Elementl gets Korean backing for small modular reactor push - Bloomberg

Nuclear energy company Elementl Power is receiving backing from South Korean investors as it seeks to raise $750 million amid rising electricity demand for artificial intelligence applications.

A consortium led by DS Investment Partners pledged up to $200 million to develop up to three of Elementl’s nuclear projects, according to Bloomberg, citing people familiar with the matter. Samsung C&T Corp. is committing money and is in talks to provide engineering support in a fundraising push that will test private capital’s appetite for early-stage atomic power development.

The Washington firm is seeking money to back the earliest phases of utility-scale buildouts. In Meigs County, Ohio, a former Appalachian coal mining hub, Elementl is working to deploy small modular reactors from GE Vernova Hitachi Nuclear Energy that will supply up to 1.5 gigawatts.

Small modular reactors have never been implemented at commercial scale in the U.S. Record demand for electricity from data centers is prompting new entrants to enter the market, though they face hurdles getting operating licenses and capital for buildouts.

Elementl, founded in 2022 and backed by Energy Impact Partners and T. Rowe Price Group, will deploy its latest fundraising on work that needs to be done before customers sign contracts. The firm’s chief executive officer, Chris Colbert, said in an interview with Bloomberg that the hope is this will open the door for more traditional project financing in future.