• Tennessee Valley Authority Leads $800 Million Grant Application for SMR Program
• Duke Energy and American Electric Power Commit to Supporting BWRX-300 Standard Design and Licensing

WILMINGTON, NC (January 17, 2025) – GE Vernova’s nuclear division, GE Hitachi Nuclear Energy (GEH), announced its participation in a coalition aiming to accelerate the deployment of its BWRX-300 small modular reactor (SMR) technology in the U.S.

Headed by the Tennessee Valley Authority (TVA), the coalition has applied for $800 million in funding through the U.S. Department of Energy’s Generation III+ SMR program. This diverse group includes Bechtel, BWX Technologies (BWXT), Duke Energy, Electric Power Research Institute (EPRI), Indiana Michigan Power (an AEP subsidiary), Oak Ridge Associated Universities, Sargent & Lundy, Scot Forge, other utility partners, advanced nuclear developers, and the State of Tennessee.

Scott Strazik, CEO of GE Vernova, emphasized the importance of nuclear energy: “Nuclear power is vital for a cleaner and more secure energy future. Securing this grant would be a critical milestone, and we are eager to collaborate with TVA and our strong network of partners to bring SMRs to fruition across the U.S.”

The BWRX-300 has been selected by TVA for possible installation at the Clinch River site near Oak Ridge, Tennessee. If awarded DOE funding, construction of the first SMR unit could be expedited by two years, targeting commercial operation by 2033.

Jeff Lyash, TVA President and CEO, highlighted the technology’s significance: “Nuclear energy remains the most reliable and efficient power source globally. With a robust American-based supply chain, it will serve as a foundation for fueling the global economy.”

In addition, GEH disclosed that Duke Energy has agreed to invest in efforts to advance the standard design and licensing of the BWRX-300. American Electric Power (AEP) has also selected this SMR technology for potential deployment at its Indiana Michigan Power Rockport Plant in Spencer County, Indiana, pending approval of DOE funding.

Maví Zingoni, CEO of GE Vernova’s Power businesses, noted industry momentum: “Following significant progress at Ontario Power Generation’s (OPG) Darlington site, these announcements reflect growing confidence in the BWRX-300’s capabilities.”

Expanding Global Momentum for the BWRX-300

In March 2023, a collaboration between OPG, TVA, and Synthos Green Energy joined GEH’s technical partnership to co-fund the design of the BWRX-300. This initiative aims to ensure the design meets regulatory standards across multiple jurisdictions.

OPG’s partnership with GEH combines its strong history in nuclear energy with GEH’s expertise in boiling water reactor technology. Together, they aim to deploy the first BWRX-300 at the Darlington site near Toronto, Canada. Early site preparation is complete, and construction is scheduled to begin this year, with commercial operation planned by the end of 2029. The Darlington site will ultimately host four units.

About the BWRX-300 Design

As a 10th-generation nuclear reactor, the BWRX-300 is central to GE Vernova’s commitment to energy transition leadership. Designed to support decarbonization efforts, it integrates certified nuclear fuel, proven components, and streamlined plant designs to minimize construction and operational costs. This SMR leverages decades of boiling water reactor expertise, a standardized design, and a proven delivery model, ensuring scalability and regulatory compatibility across borders.

With its innovative approach, the BWRX-300 positions itself as a key technology for advancing clean, reliable energy globally.

About GE Vernova

GE Vernova (NYSE: GEV) is a global energy company designed to drive progress in the energy transition. It encompasses Power, Wind, and Electrification segments, supported by its accelerator businesses. With a legacy of over 130 years addressing global challenges, GE Vernova is uniquely positioned to advance electrification worldwide while striving to decarbonize energy systems. The company plays a vital role in powering economies and ensuring access to electricity, which is essential for health, safety, security, and an improved quality of life. Headquartered in Cambridge, Massachusetts, GE Vernova employs approximately 75,000 people across more than 100 countries. Guided by its mission, The Energy to Change the World, GE Vernova delivers innovative technologies to ensure an affordable, sustainable, and reliable energy future.

GE Vernova’s Nuclear energy division, in partnership with Hitachi, is a leading global provider of advanced nuclear reactor designs, nuclear fuel bundles, and related services. Its technologies include boiling water reactors (BWRs) and cutting-edge small modular reactors like the BWRX-300, recognized for its simplicity and innovation. The nuclear fuel operations, managed under the Global Nuclear Fuel (GNF) joint venture with Hitachi, Ltd., supply BWR fuel and engineering services. These operations are conducted primarily through Global Nuclear Fuel-Americas, LLC, in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd., in Kurihama, Japan.

The name GE Vernova reflects the company’s heritage and forward-looking mission. The “GE” symbolizes a legacy of quality and innovation, while “Ver” and “verde” evoke the planet’s vibrant ecosystems. “Nova,” derived from the Latin word “novus,” signifies a new era of groundbreaking, low-carbon energy solutions.

Forward-Looking Statements

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