Periodic Reporting for period 1 - SEAWEI (Delivering Clean, Affordable, and Safe Nuclear Energy with the Compact Molten Salt Reactor)
Periodo di rendicontazione: 2022-08-01 al 2023-10-31
Seaborg is an innovative nuclear energy company focused on solving global decarbonization challenges through the industrialization of our innovative Compact Molten Salt Reactor (CMSR) technology. The CMSR is being designed to be fully integrated into a modular floating barge to create the CMSR Power Barge. The Power Barge concept enables a global market deployment reaping the cost, time, and reliability benefits of serial shipyard production.
The ambition is to use the Power Barge to complement, and not substitute, other sustainable energy sources to accelerate the global decarbonization process. Our Power Barge can produce energy where and when it is needed, supporting variable renewables on windless, cloudy days.
The CMSR technology employed in the Power Barge offers numerous benefits. It enables zero-emissions power and heat production, addressing the need for clean energy sources. Moreover, the small modular nuclear reactor design incorporates inherent safety characteristics due to the properties of the salt used. This means that the reactor cannot melt down or explode, nor can it release radioactive gases into the air or water. Additionally, the CMSR technology is not usable for nuclear weapons, providing an extra layer of security, and broadening the applicable deployment market.
The Power Barge is modular in design and will be able to deliver between 200 MW and 800 MW of electricity as well as clean water from desalination, and district heating/cooling. Additionally, the outlet temperature of the reactor is high enough to efficiently produce carbon-neutral hydrogen, synthetic fuels and fertilizers. A 200 MW Power Barge will save approximately 1.4 million tons of CO2 each year of operation. This means that the Power Barge can make an important contribution to the transition towards a prosperous and emission-free society.
In the CMSR, the uranium fuel is mixed into a molten fluoride salt which also acts as the coolant. This provides significant safety benefits. If the fuel salt should ever come into contact with the atmosphere, it will simply cool down and turn into solid rock, containing the radioactive material within itself. Unlike conventional nuclear, our reactor will operate at near-atmospheric pressures eliminating a wide range of accident scenarios and significantly reducing the need for sizeable emergency planning zones around the site. The long-term goal of Seaborg is to reuse our own waste, with the ambition to close the fuel cycle.
The ambition is to use the Power Barge to complement, and not substitute, other sustainable energy sources to accelerate the global decarbonization process. Our Power Barge can produce energy where and when it is needed, supporting variable renewables on windless, cloudy days.
The CMSR technology employed in the Power Barge offers numerous benefits. It enables zero-emissions power and heat production, addressing the need for clean energy sources. Moreover, the small modular nuclear reactor design incorporates inherent safety characteristics due to the properties of the salt used. This means that the reactor cannot melt down or explode, nor can it release radioactive gases into the air or water. Additionally, the CMSR technology is not usable for nuclear weapons, providing an extra layer of security, and broadening the applicable deployment market.
The Power Barge is modular in design and will be able to deliver between 200 MW and 800 MW of electricity as well as clean water from desalination, and district heating/cooling. Additionally, the outlet temperature of the reactor is high enough to efficiently produce carbon-neutral hydrogen, synthetic fuels and fertilizers. A 200 MW Power Barge will save approximately 1.4 million tons of CO2 each year of operation. This means that the Power Barge can make an important contribution to the transition towards a prosperous and emission-free society.
In the CMSR, the uranium fuel is mixed into a molten fluoride salt which also acts as the coolant. This provides significant safety benefits. If the fuel salt should ever come into contact with the atmosphere, it will simply cool down and turn into solid rock, containing the radioactive material within itself. Unlike conventional nuclear, our reactor will operate at near-atmospheric pressures eliminating a wide range of accident scenarios and significantly reducing the need for sizeable emergency planning zones around the site. The long-term goal of Seaborg is to reuse our own waste, with the ambition to close the fuel cycle.
Since being founded in Copenhagen in 2014 Seaborg has worked on commercializing the CMSR because of its compelling safety profile and technical opportunities. In the early years, a primary area of research and development was material corrosion control to find ways to contain the molten salt within for the operational life of the reactor. As the product development efforts have grown more complex and the point of commercialization is getting closer Seaborg Technologies has grown to also encompass the entire value chain.
In 2020 Seaborg successfully tackled technology challenges by passing the American Bureau of Shipping (ABS) Feasibility gate for the HALEU CMSR and acquiring multiple intellectual property rights associated with its design.
In January 2023 Seaborg effectively addressed the global nuclear fuel market challenge by transitioning to a low-enriched uranium (LEU) fuel and employing an iterative design approach for the moderator and reactor re-work necessary.
At the start of 2023, Seaborg’s shipyard partner Samsung Heavy Industries received the Approval in Principal from ABS for the Power Barge design. Thereby completing the first stage in the approval process for the Power Barge.
To progress the product development and delivery, in April 2023 Seaborg signed a Commercial Consortium Agreement with existing partners Samsung Heavy Industries and Korea Hydro Nuclear Power (KHNP). Samsung HI are one of the world’s largest shipyard owners and operators, and KHNP are the world’s 3rd largest nuclear power operator with 25 nuclear power plants worldwide and responsible for a third of South Korea’s power supply. The consortium covers the full value chain for CMSR Power Barges with each participant investing resources and financing to commission the world’s FOAK CMSR Power Barge. Additionally, the Consortium will invest in setting up large scale production of CMSR Power Barges to industrialize nuclear energy power and heat production targeting the industry’s lowest LCOE for baseload power production.
Another important milestone is the establishment of a robust fuel supply chain, especially following the switch to LEU fuel. In June 2023 Seaborg signed a Memorandum of Understanding with KEPCO Nuclear Fuels and GS E&C Corporation regarding fuel development and production. The long-term goal of the agreement is the establishment of a jointly owned company to develop, construct and operate a demonstration plant and subsequently a fuel production plant capable of producing and supplying fuel salt.
In terms of business development, Seaborg has identified target countries and is actively pursuing pipeline development across different geographies. The company has received strong inbound interest, indicating the market’s recognition of the potential of the CMSR technology. The primary product use cases have been identified, supporting a large market potential. Recent discussions and signings of Memorandums of Understanding (MOUs) in key markets across South East Asia and Europe further validate the commercial viability and demand for Seaborg’s innovative nuclear energy solution.
In 2020 Seaborg successfully tackled technology challenges by passing the American Bureau of Shipping (ABS) Feasibility gate for the HALEU CMSR and acquiring multiple intellectual property rights associated with its design.
In January 2023 Seaborg effectively addressed the global nuclear fuel market challenge by transitioning to a low-enriched uranium (LEU) fuel and employing an iterative design approach for the moderator and reactor re-work necessary.
At the start of 2023, Seaborg’s shipyard partner Samsung Heavy Industries received the Approval in Principal from ABS for the Power Barge design. Thereby completing the first stage in the approval process for the Power Barge.
To progress the product development and delivery, in April 2023 Seaborg signed a Commercial Consortium Agreement with existing partners Samsung Heavy Industries and Korea Hydro Nuclear Power (KHNP). Samsung HI are one of the world’s largest shipyard owners and operators, and KHNP are the world’s 3rd largest nuclear power operator with 25 nuclear power plants worldwide and responsible for a third of South Korea’s power supply. The consortium covers the full value chain for CMSR Power Barges with each participant investing resources and financing to commission the world’s FOAK CMSR Power Barge. Additionally, the Consortium will invest in setting up large scale production of CMSR Power Barges to industrialize nuclear energy power and heat production targeting the industry’s lowest LCOE for baseload power production.
Another important milestone is the establishment of a robust fuel supply chain, especially following the switch to LEU fuel. In June 2023 Seaborg signed a Memorandum of Understanding with KEPCO Nuclear Fuels and GS E&C Corporation regarding fuel development and production. The long-term goal of the agreement is the establishment of a jointly owned company to develop, construct and operate a demonstration plant and subsequently a fuel production plant capable of producing and supplying fuel salt.
In terms of business development, Seaborg has identified target countries and is actively pursuing pipeline development across different geographies. The company has received strong inbound interest, indicating the market’s recognition of the potential of the CMSR technology. The primary product use cases have been identified, supporting a large market potential. Recent discussions and signings of Memorandums of Understanding (MOUs) in key markets across South East Asia and Europe further validate the commercial viability and demand for Seaborg’s innovative nuclear energy solution.
Focus now remains on the research and development necessary for the material science to be proven for engineering and regulatory approval. The engineering development is focused on adjusting the design following the fuel change; testing and demonstration; and the integration of the CMSR within the Power Barge. These activities require significant resources, including experts and financing, where support is actively sought.
To be able to fully commercialise the Power Barge, the regulatory approval process must be developed and completed with a vision of standardising the process and creating an international supportive regulatory framework that enables current non-nuclear countries to benefit from the advantages of nuclear power.
To have an impact on the climate crisis, speed and scalability in commercialising the Power Barge is very important.
To be able to fully commercialise the Power Barge, the regulatory approval process must be developed and completed with a vision of standardising the process and creating an international supportive regulatory framework that enables current non-nuclear countries to benefit from the advantages of nuclear power.
To have an impact on the climate crisis, speed and scalability in commercialising the Power Barge is very important.