Podcasts > Shawn Ryan Show > #211 Scott Nolan - CEO of General Matter on Uranium Enrichment

#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

By Shawn Ryan Show

In this episode of the Shawn Ryan Show, CEO Scott Nolan discusses the current state of nuclear energy in the United States and its potential for growth. He explains how nuclear power currently supplies 20% of the U.S. electrical grid through 94 reactors, while examining the industry's challenges and opportunities, including the remarkable energy density of nuclear fuel and the development of small, modular reactors.

The conversation covers the geopolitical implications of U.S. nuclear capabilities, noting that 87% of nuclear reactors worldwide use foreign designs. Nolan outlines recent government initiatives supporting the nuclear industry, including Department of Energy funding for domestic uranium enrichment and efforts to modernize regulations. The discussion explores how these developments could affect U.S. economic competitiveness and national security, particularly in power-intensive sectors like AI and advanced manufacturing.

#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

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#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

1-Page Summary

U.S. Nuclear Energy: Status and Future Potential

Scott Nolan discusses the current state and future prospects of nuclear energy in the United States, highlighting both challenges and opportunities for growth. Nuclear power currently provides 20% of the U.S. grid through 94 reactors, though growth has remained stagnant since the 1980s while countries like China continue expanding their nuclear capabilities.

Nuclear Industry Revival and Innovation

The nuclear industry is experiencing renewed interest due to its potential as a clean energy source. Nolan explains that modern nuclear reactors are significantly safer and more efficient than their predecessors, featuring closed-loop cooling systems and modular designs. He emphasizes nuclear fuel's remarkable energy density, noting that a single one-inch tall pellet contains as much energy as a ton of coal or 100 barrels of oil.

The industry is working to reduce costs through innovation and economies of scale. Nolan describes how small, modular reactors (SMRs) built in factories could significantly cut deployment time and expenses compared to traditional construction methods. These modular reactors, which could be as compact as shipping containers, offer scalability similar to solar panels.

Geopolitical Implications

Nolan warns that 87% of nuclear reactors worldwide are based on foreign designs, creating long-term dependency on international fuel contracts. He argues that restoring U.S. leadership in nuclear energy is crucial for both economic competitiveness and national security, particularly in emerging fields like AI and advanced manufacturing that require significant power resources.

Government Support and Regulation

The nuclear industry is receiving bipartisan support through various initiatives. Nolan discusses recent policy changes, including executive orders supporting the fuel supply chain and workforce development. The Department of Energy has allocated $2.7 billion for domestic enriched uranium production, and there are efforts to streamline regulations while maintaining safety standards. These initiatives, combined with private sector engagement, aim to accelerate the development and deployment of next-generation nuclear technologies.

1-Page Summary

Additional Materials

Clarifications

  • In modern nuclear reactors, closed-loop cooling systems are used to manage heat generated during the power generation process. These systems circulate water or another coolant within a closed loop, transferring heat away from the reactor core to produce steam for electricity generation. By keeping the cooling water separate from the external environment, closed-loop systems help maintain safety and prevent contamination. This design minimizes water usage and reduces the risk of environmental impact compared to open-loop cooling systems.
  • A nuclear fuel pellet's energy density comparison to coal or oil highlights the concentrated energy potential of nuclear fuel. Despite its small size, a single pellet can release a significant amount of energy due to the nuclear fission process it undergoes. This high energy density is a key advantage of nuclear power, enabling more energy production with less fuel compared to traditional fossil fuels like coal or oil.
  • Small modular reactors (SMRs) are nuclear reactors that are smaller in size compared to traditional nuclear plants, making them easier to manufacture in factories. Their compact design allows for easier transportation and installation, similar to how solar panels are deployed. SMRs offer scalability by enabling the addition of multiple units to meet varying energy demands, providing flexibility in power generation. This modular approach can potentially reduce costs and deployment time compared to larger, conventional nuclear reactors.
  • Long-term dependency on international fuel contracts arises when a country's nuclear reactors are designed by foreign entities, leading to reliance on those countries for the supply of nuclear fuel. This dependency can impact a nation's energy security and strategic autonomy, as it may be vulnerable to disruptions in the international fuel supply chain. Developing indigenous nuclear technology can help reduce this reliance and enhance a country's control over its energy resources.
  • Geopolitical implications of U.S. leadership in nuclear energy revolve around reducing dependency on foreign reactor designs and fuel sources, enhancing national security, and maintaining economic competitiveness in advanced technology sectors. Leadership in nuclear energy allows the U.S. to influence global nuclear standards, policies, and non-proliferation efforts. It also strengthens the country's position in international energy markets and strategic alliances. Additionally, it can support the development of domestic expertise, innovation, and job creation in the nuclear sector.
  • Executive orders supporting the fuel supply chain and workforce development are directives issued by the U.S. President to outline specific actions related to ensuring a stable fuel supply for nuclear energy and enhancing the skilled labor force in the industry. These orders can cover initiatives such as investing in domestic fuel production, improving infrastructure for transporting nuclear materials, and implementing training programs to cultivate a qualified workforce for the nuclear sector. The aim is to bolster the resilience and efficiency of the nuclear energy supply chain while also addressing the need for specialized talent in the field.
  • Streamlining regulations while maintaining safety standards for next-generation nuclear technologies involves simplifying and optimizing the regulatory processes without compromising safety protocols. This approach aims to make the approval and implementation of innovative nuclear technologies more efficient while ensuring that stringent safety measures are still in place. By striking a balance between regulatory efficiency and safety, the goal is to foster the development and deployment of advanced nuclear solutions in a timely manner. This process typically involves updating and modernizing regulatory frameworks to accommodate the unique characteristics and benefits of next-generation nuclear technologies.

Counterarguments

  • While modern nuclear reactors are indeed safer and more efficient, the disposal of nuclear waste remains a significant environmental and safety concern that has not been fully resolved.
  • The energy density of nuclear fuel is high, but the comparison with coal or oil does not account for the entire lifecycle of nuclear energy, which includes mining, processing, and waste management, all of which have environmental impacts.
  • SMRs promise reduced deployment time and costs, but they are still in the developmental phase, and their economic viability and safety profiles need to be proven at scale.
  • Scalability similar to solar panels may be overstated, as the regulatory, safety, and community acceptance challenges for nuclear power are generally greater than for solar power.
  • The focus on restoring U.S. leadership in nuclear energy may overlook the potential benefits of international collaboration in technology development, safety standards, and best practices.
  • Government support for the nuclear industry, while bipartisan, may still face public skepticism due to historical accidents and the aforementioned unresolved issue of nuclear waste.
  • Streamlining regulations could potentially compromise safety if not done carefully, as the nuclear industry is one where the consequences of failure can be catastrophic.
  • The emphasis on nuclear energy for economic competitiveness and national security might underplay the potential of renewable energy sources, which are becoming increasingly cost-competitive and also contribute to energy independence.

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#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

U.S. Nuclear Energy: Status and Future Potential

Scott Nolan, among others, discusses the current state of nuclear energy in the U.S., emphasizing its vital role in the power grid, and outlines the challenges and potential for reclaiming U.S. leadership in uranium enrichment.

Nuclear Energy Is 20% of the Us Grid, but Growth Has Stagnated

Nuclear power accounts for about 20% of the United States grid, with 94 reactors producing around 100 gigawatts of electricity. However, while China continues to expand its nuclear capabilities, growth in the U.S. has been stagnant since the 1980s. Scott Nolan reiterates that nuclear energy contributes just under 20% to the U.S. grid.

Nuclear Energy's Us Resurgence: Bipartisan Support Recognizes It As Clean, Reliable, Scalable

With the need for more baseload energy apparent, nuclear energy has garnered bipartisan support in the U.S. under both the current and previous administrations. There has been a push for advanced, safer, and more affordable reactors, leading to policies encouraging novel nuclear reactor designs and fuel production initiatives by the last administration in 2024 to address the reliance on foreign uranium sources.

The United States depends on foreign uranium enrichment, which poses economic and geopolitical risks. While the U.S. is capable of mining, converting, and fabricating some advanced forms of fuel pellets, the absence of a domestic uranium enrichment capability means it relies on foreign entities for this crucial step in the nuclear fuel cycle—predominantly state-backed operations mainly in Russia, but also France and a European consortium.

Once a leader in global uranium enrichment during the Cold War, the U.S. allowed its capacity to decline post-Cold War, decommissioning old facilities in favor of imports. Reactor companies now advocate for more enriched fuel at higher percentages to make reactors smaller and more energy-dense, expressing concerns about the high costs and dependency on foreign providers, notably Russia and China.

Policies Encouraging Advanced Nuclear Reactor Designs and Fuel Production

General Matter, founded by Scott Nolan, aims to reinstate U.S. leadership in uranium enrichment to secure a domestic nuclear fuel supply and support the ...

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U.S. Nuclear Energy: Status and Future Potential

Additional Materials

Counterarguments

  • While nuclear power contributes about 20% to the United States grid, this figure has remained static, and the sector's growth is not guaranteed due to high costs, long lead times for building new plants, and public concerns about safety and waste disposal.
  • The stagnation of growth in U.S. nuclear energy since the 1980s could be attributed to a variety of factors, including the rise of cheaper energy alternatives, such as natural gas and renewables, and not solely to regulatory or political challenges.
  • Bipartisan support for nuclear energy, while significant, may not translate into tangible progress without addressing the financial viability and community acceptance of new nuclear projects.
  • Encouraging advanced nuclear reactor designs and fuel production is positive, but these technologies are still largely in the developmental phase and may face unforeseen technical, regulatory, or market challenges.
  • The reliance on foreign uranium enrichment does pose risks, but it also allows for diversification of supply and potential cost savings from global market competition.
  • Securing a domestic nuclear fuel supply is important, but it must be balanced with environmental concerns and the interests of local communities where mining and enrichment would take place.
  • The ambition of General Matter to reinstate U.S. leadership in uranium enrichment must be weighed against the potential for market over-saturation and the need for international cooper ...

Actionables

  • You can support the growth of the nuclear industry by choosing energy providers that invest in nuclear power. Look into your local energy suppliers and select one that sources a significant portion of its electricity from nuclear power, thereby contributing to the demand for domestic nuclear energy production.
  • Consider investing in companies involved in the nuclear energy sector. Research stocks or mutual funds that include companies focusing on uranium mining, nuclear technology, or reactor construction, which could benefit from the shift towards domestic nuclear fuel supply and advanced reactor designs.
  • Educate yourself on n ...

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#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

Factors Driving US Nuclear Industry Revitalization

In the quest for a clean energy future and the reduction of carbon emissions, the US nuclear industry is experiencing a revitalization. Scott Nolan and others discuss the factors behind this resurgence, highlighting the safety, efficiency, and energy density of nuclear power as key drivers.

Nuclear Energy Is the Safest, Cleanest Baseload Power, Emitting No Carbon, Crucial For Decarbonizing the Us Grid

Nolan points out that nuclear power is the safest form of baseload power and emphasizes its role in decarbonizing the US grid. He argues that it is safer than coal, natural gas, wind, and solar, and that it is recognized as the cleanest and safest source of base load power that emits no carbon. Bipartisan support for nuclear energy is growing, with proponents acknowledging its safety, lack of emissions, and potential cost-effectiveness with new technologies.

Modern Nuclear Reactors: Safer, Efficient, Featuring Safe Cooling and Modular Design

Modern generation four nuclear reactors are described as safer and more efficient than their predecessors. Nolan highlights that these reactors feature closed-loop cooling systems that run through a heat exchanger and do not consume water like older designs. This design reduces environmental impact and increases safety. Furthermore, the incident at Three Mile Island is mentioned to underscore that such human errors can be prevented with today's advanced reactor designs.

Nuclear Fuel's Energy Density: Equivalent to a Ton of Coal or 100 Barrels of Oil

The high energy density of nuclear fuel is a significant factor in the industry’s revival. Nolan explains that a single one-inch tall pellet of conventional enriched uranium contains as much energy as a ton of coal or 100 barrels of oil. This ability to pack immense energy in small volumes makes nuclear power an attractive option for energy-intensive applications, such as powering large data centers and AI computing tasks.

Nuclear Powers Energy-Intensive Applications: Data Centers and AI Computing

Nolan discusses how the energy density of nuclear power makes it ideal for powering applications that demand large amounts of energy, such as AI clusters, data centers, and hyperscalers. With more data centers coming online requiring a gigawatt or more of electricity, advanced reactor designs may become a significant part of their energy solutions.

Revitalizing US Nuclear Industry Reduces Costs Via Economies of Scale and Innovation

There is a push to reduce the costs associated with nuclear power to make it the cheapest form of energy. Nolan mentions that innovation, such as more energy-dense fuel leading to smaller reactor cores and less frequent refueling, could bring down costs. Factory settings where reactors are built can also scale up production and drive costs down naturally.

Modular Factory-Built Nuclear Reactors Cut Costs and Deployment Time Compared To Traditional Methods

Nolan describes how modern ...

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Factors Driving US Nuclear Industry Revitalization

Additional Materials

Counterarguments

  • While nuclear power is considered safe, there are still concerns about the long-term storage of nuclear waste and the potential for catastrophic accidents.
  • The claim that nuclear power emits no carbon does not consider the full lifecycle of nuclear energy, which includes carbon emissions from mining, fuel processing, and construction of nuclear plants.
  • The safety of nuclear power is debated, with some pointing to past nuclear disasters as evidence that the risk, while low, is not negligible.
  • Generation four reactors are promising but are still largely theoretical and have not been proven on a commercial scale.
  • Closed-loop cooling systems are an improvement, but the thermal pollution and potential impact on local ecosystems remain a concern.
  • The high energy density of nuclear fuel is offset by the high costs of nuclear power plant construction, security, and decommissioning.
  • While nuclear power can support energy-intensive applications, the inflexibility of nuclear power plants in load following can be a disadvantage in modern grids with fluctuating renewable sources.
  • The reduction of costs through economies of scale and innovation is not guaranteed, as nuclear projects have historically been prone to delays and cost overruns.
  • Factory-built reactors may reduce some costs, but they also require new supply chains and quality assurance processes that could introduce new challenge ...

Actionables

  • You can support the nuclear industry by choosing energy providers that invest in nuclear power for your home or business. By opting for these providers, you contribute to the demand for nuclear energy, which can encourage further investment and development in the sector. For example, if you're selecting a new electricity plan, look for options that include nuclear energy in their portfolio and consider switching to a plan that supports its growth.
  • Encourage local policymakers to consider nuclear power in community energy plans by writing letters or attending town hall meetings. By voicing your support for nuclear energy, you can influence local energy strategies to include nuclear options. For instance, if your community is discussing future energy projects, submit a proposal or statement explaining the benefits of nuclear power as outlined in the podcast, emphasizing its safety, efficiency, and low environmental impact.
  • Invest in companies that are developing modern nuclear technologies, such as those working on small modular reactors, if you have the means to d ...

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#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

Geopolitical Implications of US Leadership in Nuclear Energy

Scott Nolan underscores the pivotal role of US leadership in nuclear energy on the global stage. He argues for the restoration of US dominance in nuclear energy as a means of enhancing economic and strategic influence.

Restoring US Nuclear Energy Dominance Boosts Economic and Strategic Influence

Nolan points out that a staggering 87% of nuclear reactors worldwide are based on foreign designs, which creates a long-term dependency on international fuel contracts. This situation places the US in a vulnerable position, as it may have to rely on adversaries for fuel and reactor exports.

US Nuclear Leadership Averts Reliance on Adversaries for Fuel and Reactor Exports

Nolan stresses the urgency for the US to develop its uranium enrichment capabilities, particularly with only Russia and China currently enriching uranium to the level required for new small modular reactors. By taking the lead in supplying reactors and fuel to allies, Nolan argues that the US can prevent these countries from becoming dependent on other nations, thereby securing their energy independence and resilience.

Nuclear Power Is Crucial for US Economic Competitiveness and Leadership, Especially in AI and Advanced Manufacturing

Nolan conveys that nuclear power not only serves as a clean and reliable energy source but is also instrumental to US economic competitiveness, particularly in domains like AI and advanced manufacturing that demand significant energy.

Failing to Invest in Nuclear Energy Risks Losing Technological and Economic Leadership, Weakening US National Security and Global Influence

He warns that without adequate investment in nuclear energy, the US may forfeit its technological edge and economic leadership, thus impairing national security and diminishing its global influence. Nolan alludes to the need for the US to potentially quadruple nuclear production and overhaul the grid to keep pace with competitors like China.

US-built Nuclear Reactors and Fuel Supply Enhance Energ ...

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Geopolitical Implications of US Leadership in Nuclear Energy

Additional Materials

Counterarguments

  • Nuclear energy, while clean during operation, presents challenges in waste management and potential risks of accidents or nuclear proliferation.
  • Diversification of energy sources, including renewables like solar and wind, can also contribute to energy independence and resilience, reducing the need for a singular focus on nuclear energy.
  • The high initial costs and long construction times for nuclear reactors may not align with the urgent need to transition to low-carbon energy sources to combat climate change.
  • The global market for nuclear reactors is competitive, and other countries may offer more cost-effective or technologically advanced options, making it difficult for the US to regain dominance.
  • The emphasis on US leadership in nuclear energy may overlook the importance of international collaboration in addressing global challenges such as climate change and energy security.
  • Advancements in energy storage technologies could make intermittent renewable energy sources more reliable, potentially reducing the need for nuclear energy as a base-load power source.
  • The development of small modular reactors (SMRs) is still in the early stages, and their economic viability and safety profiles need to be proven before large-scale deployment.
  • The foc ...

Actionables

  • You can support the growth of the nuclear energy sector by choosing energy providers that invest in nuclear technology. By opting for companies that prioritize nuclear energy, you contribute to the demand for a more robust nuclear infrastructure, which can lead to increased economic and strategic influence for the US.
  • Encourage local educational institutions to include nuclear science and policy in their curricula. Reach out to school boards or university departments to suggest the addition of courses that cover nuclear energy, its importance for national security, and its role in future technologies. This can help foster a knowledgeable workforce that supports domestic uranium enrichment and nuclear technology development.
  • Invest in companies developing closed-loop cooling systems or other n ...

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#211 Scott Nolan - CEO of General Matter on Uranium Enrichment

Government Policies and Regulations Supporting Nuclear Growth

Bipartisan Policies Aim to Accelerate Advanced Nuclear Deployment and Secure Domestic Fuel Production

Nolan discusses U.S. policymaking efforts to advance nuclear power development, including removing superfluous regulations and prompting industrial and economic activity onshore. He describes the ongoing work with DOE programs initiated by the last administration, as well as the current administration's continued efforts to expedite the development of nuclear energy. This suggests a bipartisan push to overcome industry barriers and to potentially modernize the national grid to support new nuclear output.

Reforming Nuclear Energy Regulations to Emphasize Neutrality and Full Benefits Beyond Safety Is Crucial for Industry Revival

Nolan highlights the need to reduce regulatory hurdles that decelerate the U.S. nuclear industry and emphasizes securing domestic capabilities. He cites the enactment of four executive orders that support the fuel supply chain and workforce in the nuclear industry. One executive order particularly urges the Nuclear Regulatory Commission (NRC) to move from a restrictive, safety-focused stance to one that takes a more balanced view of modern technology and the broader benefits of nuclear energy.

Government Backing and Investment in Research, Development, and Demonstration of Next-Gen Nuclear Technologies Spurs Private-Sector Innovation and Commercialization

Nolan mentions Scott Nolan's company, which, as a startup among state-backed entities, received a share of $2.7 billion in DOE funds to produce enriched uranium. This is part of government efforts to support the nuclear industry's growth and to ensure the United States has the domestic capabilities it needs.

A call was made for the DOE to offer its land for the testing of new reactors as part of research and development, a move that provides alternative spaces for companies to demonstrate their technologies. Also, the Defense Department was tasked with the establishment of capabilities to deploy its own reactors to achieve energy resilience at its bases.

Such government initiatives, along with private-sector engagement, ...

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Government Policies and Regulations Supporting Nuclear Growth

Additional Materials

Counterarguments

  • While bipartisan policies may aim to accelerate nuclear deployment, there can be concerns about whether the pace of regulatory reform and technological development can match the urgency of climate change and energy needs.
  • Emphasizing benefits beyond safety in nuclear energy regulations could potentially undermine the paramount importance of safety in an industry where accidents can have catastrophic consequences.
  • Government backing and investment in nuclear technology are positive, but there may be concerns about the allocation of funds and whether they are being directed towards the most promising and sustainable technologies.
  • Offering DOE land for testing new reactors could be seen as a beneficial use of resources, but it also raises questions about environmental impacts and the long-term stewardship of these lands.
  • The Defense Department's move to deploy its own reactors may raise concerns about the militarization of nuclear technology and the implications for international security.
  • Streamlining regulatory approvals might reduce costs and deployment timelines, but it could also lead to a relaxation of standards that are critical for ensuring the safety and security of nuclear facilities.
  • Venture capital investment in nuclear technology is crucial, but it may also lead to prioritizin ...

Actionables

  • You can support nuclear innovation by choosing energy providers that invest in or use nuclear technology, thereby directly influencing market demand for clean energy. When selecting your energy provider, research their energy sources and prioritize those that include nuclear power in their portfolio. This consumer choice signals to the market that there is a demand for nuclear energy, which can encourage further investment and development in the sector.
  • Consider investing in clean energy mutual funds or ETFs that include nuclear technology companies to financially back the industry's growth. By allocating a portion of your investment portfolio to funds that support nuclear energy, you contribute to the capital needed for research and development of new nuclear technologies. This is a way to participate in the financial ecosystem that drives innovation without needing to be an expert investor or having a large amount of capital.
  • Advocate for nuclear energy by writing ...

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