Wednesday, 17 April 2013

B&W, DOE Sign Cooperative Agreement for Small Modular Reactor Funding

US moves forward with SMRs: B&W, DOE Sign Cooperative Agreement for Small Modular Reactor Funding: The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that its subsidiary, Babcock & Wilcox mPower, Inc. (B&W mPower), and the U.S. Department of Energy (DOE) have signed a Cooperative Agreement for funding made available through DOE’s Small Modular Reactor (SMR) Licensing Technical Support Program for the development and licensing of B&W’s mPower™ technology.
The $79 million allocated for the first year of the program will be immediately available to the B&W mPower program. While the DOE has projected that approximately $150 million will be made available during the five-year period of the DOE award, subject to incremental appropriations from Congress and B&W mPower’s compliance with the terms of the Cooperative Agreement, the Cooperative Agreement allows for $226 million or more in federal funding. B&W mPower intends to use any additional funding made available on a cost-shared basis for licensing and engineering activities that qualify under this award.
“The Department is pleased to complete this important step in our SMR Licensing Technical Support Program,” said Dr. Peter Lyons, U.S. Department of Energy Assistant Secretary for Nuclear Energy. “Our work with B&W mPower will help advance the commercialization of safe and efficient SMRs in the United States. U.S.-built SMRs have the potential to cost-effectively support our nation’s energy and climate goals while boosting U.S. manufacturing capabilities and job growth.”"

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