Kairos Power Secures $643 Million for Hermes 2 Reactor and Manufacturing Expansion

Kairos Power LLC has obtained $643 million in financing for the construction of its Hermes 2 demonstration reactor in Tennessee and for the expansion of manufacturing capabilities at a plant site in New Mexico. The funding comprises $368 million from investors, including Google Ventures and DCVC, and $275 million from the U.S. Department of Energy. An additional $100 million, with $70 million in cash, was secured from Samsung C&T Corp. through a recently announced partnership. This funding will support Samsung's role as the Engineering, Procurement, and Construction (EPC) contractor for Kairos reactors.

Kairos Power will manage the reactor technology, engineering, manufacturing, procurement, and construction for the nuclear island. Samsung C&T will support selected engineering and construction activities, focusing on power-generation systems and the balance of plant. Samsung C&T's contribution includes direct investment and in-kind engineering services, subject to regulatory approvals, to facilitate the delivery of the Hermes 2 Demonstration Plant in Oak Ridge, Tennessee. This collaboration aims to enhance technical and execution readiness, building on a trilateral memorandum of understanding signed by Samsung C&T, Kairos Power, and Barnard Construction on August 18, 2026.

Hermes 2 Reactor Development

Kairos Power received construction permits for the Hermes 2 plant from the U.S. Nuclear Regulatory Commission in December 2024 and began groundwork in Oak Ridge, Tennessee, in April 2026. Once licensed and operational, the 50 MWe grid-connected reactor will demonstrate KP-FHR technology. This demonstration aims to reduce technical, licensing, manufacturing, and construction uncertainties for future commercial plants. The U.S. Department of Energy supports this development through an Advanced Reactor Demonstration Program risk reduction award.

The Hermes 2 plant is Kairos Power's initial deployment under an agreement with Google to develop an advanced reactor fleet. It is designed to supply up to 50 megawatts of electricity to the Tennessee Valley Authority (TVA) grid, contributing to the decarbonization of Google data centers in Tennessee and Alabama. Hermes 2 will incorporate lessons learned from the Hermes Low-Power Demonstration Reactor (Hermes 1), which began nuclear construction at the same site last year. The Hermes series will be the first fluoride salt-cooled high-temperature reactors (KP-FHRs), utilizing TRISO coated particle fuel and Flibe molten fluoride salt coolant.

KP-FHR Technology

Kairos Power's commercial offering is a modular, scalable, and affordable energy solution designed for multi-unit deployment. The high-temperature reactor combines TRISO particle fuel with molten fluoride salt coolant, supporting efficient electricity production and inherent safety. The company has progressed toward commercializing KP-FHR technology, leveraging engineering, manufacturing, operational, and regulatory experience.

  • Technology Class: Solid-fueled/Molten salt cooled
  • Reactor Type: Graphite-moderated, fluoride salt-cooled, high temperature reactor
  • Power Output: KP-X Demonstration Plant (50 MWe), KP-FHR Commercial Fleet (each unit will be 75 MWe)

ABS and DOE Partner to Advance Commercial Nuclear Technology in Maritime Sector

Marine classification society ABS and the US Department of Energy's (DOE) Office of Nuclear Energy have entered into a memorandum of understanding (MOU) to advance the use of commercial nuclear technology at sea. This collaboration will focus on nuclear energy systems for floating platforms, nuclear-powered vessels, and the necessary port facilities, shipyards, and industrial infrastructure for their construction and support.

Key priorities under the MOU include evaluating the feasibility of floating nuclear energy concepts and establishing nuclear transportation corridors. The agreement also aims to bolster the US shipbuilding sector's capacity to construct and operate nuclear-powered assets. John McDonald, ABS Chairman and CEO, stated that the maritime industry must prepare for advanced nuclear technology as it transitions from concept to application. Assistant Secretary for Nuclear Energy Ted Garrish noted that advanced nuclear technology could transform the commercial maritime industry and create new markets for American innovation. He added that the partnership would explore how decades of experience can be leveraged to safely introduce next-generation nuclear technologies to the maritime sector.

Recent Initiatives in Maritime SMRs

This MOU follows several federal initiatives concerning commercial maritime small modular reactors (SMRs). In May, the US Maritime Administration (Marad) launched an initiative to develop small SMRs for commercial shipping. Subsequently, in June, the Port of Long Beach agreed to establish a site for trials of nuclear-powered vessels as part of this initiative. In August, Marad and the Port of Corpus Christi signed a separate agreement to investigate SMR integration, port microgrids, shoreside power, and workforce development.

The global shipping industry currently relies on fossil fuels for nearly 99% of its energy consumption. However, the International Maritime Organization has set a target for its greenhouse gas emissions to reach net zero by approximately 2050.

DOE Funds Molten Chloride Reactor Experiment, ASP Isotopes Plans Uranium Enrichment Plant

Molten Chloride Reactor Experiment Receives Funding

The U.S. Department of Energy (DOE) has approved cost-shared funding for the final stage of the Molten Chloride Reactor Experiment (MCRE) through its Advanced Reactor Demonstration Program. This funding supports work by Southern Company, Idaho National Laboratory, and CORE POWER to advance molten salt reactor technology.

The MCRE aims to be the first fast-spectrum molten chloride salt reactor experiment to achieve criticality. It is expected to provide data on fuel behavior, reactor operation, and performance, which will inform future reactor design, licensing, and commercial deployment. The project seeks to reduce technical risks and expand understanding of fast-spectrum molten salt systems, potentially accelerating innovation for various reactor developers.

Fast-spectrum molten salt reactors could extend beyond electricity generation to power industrial processes, produce medical isotopes, enable maritime propulsion, and extract value from used nuclear fuel. Future designs could utilize actinides from spent nuclear fuels to generate more energy and reduce nuclear waste volume and longevity. Some configurations may also support fuel breeding and medical isotope production. The MCRE itself will not use spent fuel, demonstrate a closed fuel cycle, or test a marine reactor.

ASP Isotopes and Necsa Plan Uranium Enrichment Facility

South Africa’s Necsa and a subsidiary of ASP Isotopes have signed a binding framework for a nuclear fuel venture. The venture, Quantum Leap Energy, would be approximately 80% owned by Quantum Leap Energy and 20% by Necsa. The proposed Pelindaba facility in South Africa would produce enriched uranium for advanced reactors, with TerraPower identified as a future buyer.

Supply agreements between TerraPower and ASP Isotopes are in place for the fuel the venture expects to produce. Quantum Leap Energy would manage operations and capital, while Necsa would provide site access, nuclear safeguards, and regulatory support. The project's cost, production capacity, and commissioning date have not been disclosed. ASP Isotopes noted that its enrichment technologies have not yet been applied to uranium-235, and the project requires further testing, financing, and regulatory approvals.