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Last Energy is an American commercial developer of nuclear power plants, established in 2020 by Bret Kugelmass, who is also the founder of the Energy Impact Center, an American research institute. [1]

The company provides full-cycle nuclear project development, including small modular reactor (SMR) design, construction, financing, service and decommissioning. The company’s power plant (PWR-20) includes a pressurized water reactor and modular plant design. Each plant is designed to produce 20 megawatts of electricity with combined heat and power applications. Last Energy’s goal is to decarbonize energy production and increase access to clean, affordable power. [2] The company has European subsidiaries in Romania, Poland and the UK.

History

In 2017, Bret Kugelmass began conducting interviews as Managing Director of the Energy Impact Center with experts in nuclear energy and related fields for a podcast called Titans of Nuclear. [3] The podcast debuted in January 2018. [4] Kugelmass and other members of the EIC team have conducted over 300 interviews for the podcast as of August 2022, and have visited over 100 nuclear sites to compile research about the feasibility of nuclear power expansion. 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. [5] [6]

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. [1] 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. [7]

Last Energy was founded in Washington, D.C. by Kugelmass in 2020. [8] It is a commercial developer, spun-off from the Energy Impact Center and OPEN100. The company designs, manufactures and commercializes nuclear power plants, using a small modular reactor that produces 20MWe. [1] Last Energy received $21 million in Series A funding led by Gigafund in 2020. [9]

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 small modular 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. [10] [11] 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 20MWe small modular reactors 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. [12] [13] 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. [14] The agreement stated that Last Energy will develop 10 small modular reactors in the LSSE to fuel industrial activity in the region. [15]

Last Energy is also in talks with further potential energy partners, regulators and governments in Europe, Latin America and Asia. [13]

In March 2023, Last Energy completed four deals worth US$18.9B for 34 reactors in Europe. [16]

As of February 2024, Last Energy has "secured agreements for 51 units throughout Europe, totaling an estimated $32 billion in value". [17]

The company claims it will have its first 20-megawatt reactor (enough to power 20,000 homes) up and running by 2025 in Poland [18] and 2026 in the UK. [19]

Design and construction

The company’s first product, the PWR-20 is a SMR, specifically a 20 MWe micro-modular nuclear power plants, [20] with all modules fitting inside of a standard shipping container. Their design primary value proposition is that all pieces of the power plant are constructed in a factory and then delivered as a kit onsite with a "plug-in ready" electrical system. [21] Using the same principles as the oil and gas industry, the design is meant to make nuclear power far cheaper.

The company says their power plant size will be around the size of a football field and cost about $100 million per unit. They are not seeking any government financing which distinguishes them from other players in the space. [22]

The PWR-20 is a 20-MWe (60-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. [23]

With its ability to be sited away from a water source and small footprint it is targeted towards dispersed energy users and will support rapid industrial decarbonization. [24]

References

  1. ^ a b c Takahashi, Dean (25 February 2020). "Last Energy raises $3 million to fight climate change with nuclear energy". VentureBeat. Retrieved 3 October 2022.
  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. ^ 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.
  6. ^ Slagster, Martin (November 2019). "Contest asks UM students to re-imagine nuclear waste to reverse climate change". Mlive.com. Retrieved 3 October 2022.
  7. ^ Proctor, Darrell (25 February 2020). "Tech Guru's Plan—Fight Climate Change with Nuclear Power". Powermag.com. Retrieved 3 October 2022.
  8. ^ "US-based Last Energy invests in Estonian SMR project". Nuclear Engineering International. 18 June 2020. Retrieved 3 October 2022.
  9. ^ "Last Energy Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 2023-05-08.
  10. ^ Chirileasa, Andrei (10 March 2022). "U.S. company to develop 20MW small modular reactor in Romania". Romania Insider. Retrieved 3 October 2022.
  11. ^ 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.
  12. ^ Kraev, Kamen. "Poland / Enea Group To Work With US-based Last Energy On SMR Development". Nucnet.org. Retrieved 3 October 2022.
  13. ^ a b "Last Energy, Enea Group to develop Nuclear SMRs as Poland transitions to Carbon-Free". EnergyTech. 28 June 2022. Retrieved 3 October 2022.
  14. ^ "Last Energy agrees to build ten SMRs for Polish industrial zone". World Nuclear News. 29 June 2022. Retrieved 3 October 2022.
  15. ^ "Last Energy signs up for SMR project in Polish industrial zone". American Nuclear Society. 2 August 2022. Retrieved 3 October 2022.
  16. ^ Last Energy Signs Deals Worth $19 Billion for Nuclear Plants, Will Wade, Bloomberg, 2023-03-21
  17. ^ Durston, James (2024-02-01). "Micro nuclear: Interview with Bret Kugelmass, CEO of Last Energy". Blue Tech Wave Media. Retrieved 2024-02-01.
  18. ^ Helman, Christopher. "Inside The Audacious Plan To Use 10,000 Nuclear Microreactors To Wean The World Off Coal". Forbes. Retrieved 2023-04-07.
  19. ^ Mustoe, Howard (2023-03-20). "US firm agrees to sell 24 mini nuclear reactors to UK customers". The Telegraph. ISSN  0307-1235. Retrieved 2023-04-07.
  20. ^ Durston, James (2024-02-01). "Micro nuclear: Interview with Bret Kugelmass, CEO of Last Energy". Blue Tech Wave Media. Retrieved 2024-02-01.
  21. ^ Halper, Evan (February 18, 2023). "See how this company plans to transform nuclear power". Washington Post. Retrieved 2023-04-07.
  22. ^ Mustoe, Howard (2023-03-20). "US firm agrees to sell 24 mini nuclear reactors to UK customers". The Telegraph. ISSN  0307-1235. Retrieved 2023-04-07.
  23. ^ Patel, Sonal (2023-03-23). "Last Energy Secures PPAs for 34 SMR Nuclear Power Plants in Poland and the UK". POWER Magazine. Retrieved 2023-04-07.
  24. ^ "Several universities to experiment with micro nuclear power". AP NEWS. 2023-02-09. Retrieved 2023-04-07.

External links

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