Elementl Power Signs $750 Million Preliminary Development Partnership with South Korean Consortium
Elementl Power has signed a preliminary agreement to form a development partnership of up to $750 million with a consortium led by DS Investment Partners (DSIP), a Seoul-based investment firm focused on energy, technology, healthcare, and strategic infrastructure. The agreement takes the form of a letter of intent and term sheet and does not constitute a final investment decision by any party.
The South Korean consortium would fund a portion of the partnership's projected capital and hold a significant minority interest. The agreement also allows for participation from additional strategic and financial investors. Definitive documentation, regulatory approvals, and other customary closing conditions must be satisfied before the arrangement is finalised.
Scope and Use of Capital
The partnership is structured to provide a portion of the capital required for up to three of Elementl Power's advanced reactor projects to reach final investment decision. Eligible uses of funds include permitting, grid interconnection, and long-lead item procurement — activities that typically define the critical path for new nuclear builds.
Elementl Power Chairman and CEO Chris Colbert stated: "Once finalized, this partnership would expand our early-stage project capital, increase our access to South Korea's nuclear supply chain and engineering expertise and enhance our position as the financial and development partner best equipped to deliver new nuclear."
Ohio BWRX-300 Project
One of the three projects covered by the proposed partnership is a 1.5 GW development in Ohio that will deploy GE Vernova Hitachi Nuclear Energy's BWRX-300 small modular reactors. The project is sited on a 700-acre parcel along the Ohio River in Letart Township, southern Ohio, acquired from American Municipal Power.
Construction is targeted for 2030, with completion of the first unit projected for 2034, subject to approvals from the Nuclear Regulatory Commission and the Ohio Power Siting Board. No offtake customer or power purchase agreement has been publicly identified for the project at this stage.
Existing Backers and Related Agreements
Elementl Power's existing investor base includes Energy Impact Partners and accounts advised by T. Rowe Price Group. In May 2025, the company signed a separate agreement with Google under which Google committed early-stage development capital toward three projects, each with a minimum capacity of 600 MW and an option for commercial offtake upon completion.
DS Investment Partners is part of a Seoul-based financial group. Samsung C&T Engineering & Construction Group was noted as a potential future strategic participant in the consortium but is not an investor in the current round.