Board OKs tax incentive for test reactor project
Oakridger
The Oak Ridge Industrial Development Board recently approved a tax incentive for a test reactor called Hermes at the East Tennessee Technology Park in the west end of the city.
City Manager Mark Watson laid out the recommended payment in lieu of taxes (PILT) agreement in a letter to the Industrial Development Board (IDB) before the board approved the proposal.
The city plans to offer a 10-year, 50% tax abatement for any land, buildings and personal property subject to property taxation that is part of the project.
Watson recommended the applicant, Kairos Power LLC, choose a period of 10 consecutive tax years for the agreement, commencing with the 2022 tax year but ending not later than the 2034 tax year, to receive this abatement.
NuScale Engages Guggenheim Securities to Explore Financing Options
05/07/2021 | 07:16am EDT
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NuScale Power, LLC ( NuScale ), today announced that it has retained Guggenheim Securities, LLC, a leading financial advisory and capital markets firm, to explore financing options to accelerate the commercialization of the Company’s groundbreaking small modular reactor (SMR) technology. NuScale is majority owned by Fluor Corporation (“Fluor”) (NYSE: FLR), a global engineering, procurement and construction (EPC) company. We are incredibly excited by the opportunities ahead for NuScale as the leader in the small modular reactor technology market. Following our final design certification by the NRC, we have the only approved design for a flexible, safe and zero carbon small modular nuclear energy reactor, with a clear path to commercial operation,” said John Hopkins, NuScale Chairman and Chief Executive Officer. “Given the level of intere
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Power Engineering By Clarion Energy Content Directors -5.4.2021 The Surry Units 1 and 2 nuclear power reactors will operate into the 2050s unless Dominion Energy pulls the plug for other reasons.
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Kairos Power, TVA to collaborate on low-power demonstration reactor
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An aerial view of the K-33 site at Heritage Center, the former K-25 site, in west Oak Ridge. (Photo courtesy TVA)
The Tennessee Valley Authority and Kairos Power plan to collaborate on setting up a low-power demonstration reactor at the East Tennessee Technology Park, the former K-25 site in west Oak Ridge.
As part of this agreement, TVA said in a press release Thursday that itwill provide engineering, operations, and licensing support to help Kairos Power deploy the reactor, named Hermes.
“Teamwork is the hallmark of the nuclear industry and, through this partnership with Kairos Power, we can share TVA’s safety and innovation insights to advance nuclear technology while gaining experience with licensing for advanced reactors,” said TVA President and Chief Executive Officer Jeff Lyash. “Nuclear power is the key to fueling our economy with reliable, affordable, and clean electricity, and it is
06 May 2021
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The Tennessee Valley Authority (TVA) is to provide engineering, operations and licensing support to help Kairos Power deploy its Hermes low-power demonstration reactor at the East Tennessee Technology Park (ETTP) in Oak Ridge, Tennessee under a newly announced collaboration agreement between the two companies.
The site at ETTP where Hermes would be built (Image: Kairos)
TVA President and CEO Jeff Lyash said the partnership with Kairos Power would enable the authority to share its safety and innovation insights to advance nuclear technology while gaining experience with licensing for advanced reactors. Nuclear power is the key to fuelling our economy with reliable, affordable, and clean electricity, and it is critical to our national security, he said.