Small modular nuclear reactor project receives final DOE funds

The U.S. Department of Energy (DOE) gave an additional $20.5 million in funding to The Babcock & Wilcox (B&W, NYSE: BWC)’s small modular nuclear reactor project in Tennessee.

With the latest allocation, the DOE has given $101 million to date for the project. The first installment of $79 million was allocated by the DOE upon the signing of a formal agreement with B&W mPower in April 2013.

B&W, the Tennessee Valley Authority and Generation mPower are working to build and test a 180 small modular reactor (SMR) at the Clinch River power plant in Tennessee. Generation mPower, comprised of Bechtel and B&W, will provide licensing and engineering support for the pilot project. It is expected to be completed in 2022.

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