Last Energy

Last updated
Last Energy
Company typePrivate
IndustryNuclear energy
Founded2019
FounderBret Kugelmass
HeadquartersWashington, D.C., U.S.
ProductsPWR-20
Website https://www.lastenergy.com/

Last Energy is an American commercial developer of micro-modular nuclear power plants, established in 2019 by Bret Kugelmass as the commercial spinoff of the Energy Impact Center, an American clean energy research institute. [1]

Contents

Last Energy builds a micro-scale 20 MWe power plant and provides full-service project development, including plant design, construction, financing, operations, and decommissioning. The company’s power plant, the PWR-20, consists of a few dozen rectangular modules that are factory-made and produces 20 MW of electricity through a pressurized water reactor. As a full-service developer, Last Energy oversees all phases of plant development and management. Last Energy’s goal is to reduce the time and costs of nuclear development in order to decarbonize energy production and dramatically increase access to clean, affordable power. [2] The company is based in Washington, D.C. and has European subsidiaries in Romania, Poland and the UK.

History

In 2017, Bret Kugelmass created the Energy Impact Center (EIC) and began conducting interviews with experts in nuclear energy and related fields for a podcast called Titans of Nuclear . [3] The podcast debuted in January 2018. [4] During this period, Kugelmass concluded the primary reason new nuclear development had stalled was due to construction delays and cost overruns posed by traditional nuclear projects. [5]

In 2019, the Center introduced the Nuclear Energy Grand Challenge, a prize competition that asked university students to develop business proposals for mitigating the cost, duration, and risks of power plant construction and maintenance. [6] [7] Later that year, Kugelmass founded Last Energy as a commercial twin to the Center. [8]

In February 2020, the EIC introduced OPEN100, an open-source platform that aims to ease the design and construction process of nuclear power plants by providing freely-available blueprints. [9] Its stated goal is to reduce the cost and duration of nuclear reactor construction and increase the nuclear power supply 100-fold by 2040 to aid in the decarbonization of the global economy. [10] Last Energy subsequently received $20 million in Series A funding led by Gigafund in 2020. [11]

In March 2022, Romanian Prime Minister Nicolae Ciucă announced Last Energy would conduct a demonstrator project in Romania with the Autonomous Directorate of Nuclear Energy Technologies (RATEN) in Mioveni. Ciucă also announced the possibility to scale the deployment of Last Energy’s reactor technology to contribute to Romania’s energy independence goal. This was announced in the wake of Russia invading Ukraine, which caused an energy crisis in Europe. [12] [13] In June, Last Energy signed an agreement with Enea Group, the fourth largest energy group in Poland. The agreement outlined the joint pursuit of the development of Last Energy’s 20 MWe microreactors in Poland, aiming to expand the country’s access to clean power and to achieve carbon neutrality in Poland by 2050. The agreement was signed at a public ceremony at Congress 590 in Warsaw with Polish Deputy Prime Minister Jacek Sasin, who also serves as Minister of State Assets. [14] [15] In July 2022, Last Energy announced an agreement with the Legnica Special Economic Zone (LSSE) in Legnica, in the Lower Silesian Voivodeship of southwest Poland. [16] The agreement stated that Last Energy will develop ten microreactors in the LSSE to power industrial entities in the region. [17]

Last Energy is also in talks with further potential commercial partners, regulators and governments in Europe, Latin America, and Asia. [15]

A demonstration model of Last Energy's reactor module displayed in Washington, D.C., in 2024. Nuclear Island Module displayed at Data Center World 2024 (DCW).jpg
A demonstration model of Last Energy's reactor module displayed in Washington, D.C., in 2024.

In March 2023, Last Energy completed four deals worth $18.9 billion for 34 reactors in Europe. [18] Kugelmass gave a speech at SXSW that month outlining how to reignite nuclear power by focusing on reducing the cost and timeline of construction. [19] In October 2023, Last Energy showcased a prototype of its nuclear reactor module in Poland. [20]

According to Bloomberg, by February 2024, Last Energy had "secured agreements for 51 units throughout Europe, totaling an estimated $32 billion in value". [21] In March 2024, Last Energy displayed a prototype of its nuclear reactor module outside CERAWeek in Houston, Texas. [22] In April 2024, the company held a similar demonstration event in downtown Washington, D.C. and invited executives from the data center industry. [23] In April 2024, Kugelmass confirmed during a BBC interview that data centers made up approximately half of Last Energy's commercial agreements, which were for over 55 reactors at that point. [24] In April 2024, Kugelmass was a featured speaker for SOSV's Earth Day + series. [25]

In June 2024, Last Energy announced a research partnership with the NATO Energy Security Centre of Excellence to identify applications for micro-nuclear technologies on NATO military bases, in addition to exploring opportunities to deploy microreactors. [26]

In August 2024, Last Energy announced that it had closed a $40 million Series B round earlier in the year, bringing total capital raised to $64 million since 2019. [27]

Design and construction

The company’s first product, the PWR-20, is a 20 MWe micro-modular nuclear power plant, [28] made up of modules that collectively fit inside of a standard shipping container. The purpose of modular design is to ensure that all pieces of the power plant can be constructed in a factory, transported via trucks, and then delivered as a kit onsite with a "plug-in ready" electrical system. [29]

A rendering of Last Energy's PWR-20 plant Last Energy PWR-20.png
A rendering of Last Energy's PWR-20 plant

Using the same principles as the oil and gas industry, Last Energy's approach is meant to reduce the costs and timeline delivering a nuclear plant. [30] The PWR-20 is sized to co-locate next to private sector industrial users such as manufacturers, steel mills, as well as data centers. [31] [32] [33] [34] Last Energy's co-location strategy allows customers to receive power directly and avoid grid restraints. [35] [36] The company purposefully relies on off-the-shelf supply chains, [37] and can deliver a plant within 24 months. [38] [39]

Once completed, the PWR-20 fits inside a football field. [40] Unique among nuclear developers, Last Energy does not seek any government financing to develop its plants. [40]

The PWR-20 employs a 20 MWe (80 MWth) single-loop pressurized water reactor (PWR) that has a 300C continuous output. The design uses standard full-length PWR fuel enriched to 4.95% and closed-cycle air cooling. [41]

Due to its reliance on air cooling systems, the PWR-20 does not need to be sited near a water source and is tailored to serve dispersed energy users. [42] Last Energy can deliver more than one unit to scale output to the customer's needs. [41]

Related Research Articles

<span class="mw-page-title-main">Angra Nuclear Power Plant</span> Nuclear power plant in Brazil

Angra Nuclear Power Plant is Brazil's only nuclear power plant. It is located at the Central Nuclear Almirante Álvaro Alberto (CNAAA) on the Itaorna Beach in Angra dos Reis, Rio de Janeiro. It consists of two pressurized water reactors (PWR), Angra I, with a net output of 609 MWe, first connected to the power grid in 1985 and Angra II, with a net output of 1,275 MWe, connected in 2000.

<span class="mw-page-title-main">BWX Technologies</span> American industrial company

BWX Technologies, Inc., headquartered in Lynchburg, Virginia, USA is a supplier of nuclear components and fuel to the U.S.

Generation IVreactors are nuclear reactor design technologies that are envisioned as successors of generation III reactors. The Generation IV International Forum (GIF) – an international organization that coordinates the development of generation IV reactors – specifically selected six reactor technologies as candidates for generation IV reactors. The designs target improved safety, sustainability, efficiency, and cost. The World Nuclear Association in 2015 suggested that some might enter commercial operation before 2030.

Nuclear power in the United Kingdom generated 16.1% of the country's electricity in 2020. As of August 2022, the UK has 9 operational nuclear reactors at five locations, producing 5.9 GWe. It also has nuclear reprocessing plants at Sellafield and the Tails Management Facility (TMF) operated by Urenco in Capenhurst.

The B&W mPower was a proposed small modular reactor designed by Babcock & Wilcox, and to be built by Generation mPower LLC, a joint venture of Babcock & Wilcox and Bechtel. It was a Generation III+ integral pressurized water reactor concept.

<span class="mw-page-title-main">NuScale Power</span> American nuclear technology company

NuScale Power Corporation is a publicly traded American company that designs and markets small modular reactors (SMRs). It is headquartered in Portland, Oregon. A 50 MWe version of the design was certified by the US Nuclear Regulatory Commission (NRC) in January 2023. The current scalable 77 MWe SMR VOYGR design was submitted for NRC review on January 1, 2023, and as of December 2023 was about a third complete.

<span class="mw-page-title-main">Small modular reactor</span> Small nuclear reactors that could be manufactured in a factory and transported on site

Small modular reactors (SMRs) are a class of small nuclear fission reactors, designed to be built in a factory, shipped to operational sites for installation and then used to power buildings or other commercial operations. The term SMR refers to the size, capacity and modular construction. Reactor type and the nuclear processes may vary. Of the many SMR designs, the pressurized water reactor (PWR) is the most common. However, recently proposed SMR designs include: generation IV, thermal-neutron reactors, fast-neutron reactors, molten salt, and gas-cooled reactor models. Commercial SMRs have been designed to deliver an electrical power output as low as 5 MWe (electric) and up to 300 MWe per module. SMRs may also be designed purely for desalinization or facility heating rather than electricity. These SMRs are measured in megawatts thermal MWt. Many SMR designs rely on a modular system, allowing customers to simply add modules to achieve a desired electrical output.

GE Hitachi Nuclear Energy (GEH) is a provider of advanced reactors and nuclear services. It is headquartered in Wilmington, North Carolina, United States. Established in June 2007, GEH is a nuclear alliance created by General Electric and Hitachi. In Japan, the alliance is Hitachi-GE Nuclear Energy. In November 2015, Jay Wileman was appointed CEO.

<span class="mw-page-title-main">Nuclear power in Poland</span>

Poland currently operates a single research reactor, Maria. It has no operational nuclear reactors for power production, but is to start construction of a plant with three Westinghouse AP1000 reactors in 2026 to be completed in 2033-2036, and is also intending to build small modular reactors.

The RITM-200 is an integrated Generation III+ pressurized water reactor developed by OKBM Afrikantov and designed to produce 55 MWe. The design is an improvement of KLT-40 reactor. It uses up to 20% enriched uranium-235 and can be refueled every 10 years for a 60 year planned lifespan in floating power plant installation. If installed in a stationary power plant the fuel cycle is 6 years.

<span class="mw-page-title-main">Holtec International</span> Supplier of equipment and systems for the energy industry

Holtec International is a supplier of equipment and systems for the energy industry. Founded in Mount Laurel, New Jersey in 1986, Holtec International is a privately-held technology company with domestic operation centers in New Jersey, Florida, Ohio and Pennsylvania and worldwide in Brazil, India Japan, Mexico, Poland, South Africa, Spain, U.K. and Ukraine. It specializes in the design and manufacture of parts for nuclear reactors. The company sells equipment to manage spent nuclear fuel from nuclear reactors.

Moorside nuclear power station is proposed for a site near Sellafield, in Cumbria, England. The original plan by NuGeneration, a British subsidiary of Toshiba-owned Westinghouse Electric Company, had the station coming online from 2024 with 3.4 GW of new nuclear capacity, from three AP1000 reactors. Work up to 2018 would include acquiring the site licence, the development consent order, and other required permits and permissions to start work. Site preparation was to take two years, up to 2020.

Terrestrial Energy is a nuclear technology company working on Generation IV nuclear technology. It expects to produce cost-competitive, high-temperature thermal energy with zero emissions. The company is developing a 195 MWe Integral Molten Salt Reactor (IMSR) design and completed its Pre-Licensing Vendor Design Review in 2023 with the Canadian Nuclear Safety Commission.

The BWRX-300 is a design for a small modular nuclear reactor proposed by GE Hitachi Nuclear Energy (GEH). The BWRX-300 would feature passive safety, in that neither external power nor operator action would be required to maintain a safe state, even in extreme circumstances.

<span class="mw-page-title-main">Rolls-Royce SMR</span> Nuclear reactor design

The Rolls-Royce SMR, also known as the UK SMR, is a small modular reactor (SMR) design being developed by the Rolls-Royce (RR) company in the United Kingdom.

Project Pele is a project of the US Department of Defense to build a deployable nuclear power reactor for use in United States Armed Forces remote operating bases.

<span class="mw-page-title-main">Nuclear microreactor</span> Very small nuclear reactor of 1-20 MW capacity

A nuclear microreactor is a plug-and-play type of nuclear reactor which can be easily assembled and transported by road, rail or air. Microreactors are 100 to 1,000 times smaller than conventional nuclear reactors, and range in capacity from 1 to 20 megawatts, compared to 20 to 300 megawatts for small modular reactors (SMRs). Due to their size, they can be deployed to locations such as isolated military bases or communities affected by natural disasters. It can operate as part of the grid, independent of the grid, or as part of a small grid for electricity generation and heat treatment. They are designed to provide resilient, non-carbon emitting, and independent power in challenging environments. The nuclear fuel source for the majority of the designs is "High-Assay Low-Enriched Uranium", or HALEU.

OPEN100 is a project that claims to provide open-source blueprints to build nuclear power plants. Its stated goal is to reduce the cost and duration of nuclear reactor construction and increase the nuclear power supply 100-fold by 2040 to aid in the decarbonization of the global economy. It was developed by Bret Kugelmass and the Energy Impact Center, a non-profit organization founded by Kugelmass that advocates for clean energy solutions to climate change.

References

  1. ↑ Tracey (2024-09-03). "Funding grows for Last Energy's microreactor project". Nuclear Engineering International. Retrieved 2024-09-19.
  2. ↑ "Last Energy and Enea Group". Energycapitalmedia.com. 28 June 2022. Retrieved 3 October 2022.
  3. ↑ "Silicon Valley startup pro shifts focus to nuclear energy". Idaho National Laboratory. 7 February 2018. Retrieved 3 October 2022.
  4. ↑ "Energy Impact Center Launches Titans of Nuclear Podcasts". Neutronbytes.com. 27 January 2018. Retrieved 3 October 2022.
  5. ↑ Helmass, Christopher (3 February 2023). "Inside The Audacious Plan To Use 10,000 Nuclear Microreactors To Wean The World Off Coal". Forbes. Retrieved 23 May 2024.
  6. ↑ Siciliano, John (16 April 2019). "Daily on Energy: Former drone CEO wants a crack at curbing climate change with nuclear". The Washington Examiner . Retrieved 3 October 2022.
  7. ↑ Slagster, Martin (November 2019). "Contest asks UM students to re-imagine nuclear waste to reverse climate change". Mlive.com. Retrieved 3 October 2022.
  8. ↑ "Pitchbook - Last Energy Company Profile". Pitchbook. August 29, 2024.{{cite web}}: CS1 maint: url-status (link)
  9. ↑ Takahashi, Dean (25 February 2020). "Last Energy raises $3 million to fight climate change with nuclear energy". VentureBeat . Retrieved 3 October 2022.
  10. ↑ Proctor, Darrell (25 February 2020). "Tech Guru's Plan—Fight Climate Change with Nuclear Power". Powermag.com. Retrieved 3 October 2022.
  11. ↑ "Last Energy Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 8 May 2023.
  12. ↑ Chirileasa, Andrei (10 March 2022). "U.S. company to develop 20MW small modular reactor in Romania". Romania Insider. Retrieved 3 October 2022.
  13. ↑ Todorović, Igor (15 March 2022). "US startup Last Energy plans to install small modular nuclear reactor in Romania". Balkan Green Energy News. Retrieved 3 October 2022.
  14. ↑ Kraev, Kamen. "Poland / Enea Group To Work With US-based Last Energy On SMR Development". Nucnet.org. Retrieved 3 October 2022.
  15. 1 2 "Last Energy, Enea Group to develop Nuclear SMRs as Poland transitions to Carbon-Free". EnergyTech. 28 June 2022. Retrieved 3 October 2022.
  16. ↑ "Last Energy agrees to build ten SMRs for Polish industrial zone". World Nuclear News. 29 June 2022. Retrieved 3 October 2022.
  17. ↑ "Last Energy signs up for SMR project in Polish industrial zone". American Nuclear Society. 2 August 2022. Retrieved 3 October 2022.
  18. ↑ Wade, Will (21 March 2023). "Last Energy Signs Deals Worth $19 Billion for Nuclear Plants". Bloomberg.
  19. ↑ "Nuclear Power: Our Most Valuable Climate Solution?". SXSW Schedule. 11 March 2023. Retrieved 23 May 2024.
  20. ↑ "Prototyp wyspy." (in Polish). Polska Agencja Prasowa. 5 October 2023. Retrieved 14 June 2024.
  21. ↑ Durston, James (1 February 2024). "Micro nuclear: Interview with Bret Kugelmass, CEO of Last Energy". Blue Tech Wave Media. Retrieved 1 February 2024.
  22. ↑ Sweet, Rod (22 March 2024). "Small nuclear reactor hung up in Houston". Global Construction Review. Retrieved 23 May 2024.
  23. ↑ Griffis, Kelcee (19 April 2024). "This green-tech startup is taking the nuclear option to power data centers". TechBrew. Retrieved 14 June 2024.
  24. ↑ "Bret Kugelmass Interview on BBC News". BBC via Last Energy, YouTube. April 2024. Retrieved 14 June 2024.
  25. ↑ "Nuclear SMR – Has the technology's moment finally arrived? - SOSV Climate Tech". SOSV, YouTube. April 2024. Retrieved 14 June 2024.
  26. ↑ "Last Energy to advise NATO on microreactors". World Nuclear News. 3 June 2024. Retrieved 14 June 2024.
  27. ↑ "Funding and commercial agreements grow for Last Energy". World Nuclear News. Retrieved 2024-09-19.
  28. ↑ Durston, James (1 February 2024). "Micro nuclear: Interview with Bret Kugelmass, CEO of Last Energy". Blue Tech Wave Media. Retrieved 1 February 2024.
  29. ↑ Halper, Evan (19 February 2023). "Smaller, safer, cheaper? Modular nuclear plants could reshape coal country". The Washington Post. Retrieved 14 June 2024.
  30. ↑ Zisk, Rachael (28 March 2024). "A Q+A With Michael Crabb, SVP of Commercial at Last Energy". Ignition-news.com. Retrieved 14 June 2024.
  31. ↑ Mustoe, Howard (20 March 2023). "US firm agrees to sell 24 mini nuclear reactors to UK customers". The Telegraph. Retrieved 14 June 2024.
  32. ↑ Allen, Ike (30 November 2023). "Are Small Nuclear Reactors the Future of Energy?". Washingtonian. Retrieved 14 June 2024.
  33. ↑ Yurman, Dan (17 April 2024). "Last Energy Targets Data Centers with a 20 MW PWR". Energycentral.com. Retrieved 14 June 2024.
  34. ↑ Griffis, Kelcee (19 April 2024). "This green-tech startup is taking the nuclear option to power data centers". Tech Brew. Retrieved 3 June 2024.
  35. ↑ Durston, James (1 February 2024). "Micro nuclear power: Interview with Bret Kugelmass, CEO of Last Energy" . Retrieved 14 June 2024.
  36. ↑ Mitchell, Sean (17 April 2024). "Last Energy showcases micro nuclear reactor to the public". Data Centre News. Retrieved 14 June 2024.
  37. ↑ Helman, Christopher (17 February 2023). "Inside The Audacious Plan To Use 10,000 Nuclear Microreactors To Wean The World Off Coal". Forbes. Retrieved 14 June 2024.
  38. ↑ Patel, Sonal (22 September 2022). "NuScale, Last Energy Make Significant Insteps for SMRs in Poland". Power Mag. Retrieved 14 June 2024.
  39. ↑ "Industrial users eye small reactors for power supplies". 23 March 2023. Retrieved 14 June 2024.
  40. 1 2 Mustoe, Howard (20 March 2023). "US firm agrees to sell 24 mini nuclear reactors to UK customers". The Telegraph. ISSN   0307-1235 . Retrieved 7 April 2023.
  41. 1 2 Patel, Sonal (23 March 2023). "Last Energy Secures PPAs for 34 SMR Nuclear Power Plants in Poland and the UK". POWER Magazine. Retrieved 7 April 2023.
  42. ↑ "Several universities to experiment with micro nuclear power". AP NEWS. 9 February 2023. Retrieved 7 April 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.