Bloomberg Businessweek: "The Race for the World's First Advanced Nuclear Microreactor Developer"

Date: November 5, 2025
Hosts: Carol Massar, Tim Stenovec
Guests: Will Wade (Bloomberg Energy Reporter), James Walker (CEO, Nano Nuclear Energy)

Episode Overview

This episode dives into the accelerating race to develop and deploy advanced nuclear microreactors, with a focus on the challenges, timelines, and opportunities facing this rapidly evolving sector. The hosts are joined by Will Wade, a Bloomberg energy reporter, and James Walker, CEO of Nano Nuclear Energy, to unpack the renewed momentum behind nuclear—and the critical need for clean, reliable power in an increasingly electrified, AI-driven economy.

Key Discussion Points & Insights

1. The New Nuclear Momentum in the US (01:28–03:36)

• Recent Surge in Activity: Cameco’s stock soared after an $80 billion US government pact with Westinghouse Electric and Brookfield to build new nuclear reactors for AI and energy needs.

• Recommissioning Plants: Companies like Nextera Energy are reviving dormant nuclear plants, e.g., in Iowa to power Google data centers.

• Past Closure Decisions: US nuclear reactors closed over the last decade due to cost and political pressure, which—although rational at the time—are now being reconsidered as electricity demand soars.

  “Of the dozen or so reactors that were shut down in the past a little more than a decade, it was the right decision then. They were expensive to operate. Nobody wanted to pay that much for power. But the world has really changed around us.”
  — Will Wade, (02:11)

  “We closed that plant [Indian Point] and immediately people started saying, wait, New York State carbon emissions are going to go up this year because we replaced all the nuclear with natural gas. Like, who would have thought?”
  — Will Wade, (02:48)

2. A Global Perspective on Nuclear Buildout (03:36–04:53)

• US vs. Asian Progress: While the US stalled nuclear construction after Three Mile Island (1979), China and Korea have advanced rapidly, with continuous investment and capacity growth.

  “Their nuclear industry is... going nonstop for 50 something years. Our industry pretty much ground to a halt around 1979 with Three Mile Island. So we, we spent years doing nothing and we never really recovered from that.”
  — Will Wade, (04:19)

3. SMRs and the Challenge of Scaling (04:53–06:26)

• Nano Nuclear’s Vision: James Walker joins to explain the realistic timelines and hurdles for Small Modular Reactors (SMRs):

  • The construction and regulatory process is only half the equation.
  • Rebuilding the nuclear fuel supply chain is equally critical, given decades of underinvestment.

• Multi-pronged Approach: Projects are moving forward, but systemic infrastructure rebuilding is necessary for mass deployment.

  “To get a reactor built and constructed and licensed is one question. But the other question is how long is it going to take for the fuel supply chain to be built back adequately in the country…”
  — James Walker, (05:31)

4. Timeline Realities for Modular Nuclear Reactors (06:26–07:22)

• Projected Deployment:

  • Drilling and geotechnical work underway; construction permits targeted for early next year.
  • First reactors could be commercially operating as early as 2030.
  • Widespread deployment (dozens per year) expected in the early 2030s.

  “Construction 2027, 2028, 2029 and then fully licensed reactor operating commercial license 2030 is very reasonable... early 2030s then you’re going to see the mass rollout of reactor systems.”
  — James Walker, (06:34)

  “That timeline fits with what I hear from a lot of companies. Early 2030s for a significant wave of new power plants.”
  — Will Wade, (07:05)

5. Meeting Soaring Power Demand—Interim Measures and Shortages (07:22–09:08)

• Short-term Gaps:

  • Interim solutions like recommissioning old plants (“low hanging fruit”) are necessary but insufficient.
  • Even alternatives like gas turbines are tied up for years; wind and solar are location-limited and intermittent.

  "There’s no easy solution here. Even bringing in wind or solar… these are intermittent technologies which require huge battery storage to run alongside them. A lot of the time it’s just not feasible."
  — James Walker, (07:22)

• Restarting Old Plants: Some previously closed plants (like Three Mile Island) are being revived. Constellation expects one back online by 2027.

  "Constellation says that’ll be ready by 2027."
  — Will Wade, (09:04)

6. Investor Sentiment, Speculation, and the Tech-Nuclear Link (09:08–12:07)

• Heavy Speculation: Nano Nuclear shares are up nearly 90% this year, with a large short interest; investors are betting on both breakthroughs and stumbles.

• Revenue Timelines: While sizable revenues may take years, interim business opportunities exist in fuel, isotope supply, and logistics.

• Data Centers as Core Demand: The hosts and Walker agree that the surge in large, energy-hungry data centers is not a transient bubble.

  “The stock market is always about an investment in the future… The demand is there in a way that’s unprecedented.”
  — James Walker, (10:35)

  “A data center cannot be a bubble… If you need increased power for computing power, it has to come from somewhere. Whether that’s going to bear out the fruits of what’s been promised, that remains to be seen.”
  — James Walker, (11:17)

• Shorting and Volatility: Walker takes a wry view of short sellers:

  “If people want to short us, that’s better, because we’ve gone higher and higher as a stock just because every time the shorts have been squeezed, the more shorts the better for us.”
  — James Walker, (11:46)

7. Who Is Furthest Along? (12:07–12:27)

• Nano Nuclear’s Edge:

  “In the terms of micro reactors? Yes, 100%. I believe we’ll have the first US constructed full scale, commercially licensed microreactor in the country.”
  — James Walker, (12:15)

8. Memorable Closing Moment (12:27–12:35)

• Lighthearted Banter:
  • Host jokes about putting an SMR in their backyard to lower electric bills.
  • “Carol, you glow. You’re glowing today.”
    — (Exchange between hosts, 12:33)

Notable Quotes & Timestamps

• "The world has really changed around us." — Will Wade (02:11)
• "You can put an SMR in my backyard because my monthly electrical bills are crazy." — Host (12:27)
• "In terms of micro reactors? Yes, 100%. I believe we’ll have the first US constructed full scale, commercially licensed microreactor in the country." — James Walker (12:15)
• "A data center cannot be a bubble... If you need increased power for computing power, it has to come from somewhere." — James Walker (11:17)
• "There’s no easy solution here. Even bringing in wind or solar… these are intermittent technologies which require huge battery storage..." — James Walker (07:22)

Key Segment Timestamps

• 01:28-03:36: US nuclear sector’s political and historical context
• 03:36-04:53: International context—why Asian countries outpace the US
• 04:53-07:22: Inside the SMR race—timelines, supply chain, and technical challenges
• 07:22-09:08: Power demand crisis, interim solutions, and restarting old plants
• 09:08-12:07: The wall between investor hype and commercial reality for nuclear startups
• 12:07-12:35: Who is ahead in microreactors, plus closing banter

Summary Takeaway

This episode portrays a nuclear renaissance—but one fraught with daunting timelines, supply chain rebuilds, and soaring expectations from investors and the tech sector. America’s capability to lead this new wave depends not just on financing and policy, but holistic infrastructure rebuilding and a sober reckoning with what kind of power society demands. Despite the excitement, practical deployment is measured in years, not months, and only creative interim solutions and disciplined investment will keep the lights on until then.