The Atomic Show

Standard Nuclear emerged from the start-up stealth mode in early June 2025 with the announcement of successfully raising $42 million from a group of venture capitalist led by  Decisive Point with participation from Andreessen Horowitz, Washington Harbour Partners, Welara, Fundomo and Crucible Capital. Though Standard Nuclear is young enough to have a single page web site, it owns and operates the largest TRISO – tristructural isotopic – fuel production facility in the world outside of China. That facility was purchased during the Chapter 11 reorganization of Ultra Safe Nuclear (USNC), a formerly sprawling advanced nuclear company that outran its financing. Along with the facility, its equipment, land and operating procedures, Standard Nuclear acquired a fully functioning, dedicated team of TRISO nuclear fuel specialists. As described in a June 11, 2025 article in the Wall Street Journal, the fuel manufacturing team at Standard Nuclear was so committed to the vision of becoming a globally important fuel supplier to the advanced nuclear sector that many of them worked for months without pay to keep their facility operational and sale-ready during the USNC bankruptcy proceedings. Dr. Kurt Terrani, CEO of Standard Nuclear, is our guest for Atomic Show #333. We discuss his personal trajectory in becoming one of the world’s leading technical experts on TRISO fuel production and then becoming the corporate leader of one of the world’s leading TRISO fuel manufacturing companies. TRISO particles with hand to show scale Kurt told us how the Standard Nuclear team began working together at Oak Ridge National Laboratory as part of the Advanced Gas Reactor (AGR) program (funded by the Energy Policy Act of 2005.) The fuel development segment of that program both preceded and superseded the larger AGR program. In a rare example of long term, consistent planning supported by reasonably consistent funding, the TRISO fuel development and testing program was sustained through completion for nearly 20 years (2002-2021). One output of the program was NREG-2246 – Fuel Qualification for Advanced Reactors – that provides license applicants that use TRISO in their design a standard path to analyze the fuel form to prove it meets radioactive retention barrier requirements for their particular design under projected operating and accident conditions. We talked about the paradigm-shifting nature of building nuclear power systems where the radioactive material is retained in the fuel material at all anticipated reactor temperatures during normal operation or accident conditions. When license applicants earn NRC approval using NUREG-2246, their reactors are viewed as achieving functional containment that greatly lessens the boundary and safety system requirements for their complete nuclear heat source system. With expensive fuel and reduced capital investment, nuclear cost accounts might shift to be something closer to those more commonly associated with natural gas fired turbines (either Rankine steam cycles or Brayton gas cycles). For TRISO reactors, nuclear becomes a fuel-dominated business. Nuclear energy designers recognize this shift and have been developing power systems that can economically respond to load changes to reduce fuel consumption during low demand/low price periods. Terrani provides insights on TRISO fuel construction and on the processes required to produce the fuel to meet the stringent requirements. He describes the modular nature of the fabrication line and the methods used to maximize productive capacity for each line and the way that enterprise capacity is expanded to meet customer demand. We talk about the coating improvement paths and TRISO’s ability to use a variety of enrichments and fissile materials in the coated particles. We discuss how the nearly infinite variations can introduce market and engineering challenges. Terrani uses the analogy of automobiles and gasoline to illustrate his vision of many different brands of TRISO-based reactors using a limited menu of interchangeable fuel particles. Standard Nuclear”s name calls back to the time when John D. Rockefeller recognized that oil products would find larger markets if they were standardized so that equipment manufacturers could focus on their equipment with the confidence that there was a reliable supply of fuel with predictable characteristics. That doesn’t mean that Standard Nuclear intends to produce only one kind of fuel, but it does mean that the company is working with as many developers as possible to create standards and prevent a high cost situation where every reactor line needs its own unique fuel. With standardization, TRISO fuels become a commodity whose costs steadily decline as billions to trillions of particles are produced. If you are interested in the current state of TRISO manufacturing development and in the story of a dedicated team with a vision, you will enjoy this show.

The University of Illinois-Urbana Champagne (UIUC) is planning to build a uniquely capable micro reactor project on its campus. For decades, the university hosted a traditional research reactor that supported important research projects and provided operating experience. But, like the majority of university research reactors, it did not produce any useful heat or electricity. Kronos MMR has a different focus. In its FAQ on the project, UIUC describes the purpose of the project as follows: [The project will] shape the future of nuclear research, move [our] campus to a cleaner energy future, create unique educational opportunities for our students, and develop a skilled workforce ready to address the urgent need for carbon-free energy technologies across our country and beyond. Caleb Brooks is an associate professor in the Grainger College of Nuclear, Plasma and Radiological Engineering at the University of Illinois Urbana-Champaign. He is also the Kronos MMR Project Lead. He visited the Atomic Show to describe the project, its goals and the impact that it is and will have on the campus and nearby communities. The Kronos MMR is a full scale, but power-derated, version of Nano Nuclear Energy’s high temperature gas cooled reactor. In commercial use, the reactor will be able to produce 45 MW of thermal power (~15 MWe). As a campus-based research reactor, Kronos MMR will be limited to operating at 10 MW thermal, a little less than 25% of what the reactor core will be able to handle. That limit is based on the current power cap placed on reactors licensed by the NRC using the class 104(c) process. The lower power will, logically enough, mean that the reactor core can run 4.5 times as long before needing to be refueled. If it is operated at the somewhat lower capacity factor expected in an academic environment compared to a commercial environment, the time between refuelings will be extended even further. Dr. Brooks explained how the research reactor classification was chosen to help the Kronos project move faster than it would otherwise move under a class 103 commercial license process. The University began its official engagement with the NRC in May 2021. Though we did not get into details about the business partner situation during the discussion, some readers might recall that the UIUC micro reactor program began as a partnership with the Ultra Safe Nuclear Corporation. That entity ran into financial difficulties and declared bankruptcy in 2024, after it had done a substantial amount of engineering and design work for its 45 MWth high temperature gas cooled reactor that it called MMR®. Nano Nuclear Energy purchased the designs and other intellectual property associated with USNC’s MMR, including the projects that the company had begun. Nuclear News published an article in April 2025 titled UIUC and NANO Nuclear reboot plans for a FOAK research reactor that provides more details about the transition and the plans to move the project towards completion. During our conversation, Caleb indicated that the transition had gone reasonable well, but that the uncertainty during the period leading up to and immediately following USNC’s collapse had added about 18 months to the initially envisioned project schedule. One of the primary topics of our conversation was the effort that the University has undertaken to build public support for the project. Given the campus location, this will be a pioneering effort showing how small and micro reactor projects can be accepted and located very close to customers, including residential communities. You will enjoy this show. I promise.

The Honorable Dr. Kathryn Huff is an associate professor in the nuclear, plasma and radiological engineering department at the University of Illinois Urbana-Champaign. She is the director of the Advanced Reactor Fuels laboratory and currently specializes in nuclear reactor core neutronics and multi-physics modeling. She served as the Assistant Secretary of Energy for Nuclear Energy from May of 2022 through May of 2024. We talked about her tenure at the Department of Energy and the somewhat jarring transition from being a university professor with frequent contact with undergraduate students to running a bureaucratic agency inside the Washington beltway. We chatted about the Byzantine and somewhat plodding nature of the federal budgetary process and the reasons why the process was designed to insert a certain amount of deliberative reviews and second checks before making decisions, especially when they carried large monetary implications. We paid a little extra attention to the process of implementing the Congressional appropriation of $2.72 B for the Domestic Low Enriched Uranium Supply Chain. We discussed some of the more enjoyable aspects of her position, including the opportunities to teach both decision makers and staff members about the utility of nuclear energy and some of the reasons why it is such a fascinating and important scientific, technological and economic topic. We spoke about her visits to national labs, universities and international centers of nuclear energy research and development. She mentioned that the opportunity to host students and other groups of young people was one of the most rewarding and enjoyable aspects of her job. She appreciated the opportunity to share some of her excitement about nuclear energy. We also talked about several recent Executive Orders with the potential for significant impact on energy in general and nuclear energy more specifically. One of the Executive Orders that we discussed does not include the word “energy” in its title or anywhere in its text, but it holds the potential to make an impact on the future of nuclear energy development. Ensuring Accountability for All Agencies addresses the independence of certain agencies, including the Nuclear Regulatory Commission, within the Executive Branch of the federal government. The NRC’s independence has often been described as a major component of its effectiveness as a regulatory body. Dr. Huff joined with two colleagues to publish a commentary in Scientific American about the possible implications of reducing the NRC’s independence. On the Atomic Show, she offered her perspective and provided some concerns worth thinking about. I hope you enjoy this episode. Please participate in the comment discussion, but be aware that comments will be closed sometime after they’ve been open for two weeks.

Deep Isolation is one of Nucleation Capital’s more impactful portfolio companies because its technology can enable greater success for most of the rest of the companies – and for the entire nuclear energy sector. The company has been developing, testing and refining its systematic approach to nuclear waste disposal for a decade. Despite the fact that it is addressing one of the few remaining items that limits the acceptance of nuclear energy and its ability to rapidly expand to supply the clean firm power that our industrial society needs to thrive, few people have heard of the company. Even fewer include its technology in the discussions surrounding the inevitable question in nuclear energy discussions “What do we do with the waste?” Deep Isolation is founded on a brilliant technical inspiration by Dr. Richard Muller. Recognized the commercial potential of the invention Muller teamed up with his daughter, Elizabeth Muller to transform the idea into a venture . They realized that deep geologic disposal is a nearly universally accepted – among scientific and technical experts – method to permanently dispose of high level radioactive materials. Muller recognized that one significant challenge was the difficulty of siting and building conventional mined repositories. These repositories would need to meet completely different criteria that those that governed traditional materials and fuels mines, making reuse of existing mines difficult, if not impossible. Specially created mines producing no commercially valuable materials would be extraordinarily expensive to develop. The cost of creating mined repositories stimulated most nations to plan for one or very few repositories, adding to the political cost and the transportation cost associated with siting and operating the repository. Muller’s brilliant solution to these challenges was to take advantage of the fact that tens of thousands of very deep holes were being drilled every year by the established oil and gas industry. Not only were those holes being bored several thousand feet deep – well below all existing aquifers, but also the drillers had invented and refined techniques for gradually bending the holes into a horizontal direction. These horizontal borings – often called “laterals” – are used in the hydrocarbon extraction business to gain access to far more extensive volumes of fuel-containing rock. For purposes of radioactive waste disposal, the laterals provide a large volume into which containers of high level waste – in a variety of forms – can be placed and isolated for millions of years. As a result of drilling tens of thousands of wells in a highly competitive business, the drilling industry has become very skilled at creating high-quality, cost-effective tools and efficiently employing them. The resulting technology ecosystem can be efficiently used in a modular, distributed fashion, enabling multiple, strategically sited repositories. That allows waste to be permanently stored near where it was generated. This concept will lower transportation costs while addressing several legitimate political objections. Rod Baltzer, the CEO of Deep Isolation, visited the Atomic Show for episode #327. We discussed the above in even greater detail. I believe you will find the show to be valuable and informative. Please use the comment section to ask questions or engage in discussion. Comments will close in 2 weeks.

After many years as an independent journalist with an antinuclear bent, Marco Visscher began questioning his long-held beliefs. He realized that the accepted alternatives to fossil fuel were not actually reducing fossil fuel use so much as they were limiting the rate at which it was increasing. He began acknowledging that nuclear energy was a large source of CO2-free power that was worth a deeper look than he had been giving it. As he moved past the information sources that had provided his animosity towards nuclear, he found out that there was a deeper, more interesting story to tell about the power source and its history. He decided there was a book in what he was learning. That book, initially published in Dutch in 2022, is called The Power of Nuclear; The Rise, Fall and Return of Our Mightiest Energy Source. In late 2024, the book was published in English. As longtime readers might imagine, my favorite part of that subtile is the “Return” part. Aside: Encouraging and participating in the return of nuclear energy growth is the focus of my professional life, both at Atomic Insights and in my role as a managing partner at Nucleation Capital. End Aside. In some ways, the arc of Visscher’s book reminds me of the narrative arc of Oliver Stone’s Nuclear Now. It starts with the history of radiation and the development of the atomic bomb and ends in the modern era with the recognition that nuclear energy offers a clean and capable new energy source that might gradually displace fossil fuels and their dominance in our society. During our discussion we talked about nuclear energy opposition, the role of nuclear fear, the inability of the nuclear industry to effectively communicate its positive story, other energy alternatives and the potential to achieve the tripling of nuclear capacity that has been envisioned by a growing group of countries led by the U.S. the UK, France, South Korea and Japan.. Aside: After reviewing the show, I realized that I should apologize to both listeners and to Mr. Visscher. I spent way too much time talking about the involvement of the Rockefeller Foundation in creating the basis for the “no safe dose” of radiation model and its effect on public fears. It’s an interesting part of nuclear energy’s history, but there are many other important stories worth telling. End Aside.