New York’s nuclear revival has kicked off with a bold step: In June, Governor Kathy Hochul ordered the creation of a gigawatt-scale nuclear plant. Who exactly will work on the plant remains to be seen, but the state is home to several nuclear innovators, including NANO Nuclear Energy Inc.
The move toward nuclear energy is in keeping with New York’s long-term green-energy goals. However, to anyone familiar with the state’s recent energy history, it may come as a surprise. A few short years ago, in 2021, New York shut down Indian Point, a 2,000-megawatt nuclear energy plant on the Hudson River.
The state’s nuclear U-turn may have been unexpected, but given its skyrocketing demand for power and its goal of a zero-carbon future, it was a logical choice. And for advanced nuclear innovators like NANO, it presents an exciting opportunity.
Jay Yu, NANO’s President and Executive Chairman, wasn’t the first person to develop a small modular reactor. However, he and his team have created an ultra-safe design that might transform the future of nuclear power.
“We realized that no one has a prototype for a micro reactor. Micro reactors are even smaller than these SMRs. They’re tiny. Thus, NANO was born. What we want to do is create a completely modular reactor in a factory, which can be mass produced along a production line to achieve economies of scale to reduce the cost of their power, and deliver them to site for assembly almost like a lego set.”
Given that political pressure and fear of nuclear power were two of the primary reasons Indian Point was shut down, New York is likely to face an uphill battle for nuclear acceptance.
“When people think of nuclear themselves — just the average person when they hear the word ‘nuclear’ — they think of the big nuclear reactors and mushroom clouds and toxic waste,” says Yu. “Then you think of all this bad stuff like Fukushima, right? Radiation. But when I started digging into it, and you look at the numbers, nuclear is the safest energy.”
“If you look at deaths per gigawatt generated, nuclear even now beats wind and solar for safety,” he continues.
Yu’s early research led him to start NANO based on what was essentially an educated guess, and he got to work recruiting some of the top minds in nuclear power.
“I said, ‘Take this leap of faith with me. I’ve been a good predictor of the future,’” he recalls. “That’s how you make money — you try to predict the future, and you try to solve problems in that future.”
Some scientists were easier to convince than others. Yu talks about recruiting a skeptical nuclear physicist who had left the field because there wasn’t any money in it.
“I said, ‘I think there’s going to be a nuclear revolution and a nuclear renaissance happening just because of these new technologies that are coming up,’” Yu says. “I rounded up some of the top scientists in the world and nuclear diplomats and national lab leaders. I rounded up what I call the ‘Ocean’s 11 of nuclear.’”
Whether NANO’s reactors become part of the new plant or not, its microreactors will likely play a role in the state’s nuclear-powered future. There’s a lot at stake: New York’s Climate Act requires a 40% reduction in greenhouse gas emissions (from 1990 levels) by 2030.
The demand for energy continues to rise, and Hochul has warned that future energy shortages might lead to rolling blackouts.
While New York’s nuclear plan is still in its infancy, it signals a critical shift. Nuclear power is solidly in the mainstream. Widespread use of electric vehicles, power demands from expanding data centers, and the ever-increasing strain on the power grid have made it clear that it’s time for a change, and New York-based innovators like NANO are ready to deliver.