation nuclear, thanks to highly motivating tax and financing incentives available through the IRA and LPO.

Harris is clearly committed to addressing climate change. There is no evidence that she rejects the clean energy tech-agnostic approach developed during her term as Vice President, which levels the playing field for nuclear energy as a clean energy source. Harris recognizes the geopolitical importance of America's ability to compete with Russia to produce our own nuclear fuel supply and to provide nuclear technologies to developing nations seeking to build their clean energy capacity but wanting to remain free of Russian or Chinese influence.

In contrast, Donald Trump has repeatedly called climate change a "hoax," and/or a good thing and cares little about reducing U.S. or global emissions. He previously walked away from the Paris accord and would likely try to repeal, roll back or dilute the IRA. He's publicly allied himself with the fossil fuel industry and—in exchange for donations—has promised to roll back EPA regulations and help them "drill, drill, drill."

There is almost no doubt that Trump would step the U.S. away from its leadership role on climate and this time, that may mean reversing the U.S.'s pledge to triple the amount of nuclear power. This would seriously undermine both the U.S. nuclear industry's momentum to expand to meet growing demand as well as international progress. Given Trump’s overt courting of Putin, he may be disinclined to rebuild the U.S.'s nuclear fuel production capacity or seek to accelerate or support American efforts to build nuclear projects internationally in competition with Russia.

None of this would be good for nuclear power. Any potential efforts to rollback the IRA would slow restoration, development and deployment of reactors. Boosting the fossil fuel industry, whether through supporting expanded access to federal land or price manipulation to improve profitability would have severe impacts on the energy transition. Trump's recent acknowledgement that he didn't believe nuclear was safe also belies the stated "commitment" to nuclear energy expressed by his surrogates and gives considerable fodder to those who persist in opposing nuclear. His shoot-from-the-hip, truth-be-damned leadership style and embrace of conspiracy theorists, contrasts starkly with Harris' stated willingness to consult with scientific experts and even give those who disagree with her a seat at the table.

In sumary, Trump's likely propensity to undermine the IRA, oppose climate action and backtrack on US pledges to triple nuclear, his support for expanding fossil fuel production and his continued disdain for science and technical experts, poses extreme risks to the momentum generated within the nuclear sector over the last few years. Trump's ignorance of nuclear energy's exceptional safety performance make him unlikely to provide Oval Office leadership either to the industry or the NRC in support of the bipartisan ADVANCE Act, signed into law by Biden.

In contrast, a Harris Administration would likely remain on the current climate glideslope for leadership, technology-neutral funding and the U.S.'s nuclear tripling momentum as stimulated by the Biden Administration. It may be that a Harris Administration does not prioritize nuclear's growth or add billions in new accelerants as Biden has done, but she will not try to trash it. Having been briefed by senior energy advisors over the last four years about the importance of nuclear, she is well-informed and understands the importance of Biden's initiatives for addressing climate.

Based on this analysis, those who support an expansion of nuclear power and enduring progress towards transitioning away from fossil fuels should thus prefer to see Harris elected, rather than Trump, and the existing policies continued.

Sources

You can find more detailed information about the basis for this Summary Assessment from these sources.

  1. Forbes, Trump Plans To Rescind Funds For IRA Law’s Climate Provisions, But May Keep Drug Price Measures, by Joshua P. Cohen, Sept. 9, 2024.
  2. Bloomberg, US Economy Will Suffer If IRA Repealed, Solar Maker CEO Says, by Mark Chediak, Oct. 22, 2024.
  3. Politico E&E News, Trump cites cost and risks of building more nuclear plants, by Nico Portuondo, Francisco "A.J." Camacho, Oct. 29, 2024.
  4.  Huffington Post, Donald Trump Takes A Skeptical View Of Nuclear Energy On Joe Rogan’s Podcast, by Alexander Kaufman, Oct. 27, 2024
  5. Bloomberg, Trump 2.0 Climate Tipping Points: A guide to what a second Trump White House can—and can't—do to the American effort to slow global warming, by Jennifer A. Dlouhy, Sept. 30, 2024.
  6. Joint Economic Committee, How Project 2025's Health, Education, and Climate Policies Hurt Americans, August 2024.
  7. FactCheck.org, Trump Clings to Inaccurate Climate Change Talking Points, Jessica McDonald, Sept. 9, 2024.
  8. New York Times, Trump Will Withdraw U.S. From Paris Climate Agreement, Michael D. Shear, June 1, 2017
  9. Cipher: Here's how cleantech stacks up in three swing states: Taking stock of Michigan, Pennsylvania and Wisconsin, Sept. 3, 2024.
  10. Bloomberg Green, Climate Politics: Double-Punch Storms Thrust Climate Into the US Presidential Race, by Zahra Hirji, Oct. 11, 2024.
  11. New York Times, Biden’s Climate Plans Are Stunted After Dejected Experts Fled Trump, by Coral DavenportLisa Friedman and Christopher Flavelle, published Aug. 1, 2021, updated Sept. 20, 2021
  12. Bloomberg, The Donald Trump Interview Transcript (with quote "Green New Scam"), July 16, 2024.
  13. Google: New nuclear clean energy agreement with Kairos Power, by Michael Terrell, Oct. 15, 2024, and Google's The Corporate Role in Accelerating Advanced Clean Electricity Technologies, Sept. 2023.
  14. The New Republic, Trump Pushes Deranged Idea that Climate Change is Good for Real Estate, by Robert McCoy, Sept. 18, 2024.
  15. Grid Brief: What Was Said About Energy During the VP Debate, JD Vance and Tim Walz Discuss Energy and Climate During VP Debate, by Jeff Luse, Oct. 2, 2024.
  16. CNN: Fact check: Sea levels are already rising faster per year than Trump claims they might rise over "next 497 years', by Daniel Dale, June 29, 2024.
  17. CNN: Fact check: Tramp's latest false climate figure is off by more than 1,000 times, by Daniel Dale, April 2023.
  18. Yale Program on Climate Change Communication, YPCCC's Resources on Climate in the 2024 U.S. General Election, by Anthony Leiserowitz, Edward Maibach, Jennifer Carman, Jennifer Marlon, John Kotcher, Seth Rosenthal and Joshua Low, Oct. 8, 2024.
  19. SIGNED: Bipartisan ADVANCE Act to Boost Nuclear Energy Now Law, Senate Committee on Environment & Public Works, July 9, 2024.
  20. Rodgers, Pallone, Carper, Capito Celebrate Signing of Bipartisan Nuclear Energy Bill, the ADVANCE Act, July 9, 2024.
  21. The White House, Bill Signed S. 870, July 9, 2024.
  22. Power Magazine, The ADVANCE Act—Legislation Crucial for a U.S. Nuclear Renaissance—Clears Congress. Here's a Detailed Breakdown by Sonal Patel, June 20, 2024
  23. Sidley Austin LLP, Congress Passes ADVANCE Act to Facilitate U.S. Development of Advanced Nuclear Reactors, June 26, 2024.

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 25, 2023

A New Oppenheimer Moment

We've had a resurgence of interest in and conversation about nuclear energy since the release at the end of April of Oliver Stone's exceptional documentary, Nuclear Now. But Stone's historic film, much like Robert Stone's Pandora's Promise and Dave Schumacher's The New Fire, before it, suffers from the endemic unpopularity of documentaries. People don't flock to theaters to see them. Which made (what was called) "Barbenheimer,"  the culturally clashing concurrence of opening nights for Greta Gerwig's very pink Barbie movie and Christopher Nolan's explosive Oppenheimer so different. Theaters were packed. People went to see them as double-features. The press had a field day for a week and both films exceeded box-office expectations, providing welcome relief for movie theaters everywhere.

The public is, as a result, reacquainted with J. Robert Oppenheimer (JRO to those who knew him) and his tortured if heroic role in leading the U.S.'s war time emergency program, dubbed "The Manhattan Project," to a successful conclusion: creation of the first atomic bomb. Whether or not this crowning achievement by the secretive project—that recruited the world's top physicists, engineers and scientific minds to Los Alamos, a remote area in New Mexico—and let the atomic genie out of bottle was a net positive or a net negative, may still be debated. But now that it has, we must rely on our ability to self-regulate the use of this technology for good, as JRO understood so well.

We are now in the throes of sorting out how best to limit nuclear bombs but expand the beneficial uses of atomic tech for energy, industry, agriculture and medicine. Which is why we were so pleased to have been connected with Charles Oppenheimer some weeks ago and to have been invited to participate in the Oppenheimer Exchanges, a day long event bringing together leadership from within the DOE's National Labs and a few business groups, orchestrated to coincide with opening night for the Oppenheimer film. Fortunately, this included tickets to the San Francisco premiere at the Metreon iMax Theatre and a brief pre-screening conversation between younger members of the Oppenheimer family, who provided some perspective on the family's legacy and ongoing initiatives. 

For many of us, this was an eye-opening discussion. It was just in December of 2022, that the DOE finally restored Oppenheimer’s long lost—but still widely lauded reputation—with an order vacating the Atomic Energy Commission's 1954 decision to revoke JRO's security clearance. While largely symbollic, since JRO died in 1967, the DOE's order, and Secretary Granholm's Statement about it, addressed and began to reverse the damage that had been done to the Oppenheimer name, through what the DOE called a "flawed" process.

In 1954, the Atomic Energy Commission revoked Dr. Oppenheimer’s security clearance through a flawed process that violated the Commission’s own regulations. As time has passed, more evidence has come to light of the bias and unfairness of the process that Dr. Oppenheimer was subjected to while the evidence of his loyalty and love of country have only been further affirmed. The Atomic Energy Commission even selected Dr. Oppenheimer in 1963 for its prestigious Enrico Fermi Award citing his “scientific and administrative leadership not only in the development of the atomic bomb, but also in establishing the groundwork for the many peaceful applications of atomic energy.” 

Among scientists and those who knew Oppenheimer's legacy, vindication had already begun as far back as 1963, when the Atomic Energy Commission selected Oppenheimer for the prestigious Enrico Fermi Award for his "scientific and administrative leadership not only in the development of the atomic bomb, but also in establishing the groundwork fo rthe many peaceful applications of atomic energy."

Then, in 2017, the DOE recognized JRO with the creation of the Oppenheimer Science and Energy Leadership Program, which was designed to support early and mid-career scientists and engineers to "carry on [RJO's] legacy of science serving society."

This DOE program has now graduated multiple cohorts. Many of these alumni gathered in San Francisco to discuss the Oppenheimer legacy and explore relevant topics, in particular the need for science and scientists to rise to the challenge of solving global crises with technology. Oppenheimer's leadership example is a model by which the scientific community can organize itself to tackle problems, such as climate change.  Given how badly we are doing responding to the threat posed by climate change, this is a very welcome concept.

 The Oppenheimer Science and Energy Leadership Program (OSELP) run by the DOE is “the premier leadership development program of the national Laboratory Directors’ Council, which comprises the leadership of all 17 National Labs.  The program exposes emerging leaders to the singular breadth, diversity and complexity of the National Labs and their partners in government, industry, and academia. OSELP represents a collective commitment from all 17 DOE labs to cultivate the leaders needed to sustain long-term impacts throughout the complex. Out of the OSELP has grown an alumni group now called the Oppenheimer Leadership Network, who are those who have been through the OSELP program.  The OLN is the formal network of ESELP alumni to collaboratively engage on strategic issues and produce deliverables that address major organizational, policy, scientific or other challenges within the National Labs’ mission space. We were pleased to meet many members of the OLN at the event. Now the Oppenheimer family has a new vision.  They are aiming to develop several initiatives, under the banner of The Oppenheimer Project, whose mission is to promote and advocate for solutions to mitigate the risks posed by technological development.   1) Promote JRO’s legacy and encourage scientific leaders to discuss and address today’s existential threats.2) Advocate and educate about nuclear energy, for increased cooperation on energy and decreased threats of weapons.3) Invest in the energy transition to carbon-free energy sources including nuclear energy. Already, Charles Oppenheimer, JRO's grandson, has come out strongly for nuclear power in a Time Magazine Ideas article, entitled Nuclear Energy's Moment Has Come, published May 11, 2023. In it, Charles calls for a "Manhattan Project" for carbon-free energy production.

In addition to having the support of the younger members of the Oppenheimer family, The Oppenheimer Project has received the support of Lynn Orr, a former Under Secretary for Science and Energy at the DOE and now at Stanford University, and Dr. Larry Brilliant, a physician, epidemiologist and senior counselor at the Skoll Foundation, as advisers. There are now some dozens of graduates of the OSELP and OLN members who could also participate. Given how poorly we are doing mounting the appropriate response to the threat from continued emissions, extending Oppenheimer's inimitable complex project management legacy to tackling this new global challenge has the potential to be significant development in the fight against climate change. 

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.

April 20, 2023

Nucleation Presents at ARPA-E Fission Summit


Valerie Gardner, founder and managing partner of Nucleation Capital, and Dr. Rachel Slaybaugh, a partner at DCVC, presented remarks on the topic of "Procuring Investments for Commercialization" in the concluding session of ARPA-E's Fission Summit covering Technology to Market, held in Hollywood, California, April 18-20, 2023.

This was the 2023 Annual Fission Program Review Meeting being held as a showcase of all of the groups funded by ARPA-E for cutting edge research and development of new fission technologies and materials.

Day 1 of the program covered the CURIE and OnWARDS Programs provided an opportunity for the grantees to do project "lightening talks," and covered topics including NRC Engagement, Technology-to-Market preparedness, Industry Perspectives on Reprocessing and Legal Considerations. There were also presentations from TerraPower, GE Global Research, the IDNL, Deep Isolation, Brigham Young University and Citrine Informatics.

Day 2 of the program covered Processing Technologies, Advanced Reactor Waste Disposal, Materials, Microreactors and Enabling Technologies.  In addition to remarks from Jon Carmack, Danny Cunningham,, Jenifer Shafer adn Bob Ledoux, there were a range of panels that included speakers from Dow Chemical, EPRI, Southern Company and Westinghouse. The CURIE, ONWARDS, GEMINA, MEITNER AND OPEN Program grantees also gave more lightening talks.

On the third and final day of the event, the discussion shifted to commercialization and raising capital.  After Danny Cunningham of ARPA-E gave a quick overview of "How to Commercialize an Idea, John Bistline of EPRI covered a view of the Energy Market in Transition. Following this, Valerie and Rachel discussed how ventures procure investments from venture capital. They presented an overview of how venture capital works and the range of financing prospects that young companies could expect. In a final hat tip to innovation, Valerie described how innovation in the finance and venture fields was enabling a range of non-traditional funds to enter the market with missions to fund high-risk innovation technologies such as advanced nuclear.  To view Valerie's slides for the presentation, click the image below. 


Learn more about ARPA-E's Funding Programs, please see this link.

February 15, 2023

A Chat with ChatGPT

At the end of 2022, OpenAI introduced ChatGPT to the world and allowed anyone to sign up for a beta account and interact with this Artificial Intelligence. At that time, ChatGPT had been trained on information through 2021. It was noted that it was not accessing the Internet for answers.

OpenAI's beta ChatGPT made a splash when it was introduced in the late winter of 2022. We were pleased to be able to converse with this large language model (LLM) on several occasions on the topic of nuclear energy and efforts to address climate change. Here is our conversation, with our questions in blue and ChatGPT's responses in green bubbles.  

Nucleation's chats with ChatGPT

December 12, 2022

Explain why, given the world's growing energy demand and climate crisis, someone should invest in nuclear energy.

There are a few reasons why someone might consider investing in nuclear energy. First, nuclear power is a reliable source of energy that can generate electricity around the clock. Unlike solar and wind power, which are dependent on weather conditions, nuclear reactors can operate consistently, providing a steady stream of energy to the grid. Second, nuclear energy is relatively low-carbon, emitting fewer greenhouse gases than fossil fuels like coal and natural gas. This makes it a potential tool for mitigating climate change. Finally, as the world's demand for energy continues to grow, nuclear power could help meet that demand in a way that is cleaner and more sustainable than fossil fuels.

Can humanity meet its energy needs with just renewable types of energy if it gives up using fossil fuels?

It is possible for humanity to meet its energy needs with renewable sources of energy, such as solar and wind power. However, it is unlikely that we could completely give up using fossil fuels, at least not in the near future. Renewable energy sources are still relatively expensive and intermittent, meaning they are not always available when needed. In addition, many of the technologies and infrastructure we have in place, such as cars and airplanes, are designed to run on fossil fuels. Transitioning to a completely renewable energy system would require significant investments of time, money, and technology. That being said, as renewable energy technology continues to improve and become more cost-effective, it may be possible for us to rely more heavily on these sources in the future.

What are the advantages, if any, of deploying some number of advanced nuclear reactors onto the grid?

There are several potential advantages to deploying advanced nuclear reactors onto the grid. First, these reactors are designed to be safer and more efficient than older reactor designs. Many advanced reactors have passive safety systems, which means they can shut down safely without the need for human intervention. This could reduce the risk of accidents. Additionally, advanced reactors can produce more electricity using less fuel, which could save money and reduce the amount of nuclear waste that needs to be disposed of. Finally, advanced reactors have the potential to use nuclear fuel more efficiently, potentially extending the life of existing nuclear fuel reserves.

What do you know about Nucleation Capital?

I'm sorry, but I don't have any information about Nucleation Capital. As a large language model trained by OpenAI, my knowledge is limited to what I have been trained on, and I don't have the ability to browse the internet or access any information that is not part of my training data. My training data includes a wide range of general knowledge, but it does not include specific information about organizations or companies like Nucleation Capital.

February 6, 2023

Why should investors consider investing in advanced nuclear innovation?

Investors may consider investing in advanced nuclear innovation for several reasons:

  1. Growing Energy Demand: The world's energy demand is expected to increase in the coming years, and advanced nuclear innovation has the potential to meet that demand with low-carbon, reliable and scalable energy solutions.
  2. Climate Change Mitigation: Nuclear energy is a low-carbon energy source and can help in reducing greenhouse gas emissions, which is important for mitigating the impacts of climate change.
  3. Government Support: Advanced nuclear innovation is receiving support from governments around the world, with several initiatives aimed at promoting its development and deployment.
  4. Technological advancements: Recent advancements in nuclear technology, such as small modular reactors and advanced fuel cycles, have the potential to improve safety, efficiency, and cost-effectiveness, making the industry more attractive to investors.

However, it's important to note that investing in advanced nuclear innovation carries risks and uncertainties, and investors should conduct thorough research and consult with financial professionals before making investment decisions.

Those are all good reasons but what can you tell me about the size of the energy market? If advanced nuclear gets adopted, how quickly and large can it grow to fill the need for clean energy?

The global energy market is large and rapidly growing, with estimates suggesting that the total energy consumption will continue to increase in the coming decades. The International Energy Agency (IEA) predicts that the world's energy demand could increase by around 30% by 2040.

If advanced nuclear innovation is widely adopted, it has the potential to grow rapidly and become a significant contributor to meeting the world's energy needs. However, the speed and scale of its growth will depend on several factors such as government support, regulatory environment, public acceptance, and technological advancements.

Very true! But explain why nuclear power and next-generation nuclear power are important for our future efforts to decarbonize our energy grids?

Nuclear power and next-generation nuclear power are important for our efforts to decarbonize energy grids because they offer several advantages over traditional fossil fuels:

  1. Low-Carbon Emissions: Nuclear power plants do not emit greenhouse gases such as carbon dioxide, which are a major contributor to climate change.
  2. Reliable Energy Source: Nuclear power is a reliable source of energy that can provide continuous and stable electricity for long periods of time, making it a good complement to intermittent renewable energy sources like wind and solar.
  3. Scalable: Nuclear power plants have the potential to be built at a large scale, making them well-suited for meeting the growing demand for electricity.
  4. Technological Advancements: Next-generation nuclear technologies, such as small modular reactors and advanced fuel cycles, have the potential to further improve the efficiency, safety, and cost-effectiveness of nuclear power, making it a more attractive option for decarbonizing energy grids.

It's important to note that while nuclear power offers significant potential benefits, there are also challenges and risks associated with its deployment, including concerns about safety, waste management, and nonproliferation. Nevertheless, next-generation nuclear power technologies have the potential to play a key role in decarbonizing energy grids and addressing the global challenge of climate change.

You are on to something here. Can you explain why the public has such mixed feelings about nuclear?

The public has mixed feelings about nuclear power due to a combination of factors, including:

  1. Safety Concerns: The potential dangers associated with nuclear power, such as radiation exposure and the risk of accidents, have created widespread public concern and fear.
  2. Waste Management: The long-term storage and disposal of radioactive waste is a significant challenge that has generated public concern and opposition.
  3. Proliferation: The potential for nuclear technology to be used for military purposes has raised non-proliferation concerns and created unease among the public.
  4. Perception: The perception of nuclear power as an outdated and potentially dangerous technology has also contributed to negative public sentiment.
  5. Environmental and Health Impacts: The public is concerned about the potential environmental and health impacts of nuclear power, particularly in light of past accidents such as Chernobyl and Fukushima.
  6. Competition with Renewables: The rapid growth of renewable energy technologies and the declining costs of wind and solar power have created competition for nuclear power, which may have contributed to declining public support for nuclear energy.

It's worth noting that public opinion about nuclear power can vary widely based on geographic location and cultural factors, and that there are also many individuals and organizations who are supportive of nuclear power as a crucial component of a low-carbon energy mix.

In designing future 100% energy grids and comparing the costs and performance of nuclear with the costs and performance of renewables, what is the best way to design these grids, so we balance low cost with reliability, assuming no fossil fuel can be used?

Designing a 100% renewable energy grid that balances low cost and reliability is a complex challenge that requires careful consideration of a range of factors, including technology costs, energy storage capabilities, and grid infrastructure.

In comparing the costs and performance of nuclear with renewables, the best approach is to consider the specific circumstances and requirements of each energy source and how they can complement each other to create a cost-effective and reliable energy grid.

For example, nuclear power can provide stable and continuous electricity, which can complement the intermittency of renewable energy sources such as wind and solar. On the other hand, renewable energy sources are typically less expensive and have lower operating costs compared to nuclear power.

In order to achieve a cost-effective and reliable energy grid, a combination of energy sources may be necessary, with each energy source used in a way that leverages its strengths and compensates for its weaknesses.

This may involve a mix of different renewable energy sources, such as wind, solar, hydropower, and geothermal, as well as energy storage technologies, such as batteries, pumped hydro, and thermal storage, to help balance the grid and ensure reliability.

In conclusion, there is no single "best" way to design a 100% renewable energy grid, as the optimal approach will depend on a range of factors, including geography, technology costs, grid infrastructure, and energy demand. A comprehensive and integrated approach that considers the strengths and weaknesses of different energy sources and energy storage technologies is likely to be the most effective way to balance low cost and reliability.

In designing future 100% clean energy grids, what is the best way to design these grids, so we balance low cost with reliability, assuming we can use solar, wind, hydro and nuclear but that no fossil fuel can be used? (Restated more accurately.)

Designing a 100% clean energy grid that balances low cost and reliability is a complex challenge that requires careful consideration of a range of factors, including technology costs, energy storage capabilities, and grid infrastructure.

In a scenario where we can use solar, wind, hydro, and nuclear energy but no fossil fuels, a mix of these energy sources is likely to be the best approach for balancing low cost and reliability.

For example, wind and solar power can provide low-cost and renewable energy, but their intermittency may require additional energy storage solutions and backup from other sources. Nuclear power can provide stable and continuous electricity, but it is typically more expensive than renewable energy sources. Hydro power can provide low-cost and reliable energy, but its availability may be limited by geography and environmental factors.

In order to achieve a cost-effective and reliable energy grid, a combination of these energy sources may be necessary, with each energy source used in a way that leverages its strengths and compensates for its weaknesses.

For example, wind and solar power can provide the majority of the energy, while hydro and nuclear power can provide backup and stability. Energy storage technologies, such as batteries, pumped hydro, and thermal storage, can also play a critical role in balancing the grid and ensuring reliability.

In conclusion, there is no single "best" way to design a 100% clean energy grid, as the optimal approach will depend on a range of factors, including geography, technology costs, grid infrastructure, and energy demand. A comprehensive and integrated approach that considers the strengths and weaknesses of different energy sources and energy storage technologies is likely to be the most effective way to balance low cost and reliability.

February 6, 2023

Why should an investor add venture capital to their investments?

Venture capital (VC) is a type of private equity investment that provides capital to startups and early-stage companies with high growth potential. Investing in VC can provide a number of benefits to investors, including:

  1. Potential for High Returns: Venture capital investments can offer the potential for high returns, as early-stage companies with high growth potential can generate significant returns if they are successful.
  2. Diversification: VC investments can provide diversification to an investor's portfolio, as they offer exposure to a different asset class and a different set of risks and rewards compared to more traditional investments.
  3. Access to Emerging Technologies: By investing in VC, investors have the opportunity to gain access to emerging technologies and industries that may not be easily accessible through other investment channels.
  4. Alignment with Social and Environmental Goals: Many VC firms focus on investing in companies that are working to solve social and environmental problems, providing investors with the opportunity to align their investments with their personal values and beliefs.
  5. Networking Opportunities: Investing in VC can provide access to a network of entrepreneurs, investors, and industry experts, which can be valuable for business development and strategic planning.

It's worth noting that VC investments are typically considered to be high-risk and high-reward, and they may not be suitable for all investors. Before investing in VC, it's important to carefully consider one's investment goals, risk tolerance, and overall investment portfolio, and to consult with a financial advisor.

If you wanted to invest in a diverse set of nuclear investments, how would you do that?

There are a few different ways to invest in a diverse set of nuclear investments, depending on an investor's risk tolerance, investment goals, and other factors. Some of the options include:

  1. Publicly Traded Companies: One option is to invest in publicly traded companies that are involved in the nuclear industry, such as utilities that operate nuclear power plants, companies that supply components and services to the nuclear industry, or companies that are involved in nuclear research and development.
  2. Exchange-Traded Funds (ETFs): Another option is to invest in exchange-traded funds (ETFs) that are focused on the nuclear industry, such as ETFs that hold a diversified portfolio of companies involved in the nuclear industry.
  3. Private Equity Funds: Investors who are willing to take on a higher level of risk and have a longer-term investment horizon may consider investing in private equity funds that focus on the nuclear industry, such as funds that invest in early-stage companies involved in the development and commercialization of advanced nuclear technologies.
  4. Direct Investments: Another option is to make direct investments in companies involved in the nuclear industry, such as investing in start-ups that are developing advanced nuclear technologies or investing in existing companies involved in the supply chain for the nuclear industry.

Regardless of the investment option chosen, it is important to conduct thorough research and due diligence to understand the risks and opportunities involved, and to seek the advice of a financial advisor or professional who has expertise in the nuclear industry.

Can you explain why so many experts love nuclear so much?

Yes, there are several reasons why many people love nuclear energy:

  1. High Energy Density: As you mentioned, nuclear energy is based on the fissioning of uranium, which releases a large amount of energy in a relatively small amount of fuel. This makes it an efficient and effective way to generate large amounts of electricity.
  2. Reliability: Nuclear power plants are designed to operate continuously for long periods of time, and they have a proven track record of providing reliable, baseload power.
  3. Low Carbon Emissions: Unlike fossil fuels, nuclear energy does not produce greenhouse gas emissions, making it a clean and environmentally friendly source of energy.
  4. Economic Benefits: Nuclear energy can provide a number of economic benefits, including job creation and economic development, as well as energy security by reducing dependence on imported fuels.
  5. Advances in Technology: The nuclear industry is constantly evolving, with advances in technology and improvements in reactor designs that make nuclear energy even safer and more efficient.

It's worth noting that nuclear energy also has its challenges, such as the need for safe and secure storage of nuclear waste, and the potential for nuclear accidents, which can have serious environmental and health impacts. However, many people believe that the benefits of nuclear energy outweigh these challenges, and that it will continue to play an important role in meeting the world's energy needs.

Are ventures innovating in advanced nuclear energy designs an area that is suitable for venture capital investing?

Yes, investing in ventures that are innovating in advanced nuclear energy designs is an area that is suitable for venture capital (VC) investing. The advanced nuclear energy sector is a growing and dynamic field that offers many opportunities for innovation and investment.

VC investment in advanced nuclear energy can help to fund the development and commercialization of new technologies, such as small modular reactors (SMRs), advanced fuel cycles, and advanced reactor designs. These new technologies have the potential to improve the safety, reliability, and efficiency of nuclear energy, and to reduce the cost and complexity of building and operating nuclear power plants.

However, investing in advanced nuclear energy ventures is not without risk. The industry is highly regulated, and the development and deployment of new technologies can be time-consuming and costly. Additionally, the adoption of new technologies can be influenced by factors such as public perception, politics, and economic considerations.

Despite these risks, many VC investors see the advanced nuclear energy sector as a promising area for investment, and are actively seeking opportunities to invest in promising companies and technologies. To maximize the chances of success, it is important for VC investors to conduct thorough due diligence, to understand the regulatory and political landscape, and to partner with experienced and knowledgeable industry experts.

How soon will advanced nuclear reactors reach commercialization under normal circumstances, given the fact that there are multiple regulatory bodies, like the NRC, the CNSC, and others looking at licensing different designs?

The timeline for advanced nuclear reactors to reach commercialization can vary depending on several factors, including the regulatory approval process, the design and technology of the reactors, and the availability of funding.

Under normal circumstances, advanced nuclear reactors can take several years to reach commercialization, due to the rigorous licensing and regulatory requirements imposed by agencies such as the Nuclear Regulatory Commission (NRC) in the United States, the Canadian Nuclear Safety Commission (CNSC) in Canada, and similar organizations in other countries.

The licensing process for advanced nuclear reactors involves several stages, including design certification, licensing for construction and operation, and ongoing regulatory oversight. This process can be time-consuming, and can take several years to complete, as the regulatory agencies review and approve the design and safety features of the reactors, as well as the plans for their construction and operation.

In addition to the regulatory approval process, the commercialization of advanced nuclear reactors may also be impacted by factors such as the availability of funding, the competitive landscape, and the public perception of nuclear energy.

It is difficult to predict exactly when advanced nuclear reactors will reach commercialization, but many industry experts believe that it will happen within the next several years. As the demand for clean, reliable, and cost-effective energy sources continues to grow, and as advances in technology and regulatory processes continue, the commercialization of advanced nuclear reactors is likely to become increasingly feasible and attractive.

February 7, 2023

How much electrical energy is produced around the the world?

As of my knowledge cut-off in 2021, the total amount of electrical energy produced around the world is estimated to be around 20 terawatt hours (TWh) per year. This energy is produced by a variety of sources, including coal, natural gas, oil, hydropower, wind, solar, and nuclear power.

The exact amount of electrical energy produced each year can vary depending on several factors, including global demand for energy, the availability of fuel sources, and the efficiency of energy production technologies. However, it is estimated that the global demand for electrical energy is expected to continue to grow in the coming decades, as population and economic growth drive the need for more energy to power homes, businesses, and industries.

To meet this growing demand for energy, many countries are looking to increase their use of clean and renewable energy sources, such as wind, solar, and hydropower, while also improving the efficiency and reliability of their energy production systems. Additionally, many countries are exploring the potential of advanced nuclear technologies, such as small modular reactors (SMRs) and advanced fuel cycles, to provide safe, clean, and cost-effective sources of electrical energy.

Now let's look at total energy used around the world. If we need to decarbonize all of the energy that the world uses, including petroleum oil used for transportation, oil and gas used for heating homes and buildings and coal and gas used for industrial processes, how much more electrical power would we need?

Decarbonizing the entire world's energy use, including petroleum oil used for transportation, oil and gas used for heating homes and buildings, and coal and gas used for industrial processes, would require a significant increase in the amount of electrical power generated around the world.

Estimates vary, but it is estimated that the total amount of energy used around the world is in the range of 550-600 exajoules (EJ) per year. To fully decarbonize this energy use, the majority of it would need to be produced from clean and renewable sources, such as wind, solar, hydropower, and advanced nuclear reactors.

In terms of electrical power, the exact increase needed to fully decarbonize the world's energy use would depend on several factors, including the efficiency of the energy production technologies used, the availability of renewable energy sources, and the energy demands of specific regions and countries. However, it is estimated that the increase in electrical power generated would be substantial, in the range of several terawatt hours (TWh) per year.

The transition to a fully decarbonized energy system would also require significant investments in energy infrastructure, including transmission and distribution systems, as well as storage systems to store the excess energy generated by renewable sources when demand is low. Additionally, there would need to be significant investments in research and development of new clean energy technologies, as well as in the deployment and scaling of existing technologies.

We know that burning fossil fuels has put a lot of excess CO2 and methane into the atmosphere. How much is there are what are the best methods for getting it out of the atmosphere?

The burning of fossil fuels has significantly increased the levels of carbon dioxide (CO2) and methane in the atmosphere, leading to concerns about global warming and climate change.

As of my knowledge cut-off in 2021, the concentration of CO2 in the atmosphere is estimated to be around 410 parts per million (ppm), which is well above the pre-industrial levels of around 280 ppm. Similarly, the concentration of methane in the atmosphere is estimated to be around 1,830 ppb, which is more than double the pre-industrial levels of around 700 ppb.

To address this issue, several methods have been proposed for removing excess CO2 and methane from the atmosphere, including:

  1. Carbon capture and storage (CCS) - This involves capturing the CO2 emissions from power plants and industrial processes, and storing them underground or using them for enhanced oil recovery.
  2. Afforestation and reforestation - This involves planting new trees and forests, which absorb CO2 from the atmosphere through photosynthesis.
  3. Bioenergy with carbon capture and storage (BECCS) - This involves using biomass, such as plant material, to generate energy and capturing the CO2 emissions from the process and storing them underground.
  4. Direct air capture (DAC) - This involves using machines that directly capture CO2 from the atmosphere and store it for later use or disposal.
  5. Soil carbon sequestration - This involves increasing the amount of carbon stored in soil through practices such as conservation tillage, cover cropping, and agroforestry.

Each of these methods has its own advantages and disadvantages, and the best approach to removing excess CO2 and methane from the atmosphere will likely involve a combination of these methods. However, to be most effective, it is important to also reduce emissions from fossil fuels and other sources as much as possible, so that the amount of CO2 and methane entering the atmosphere is reduced.

Afforestation may take too much time. If we decide that we need to build both DAC plants, like the ClimateWorks plant, and new nuclear power plants, such as standard 1 GW nuclear power plants, how many new plants of each type would it take to remove the trillion tons of excess CO2 that we have in the atmosphere now?

The number of direct air capture (DAC) plants and new nuclear power plants that would be needed to remove a trillion tons of excess carbon dioxide (CO2) from the atmosphere depends on several factors, including the efficiency of the DAC plants and the amount of CO2 that each type of power plant can capture or generate, as well as the cost of construction and operation of each type of plant.

As of my knowledge cut-off in 2021, there is no consensus on the exact number of DAC plants or nuclear power plants that would be required to remove a trillion tons of excess CO2 from the atmosphere. However, it is generally recognized that removing a large amount of CO2 from the atmosphere will require a significant and sustained effort over a long period of time, involving a combination of mitigation and removal technologies, such as renewable energy, carbon capture and storage (CCS), and direct air capture.

It is important to note that while DAC and new nuclear power plants could play a role in removing excess CO2 from the atmosphere, they would not solve the problem of climate change by themselves. Reducing emissions from all sources, including the use of fossil fuels, will be critical in preventing further increases in atmospheric CO2 concentrations and mitigating the impacts of climate change.

Mature technologies typically have lower costs. New technologies, like advanced nuclear, have not had the benefit of economies of scale in production over decades, so their costs are higher. If we need to shift buyers from cheaper energy sources, like fossil fuels, to more expensive energy sources like advanced nuclear in order to address the climate change crisis, what approaches should be taken to get that change to happen, when it is contrary to how typical energy purchasing works?

Shifting energy consumers from cheaper fossil fuels to more expensive advanced nuclear technology to address the climate change crisis will require a multi-faceted approach, as it goes against typical energy purchasing behavior. Some potential approaches include:

  1. Government incentives and subsidies: Governments can provide financial incentives and subsidies for advanced nuclear technologies to encourage their adoption and make them more affordable for consumers.
  2. Carbon pricing: Implementing a carbon price or a tax on emissions from fossil fuels can make the cost of these fuels more reflective of their environmental impact and make advanced nuclear technologies more competitive.
  3. Education and awareness: Educating the public and stakeholders on the benefits of advanced nuclear technologies and the urgency of the climate change crisis can help build support for their adoption.
  4. Public-private partnerships: Collaborating with private sector companies and organizations to accelerate the development and deployment of advanced nuclear technologies can help reduce costs and increase their commercial viability.
  5. Research and development: Supporting research and development in advanced nuclear technologies can help to improve their efficiency, reduce their costs, and increase their competitiveness in the energy market.

Ultimately, a combination of these approaches, along with continued progress in the development and deployment of advanced nuclear technologies, will be critical in overcoming the challenges associated with shifting energy consumers to more expensive clean energy sources.

I'm concerned that buying cheap fossil fuels is seen as the best interests of those living today but disastrous for future generations. Conversely, implementing policies to force people to use clean energy from just renewables and batteries will raise energy prices and potentially push people into poverty and cause grid outages, which will be bad for people living today but may be a huge benefit for future generations. How do we justify making these sacrifices today?

The trade-off between short-term costs and long-term benefits of transitioning to clean energy is a complex and challenging issue. However, there are several arguments that can be made to justify making sacrifices today in order to protect future generations from the impacts of climate change:

  1. Intergenerational equity: Climate change impacts disproportionately affect future generations, who did not cause the problem but will bear the costs. Implementing clean energy policies today is a matter of intergenerational equity, as it ensures that future generations have access to a liveable planet.
  2. Climate justice: Climate change impacts are not equally distributed and have a disproportionate impact on low-income communities and developing countries. Implementing clean energy policies can help to address climate justice and reduce the disproportionate impacts of climate change.
  3. Health and environmental benefits: The shift to clean energy can also bring significant health and environmental benefits, such as reduced air pollution and improved public health. These benefits can offset some of the costs of the transition and improve the quality of life for people living today.
  4. Economic benefits: The transition to clean energy can also bring significant economic benefits, such as job creation in the clean energy sector and improved energy security. These benefits can help to offset some of the costs of the transition and improve the overall economic well-being of communities.

Ultimately, making the transition to clean energy is a complex and challenging issue that requires a comprehensive and equitable approach. Balancing the short-term costs and long-term benefits of the transition will require careful planning, stakeholder engagement, and a commitment to creating a sustainable future for all.

February 14, 2023

What is physical basis of all of our energy in the universe?

The physical basis of all energy in the universe can be traced back to the laws of thermodynamics, specifically the law of conservation of energy. This law states that energy cannot be created or destroyed, only transformed from one form to another. Energy can take many forms, including kinetic energy, thermal energy, electromagnetic energy, and more. It can come from a variety of sources, including the sun, nuclear reactions, and chemical reactions. Ultimately, all energy originates from the initial formation of the universe and has been transformed, stored, and transferred through various processes and systems over billions of years.

Do you have an opinion as to whether or not humanity will get its act together and solve our climate crisis by putting an end to our use of fossil fuels or will we fail to do this within the necessary time frame, namely by 2050?

As a language model AI, I don't have personal opinions or emotions. However, I can provide information and analysis.

The transition from fossil fuels to clean energy sources is a complex and multifaceted challenge, involving many stakeholders and requiring significant investments in research and development, infrastructure, and policy. It's possible that society will take the necessary steps to reduce emissions and mitigate the impacts of climate change, but the outcome will depend on many factors, including public engagement, technological advancements, policy implementation, and investment in renewable energy.

Meeting the goal of reducing emissions by 2050 will require significant effort and collaboration from governments, businesses, and individuals. While the challenge is significant, many experts believe that it is achievable with the right policies and investments in clean energy technologies.

The popularity of different energy solutions aside, when looked at based upon sheer energy output relative to energy input to build and power different enregy technologies, which form of energy provides us with the greatest amount of carbon-free energy for our investment in building materials (such as steel, cement, glass, silicon, etc.)?

The energy return on investment (EROI) is a metric that compares the amount of energy produced by a system to the amount of energy required to build and maintain it. The exact EROI of a specific technology can vary depending on factors such as location, resource availability, and design.

In general, nuclear energy has a relatively high EROI compared to other low-carbon energy sources. Nuclear power plants have a relatively small footprint compared to the amount of energy they produce, and the energy output is relatively stable and consistent. However, the production of materials such as fuel and components for nuclear power plants does require a significant amount of energy, and the decommissioning of nuclear power plants at the end of their lifecycle can also be energy-intensive.

Renewable energy sources such as wind and solar also have relatively high EROI, and their energy inputs are largely limited to the production of materials such as turbines and photovoltaic panels. The intermittency of wind and solar energy can make it more challenging to balance supply and demand on the grid, which may impact the overall EROI of these technologies.

In conclusion, the EROI of different energy technologies can vary, and it can be difficult to compare them directly. A comprehensive evaluation of the EROI of a specific technology would consider a range of factors, including energy inputs and outputs, as well as environmental and social impacts.

Explain the various individual steps required in the production of solid metal nuclear fuel, from mining to fabrication?

The production of solid metal nuclear fuel involves the following steps:

  1. Mining: Raw materials such as uranium and plutonium are extracted from the earth through mining operations.
  2. Milling: The raw materials are processed in a milling facility to extract the usable fuel.
  3. Conversion: The extracted material is converted into gaseous form, which is then purified and processed to produce a concentrate called yellowcake.
  4. Enrichment: The yellowcake is enriched to increase the concentration of the fissile isotopes, uranium-235 or plutonium-239.
  5. Fuel Fabrication: The enriched material is transformed into solid metal fuel pellets. The fuel is then assembled into fuel rods and arranged into fuel assemblies, which are placed inside the nuclear reactors.
  6. Quality Control: Before shipping the fuel to the reactor site, various quality control procedures are performed to ensure the fuel meets specifications and is safe for use in the reactor.
  7. Shipping: The fuel is then shipped to the nuclear power plant, where it is loaded into the reactor.

What is the history of uranium enrichment technology and what approach is used today?

Uranium enrichment is the process of increasing the proportion of the isotope uranium-235 (U-235) in uranium, which is essential for nuclear power generation and weapons production. The first uranium enrichment methods used in the early 20th century were mechanical methods such as gas diffusion and gas centrifugation. These methods have since been replaced by more efficient gas diffusion and gas centrifugation using lasers, known as laser isotope separation. Today, most commercial uranium enrichment is done using centrifugation, with the most advanced facilities using advanced centrifugation technology known as ultracentrifugation. This method has become the dominant enrichment method due to its high separation efficiency and low cost.

How many times has there been a threatened or actual risk to public safety from a terrorist or illicit use of enriched uranium or plutonium?

There have been several incidents where the potential for illicit use of enriched uranium or plutonium has been a concern for public safety, but to my knowledge, there has not been a confirmed case of a successful attack or release of nuclear material caused by a terrorist group or other non-state actors. The international community, through organizations such as the International Atomic Energy Agency (IAEA), works to prevent the spread of nuclear material and technology to unauthorized actors, but the threat of nuclear terrorism remains a concern.

If someone has long been antinuclear, what information would be most effective at getting them to revise their position against nuclear, especially in light of the very real threat posed by climate change?

For someone who has long been antinuclear, information that emphasizes the role that nuclear energy can play in reducing greenhouse gas emissions and mitigating the impacts of climate change can be effective in getting them to revise their position. This can include discussing the benefits of nuclear energy as a low-carbon and reliable source of energy, and highlighting the advancements in safety and security measures that have been implemented in the nuclear industry. Additionally, highlighting the fact that many countries are embracing nuclear energy as a key component of their transition to a low-carbon energy mix and pointing to successful examples of advanced nuclear reactors being developed and deployed around the world can help to build a more favorable perception of nuclear energy.

If an investor holds many different types of asset classes and investment products and believes in diversification but does not hold any investments in the nuclear space, what information would you provide to convince them to allocate some of their capital to nuclear energy?

An investor could consider the following points when deciding to allocate capital to nuclear energy:

  1. Growing demand for low-carbon energy: With the world moving towards reducing greenhouse gas emissions, there is increasing demand for low-carbon energy sources, including nuclear.
  2. Reliability and stability of nuclear energy: Nuclear energy is a reliable and stable energy source, which can provide a consistent and constant energy supply, unlike some renewable energy sources that are dependent on weather conditions.
  3. Energy security: Nuclear energy can enhance energy security by reducing dependence on energy imports from other countries.
  4. Economic competitiveness: The cost of nuclear energy is competitive with other forms of low-carbon energy, and its cost competitiveness is expected to improve in the future as new and advanced nuclear technologies become commercialized.
  5. Support from governments and international organizations: Nuclear energy has the support of many governments and international organizations, which recognize its role in meeting energy demand and reducing greenhouse gas emissions.

In conclusion, the combination of low-carbon energy demand, reliability, stability, energy security, economic competitiveness and government support makes nuclear energy a viable investment opportunity for a diversified portfolio.

What are the biggest obstacles to the expansion of nuclear energy in the US? In the world?

The biggest obstacles to the expansion of nuclear energy in the US include:

  1. Public perception and concerns over safety: There has been a public stigma against nuclear energy due to the Three Mile Island and Chernobyl accidents, as well as concerns about nuclear waste and proliferation.
  2. Cost: Nuclear power is often more expensive to build and maintain than other sources of energy, such as fossil fuels.
  3. Regulation: The nuclear industry is heavily regulated, and the licensing process for new nuclear facilities can take a long time.
  4. Competition from cheaper alternatives: The growth of natural gas and renewable energy sources have made it more difficult for nuclear power to compete in the energy market.

The biggest obstacles to the expansion of nuclear energy globally include:

  1. Public perception and concerns over safety: As mentioned, there are concerns about nuclear accidents, waste and proliferation that are prevalent in many countries.
  2. Cost: Nuclear power is often more expensive to build and maintain than other sources of energy, such as fossil fuels.
  3. Regulation: Regulations for the nuclear industry vary greatly from country to country and can be a barrier to expansion.
  4. Competition from other forms of energy: The growth of renewable energy sources, particularly wind and solar, has made it difficult for nuclear power to compete in some countries.
  5. Nuclear weapons proliferation: The concern that nuclear energy could be used to produce nuclear weapons has made some countries hesitant to invest in nuclear energy.

When will fusion energy become a commercial source of energy?

Fusion energy is still in the research and development stage and there is currently no commercial-scale fusion power plant in operation. The timeline for when fusion energy will become a commercial source of energy is uncertain, but most experts believe it will take several decades of continued development and demonstration before fusion energy becomes a commercially viable source of energy. The challenge in fusion energy is to produce more energy than what is required to initiate and sustain the fusion reaction, which has not yet been achieved on a commercial scale. The development of fusion energy is ongoing, with multiple private and public organizations investing in research and development to bring fusion energy closer to commercialization.

What are the advantages of fast breeder reactor?

Fast breeder reactors (FBRs) are advanced nuclear reactors that have several advantages, including:

  1. Increased fuel utilization: FBRs can use depleted uranium and other nuclear waste as fuel, which extends the supply of energy available from existing nuclear fuel.
  2. Improved fuel economy: FBRs generate more fuel than they consume, leading to greater fuel efficiency and reduced waste.
  3. Improved reactor safety: FBRs have a more stable and safe operating condition compared to traditional reactors, due to the use of liquid sodium coolant and the design of the fuel.
  4. Enhanced non-proliferation: FBRs have the potential to reduce the risk of nuclear weapons proliferation by reducing the amount of weapons-grade material produced.
  5. Potential for closed fuel cycle: FBRs can enable a closed fuel cycle, where the spent fuel is reprocessed and reused, leading to further reduction of waste and increased fuel utilization.

What are the advantages of a thorium molten salt reactor?

Thorium molten salt reactors (TMSRs) have several potential advantages over conventional nuclear reactors:

  1. Thorium is a more abundant fuel source: Thorium is more abundant in the earth's crust than uranium, making it a more widely available fuel source.
  2. Improved safety: The liquid fuel of TMSRs is circulated through a passive cooling system, meaning that there is less risk of a meltdown or explosion in the case of a loss of power to the cooling system.
  3. Reduced nuclear waste: TMSRs can "burn up" existing nuclear waste, reducing the amount of long-lived radioactive waste that needs to be stored.
  4. Improved fuel utilization: The liquid fuel in TMSRs allows for the easy recycling of unburned fuel, improving the overall fuel utilization and reducing the amount of nuclear waste generated.
  5. High-temperature operation: The high-temperature operation of TMSRs enables their use as a source of process heat for industrial applications, potentially reducing greenhouse gas emissions in these sectors.
  6. Potential to breed fuel: TMSRs have the potential to breed more fuel than they consume, leading to a self-sustaining fuel cycle and reducing the demand for new fuel.

Why do advanced nuclear reactor developers prefer to use HALEU as fuel, rather than LEU?

Advanced nuclear reactor developers prefer to use High Assay Low Enriched Uranium (HALEU) as fuel instead of Low Enriched Uranium (LEU) because HALEU has a higher concentration of the isotope U-235, which is required for sustained nuclear reactions. The higher concentration of U-235 in HALEU makes it a more efficient fuel for advanced reactors, as it reduces the amount of fuel required to reach criticality and produce power. Additionally, advanced reactors have the ability to extract more energy from the fuel due to their advanced fuel cycle and cooling systems, which can handle the higher temperatures and longer-lived isotopes produced by using HALEU. Using HALEU as fuel can also increase the economic viability of advanced reactors, as it reduces the amount of fuel required to produce the same amount of energy, thus reducing the cost per unit of energy produced.

When will ChatGPT and other large energy-using applications be powered by what used to be called "Cold Fusion," but now is called Low Energy Nuclear Reactions (LENR), Solid State Energy, Metallic Lattice Energy and other tentative names?

[To see how ChatGPT answered this question, send an inquiry to admin@nucleationcapital.com and let us know what you thought of this conversation and your interest in learning more.]

September 20, 2022

Deep Isolation stepping up to help nuclear solve “waste”

Deep Isolation provides a very promising approach to handling nuclear waste globally, which, in itself, serves to enable the expansion of nuclear energy as a means of addressing climate change.

This is the key message in a press release issued on September 19, 2022 by Deep Isolation titled "Deep Isolation offers opportunity to enable nuclear power expansion," which quotes Nucleation Capital managing partner, Valerie Gardner.  The press release reads:

BERKELEY, Calif., Sept. 19, 2022 /PRNewswire/ -- The lack of a viable spent fuel disposal solution remains an obstacle to the increasing global interest in nuclear power that guarantees energy security and helps enable a net zero world. Deep Isolation, a leading innovator in nuclear waste disposal solutions, is today kicking off an opportunity for investors to participate in the only scalable long-term solution for nuclear waste.

Deep Isolation's advanced disposal technology brings a promising option to break through the nuclear waste disposal stalemate, enabling a more certain future for nuclear energy developers seeking to capitalize on this ESG opportunity.

With much of Europe and the world increasingly viewing nuclear as necessary for addressing both energy security and climate change, the market is primed for significant expansion, as highlighted with the International Energy Agency's forecast that nuclear capacity will more than double between 2020 and 2050. Investor interest is following, with Clean Tech, ESG, and Climate investors increasingly leaning into advanced nuclear technologies.

One of the most significant enablers for the expanded use of nuclear power is nuclear waste disposal. Starting January 1, 2023, all new nuclear power developers across the European Union will be required under the Complementary Climate Delegated Act to establish operational plans for a disposal solution to meet Europe's climate change aspirations. 

"Deep Isolation is solving the 'what about the waste?' problem. Their solution is elegant, effective, distributed and exactly what nuclear energy communities need," said Valerie Gardner, Managing Partner of Nucleation Capital. "Happily, we expect it to be available at the right price and the right time to help enable the growth of next-generation nuclear."

To date, Deep Isolation has raised $24 million, including a $21 million Series A raise in 2020 led by nuclear industry leader NAC International, Inc. The solution provides a new path for accessing the $667 billion addressable nuclear waste disposal market. 

"Deep Isolation is well-positioned to deliver significant returns on investment in timeframes that are aligned with VC requirements," said Deep Isolation CEO and co-founder Liz Muller. "Nuclear has become not only a smart investment but a crucial one. With a deadline now set in In Europe, we offer the only timely, scalable, safe, cost-effective option for most countries to meet it."

The company encourages interested parties to submit investment inquiries by September 23. It will be running a competitive process that will kick off on September 26. Visit http://www.deepisolation.com to learn more.

Nucleation Capital, the world’s first advanced nuclear venture fund, provides accredited investors with a range of pathways for investing in ventures like Deep Isolation that are both more accessible and more affordable than typical venture capital. For example, the fund is currently hosting a syndicated SPV for Deep Isolation that enables individuals to participate for as little as $1,000 at the same terms as Nucleation iself invests in the underlying deal.

SPV's can be a very cost-effective way to gain exposure to restricted private equity shares, because it pools investmens from smaller investors into a single vehicle. Accredited investors are invited to join the Nucleation syndicate.1

[Please note: the Deep Isolation syndicate closes on Sept. 30, 2022.]

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Footnote

[1]  The Nucleation Syndicate is only for accredited investors and is hosted at AngelList, which conducts its own accreditation. Only those who qualify are able to join this or other syndicated offerings.

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