Shawn Ryan Show - Episode #211 Summary
Title: Scott Nolan - CEO of General Matter on Uranium Enrichment
Release Date: June 23, 2025
Host: Shawn Ryan
Guest: Scott Nolan, CEO of General Matter
1. Introduction to Scott Nolan
Timestamp: [00:50 - 03:10]
Shawn Ryan welcomes Scott Nolan, CEO of General Matter, highlighting his impressive background as a former SpaceX engineer, partner at Founders Fund, and a Cornell and Stanford alumnus. Ryan emphasizes Scott's expertise in addressing the geopolitical and technical challenges of nuclear energy to drive energy independence in the U.S.
2. The U.S. Energy Grid and the Role of Nuclear Energy
Timestamp: [06:16 - 09:53]
Ryan expresses concerns about the U.S. energy grid's reliability and the nation's dependence on foreign power sources, particularly from China. Scott Nolan responds by affirming the increasing bipartisan support for nuclear energy, stating:
"Our company's mission is to restore US leadership in nuclear energy because that's what we see as the future of the grid, the future of US growth, power growth."
- Scott Nolan [01:31]
He elaborates that nuclear energy currently accounts for approximately 20% of the U.S. grid and is poised for growth due to its clean, reliable, and scalable nature.
3. Uranium Enrichment and U.S. Dependence on Foreign Sources
Timestamp: [25:04 - 35:40]
Scott delves into the critical process of uranium enrichment, explaining that the U.S. lacks significant domestic enrichment capabilities and relies heavily on foreign sources, including Russia and China. He outlines the five essential steps in fuel production: mining, conversion, enrichment, deconversion, and fuel fabrication.
"The step that's missing right now is enrichment. And that's why we're working on enrichment."
- Scott Nolan [28:25]
Scott emphasizes that enriching uranium domestically is vital for energy independence and to support the expansion of nuclear reactors in the U.S.
4. General Matter's Initiatives and Progress
Timestamp: [35:40 - 50:57]
General Matter focuses on enriching uranium to produce nuclear fuel domestically. Scott shares the company's achievements, including:
- Securing a $2.7 billion contract from the Department of Energy (DOE) to purchase enriched uranium.
- Being one of four awardees alongside government-backed entities.
- Planning to establish large-scale enrichment facilities in pro-energy states like Texas, Wyoming, Utah, and Washington by the 2030s.
"Our whole mission was, let's bring back domestic production of enrichment. Let's make nuclear so cheap and safe and reliable with fuel supply chain certainty throughout that it becomes the dominant form of energy."
- Scott Nolan [44:35]
5. Impact of AI and Data Centers on Energy Consumption
Timestamp: [15:02 - 25:04]
With the exponential growth of AI, data centers are projected to consume energy equivalent to the entire current U.S. grid by 2030. Scott highlights the urgency to expand nuclear energy production to meet this demand:
"If we just project out AI demand, it's going to be equal to our grid by 2030."
- Scott Nolan [21:42]
He stresses the need for immediate action in reactor licensing, construction, and fuel production to prevent energy shortages and rising electricity costs.
6. Government Policies and Executive Orders Supporting Nuclear Expansion
Timestamp: [54:21 - 63:20]
Scott outlines recent government initiatives aimed at accelerating nuclear energy growth:
- Supply Chain Support: Programs to bolster fuel production and workforce.
- DOE Enhancements: Facilitating reactor testing on DOE land.
- Defense Department Initiatives: Deploying reactors for energy resilience on military bases.
- NRC Reforms: Updating regulations to balance safety with technological advancements.
"These executive orders... get back to the core themes of let's get more industrial activity, more economic activity in the U.S., let's remove unnecessary regulations that just slow things down."
- Scott Nolan [55:49]
He notes that nuclear energy has seen bipartisan support, making it a unique area of consensus in the polarized political climate.
7. Future Applications of Nuclear Energy
Timestamp: [68:00 - 83:28]
Scott discusses innovative applications of nuclear energy beyond electricity generation:
- Microreactors: Small-scale reactors (1-20 MW) suitable for remote locations, military bases, and data centers.
- Small Modular Reactors (SMRs): Mid-sized reactors (20-300 MW) that can be factory-built and assembled on-site.
- Potential in Transportation: While skepticism exists regarding nuclear-powered cars and planes, Scott envisions future possibilities like synthetic fuel production using nuclear energy.
"A pellet roughly an inch tall of conventional enriched uranium... would contain as much energy as a ton of coal or 100 barrels of oil."
- Scott Nolan [34:09]
8. Global Energy Production and Geopolitical Implications
Timestamp: [82:07 - 90:53]
Comparing the U.S. with China, Scott points out that China's energy grid has doubled since 2010, largely fueled by coal, which has significant environmental impacts. He emphasizes the necessity for the U.S. to expand its grid sustainably to maintain economic and geopolitical leadership.
"We don't build a bunch of new capacity in the US for enriching if we're not going to build a bunch more reactors."
- Scott Nolan [29:15]
He anticipates that as nuclear energy scales, countries like Kazakhstan, Australia, and Canada will play pivotal roles in the global uranium market.
9. Founders Fund and Innovation
Timestamp: [115:28 - 129:13]
Scott shares insights into Founders Fund's evolution and investment philosophy, emphasizing support for founder-led companies tackling critical and unconventional problems.
- Early investments included SpaceX, Palantir, and Neuralink.
- Focus on technologies that solve significant national security and energy challenges.
- Encourages innovation in areas like biotechnology, space, and defense.
"Do something that matters that otherwise won't get done and that only you can do."
- Scott Nolan [129:13]
10. Future Outlook and Closing Thoughts
Timestamp: [130:29 - End]
Scott projects a transformative decade for energy, driven by the intersection of nuclear advancements and AI growth. He envisions a U.S. leadership role in sustainable energy, technological innovation, and economic growth, underscored by robust energy infrastructure.
"Next decade is going to be all about energy. AI, military, economic growth... it's all going to come back to nuclear."
- Scott Nolan [96:07]
Shawn Ryan concludes the interview by acknowledging the depth of Scott's expertise and the critical role of nuclear energy in shaping the future.
Conclusion
In this episode, Scott Nolan provides an in-depth exploration of the U.S. energy landscape, emphasizing the pivotal role of nuclear energy and uranium enrichment in achieving energy independence and supporting technological advancements like AI. He outlines the strategic initiatives of General Matter to bolster domestic enrichment capabilities, discusses the broader geopolitical implications, and highlights the supportive government policies fostering nuclear growth. Scott's insights underscore the urgency of expanding nuclear infrastructure to meet future energy demands and maintain the United States' leadership in the global energy sector.