Corvallis-based NuScale Power has to reapply for a large federal nuclear power grant it had been counting on.
Corvallis-based NuScale Power has to reapply for a large federal nuclear power grant it had been counting on.
NuScale has been seeking funds from a $452 million U.S. Department of Energy program, but the government awarded a portion of that to Babcock & Wilcox, a company that is developing their own modular nuclear reactor technology.
Modular reactors, about one-third the size of a conventional nuclear power plant, are designed to be less expensive — and potentially safer — than existing plants. The federal government is promoting their development in pursuit of alternative energy sources.
The federal decision represents at least a temporary setback for NuScale, which spent much of 2011 overcoming the collapse of its majority investor, a defunct Connecticut firm called the Michael Kenwood Group.
Read more at OregonLive.com.
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