Atomic Show #333 – Kurt Terrani, CEO Standard Nuclear

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.

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 The fuel development segment of that program both preceded and superseded the larger AGR program.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.