B&W Announces Restructuring of Small Modular Reactor Program - WSET.com - ABC13

B&W Announces Restructuring of Small Modular Reactor Program

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Charlotte, NC - The Babcock & Wilcox Company is announcing plans to restructure its mPower Small Modular Reactor program to focus on technology development.

B&W continues to believe in the strength of the mPower technology, but without the ability to secure significant additional investors or customer Engineering, Procurement and Construction contracts to provide the financial support necessary to develop and deploy mPower reactors, the current development pace will be slowed. 

"The B&W mPower reactor can play a significant role in meeting our country's climate change goals, energy needs, and support U.S. job and manufacturing growth," said E. James Ferland, President and CEO of B&W. "We look forward to working with our stakeholders and partners in the continued development of this important technology."

B&W notified the U.S. Department of Energy (DOE) on April 9 of its plans for reduced spending, indicating it would work with the DOE and other stakeholders during the next one to two months to confirm the best path forward to develop a mutually agreeable plan including program milestones for continuing the cost-shared industry partnership program. B&W expects to invest up to $15 million annually, beginning the third quarter of 2014.

"While we have made notable progress in developing a world-class technology, there is still significant work involved in bringing this climate-friendly technology to reality," Ferland said.  "The support provided by DOE, Congress, the Tennessee Valley Authority and our other partners has been critical and valuable. We look forward to working with our stakeholders to find the most efficient way to move this technology toward licensing and deployment in the mid-2020 timeframe."

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