The Department of Energy and Babcock & Wilcox mPower have hammered out the financial details of DOE's first round of funding to accelerate the development of small modular reactors.
DOE selected mPower in November as part of a cost-matching program aimed at licensing SMRs by 2022. In a release Monday, B&W announced it has reached a formal agreement on the funding, which will include $79 million for the first year. Future funding is subject to congressional approval. DOE estimated the award will total $150 million over a five-year period, although the agreement allows for as much as $226 million if the money is available.