Nucor, Helion to develop 500 MW nuclear fusion power plant (NYSE:NUE) - Seeking Alpha
Nucor, Helion to develop 500 MW nuclear fusion power plant (NYSE:NUE) | Seeking Alpha
Nucor, Helion to develop 500 MW nuclear fusion power plant
Nucor Corporation (NUE) By:
Carl Surran, SA News Editor
22 Comments lyash01/iStock via Getty Images
Nucor (NYSE: NUE) said Wednesday it will partner with Helion Energy to develop a 500 MW fusion power plant that would be placed at one of Nucor's U.S. steel mills by 2030.
The project would offer baseload zero-carbon electricity from fusion directly to a Nucor ( NUE) steelmaking facility.
Nucor ( NUE) said it will make a $35M direct investment in Helion to accelerate fusion deployment in the U.S., in "the first fusion energy agreement of this scale in the world [that] will pave the way for decarbonizing the entire industrial sector."
Helion already has built six working fusion prototypes and is building its seventh prototype, Polaris, which is expected to be the first to demonstrate electricity generated from fusion.
"We believe in the technology Helion is building and are proud to make this investment," Nucor ( NUE) Chairman, President and CEO Leon Topalian said.
Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.