Going Nuclear with Justin Huhn and Trevor Hall

Trevor Hall and Justin Huhn kick off this episode of Going Nuclear by analyzing how the ongoing conflict in the Middle East has accelerated a "snowballing" global theme of sovereign energy security. The hosts discuss the current market conditions and the strategic importance of long-term uranium contracting, specifically highlighting India’s recent massive procurement of nearly 50 million pounds. They also examine Germany’s public expressions of regret regarding its shuttered nuclear fleet while noting positive regulatory momentum for life extensions at California's Diablo Canyon. The conversation then shifts to the frontier of nuclear technology with Sam Gibson, CEO of Hadron Energy, who is developing a 10-megawatt micro-reactor small enough to fit in a shipping container. Gibson details how his company leverages 70 years of light water reactor history to create factory-fabricated units that can be transported by semi-truck and are currently leading the way in NRC licensing. He explains that while remote communities and military bases offer vital use cases, data centers are the fastest-moving early adopters currently driving the company's multiple gigawatts of potential demand. Finally, the episode explores Hadron's transition to the public markets through a strategic merger, positioning the company to own and operate the resilient, carbon-free energy infrastructure of the 2030s.

In this episode of Going Nuclear, Andrew Weekley of Smith Weekly Research joins the program to discuss the necessity of adaptation and capital preservation amidst heightening global volatility and geopolitical friction. Weekley details his current defensive posture of keeping "one foot out" of the market by maintaining high cash reserves, citing concerns over broad market manipulation and the impending risk of a significant correction. The conversation explores the structural challenges facing the uranium industry, specifically the severe lack of technical expertise and the logistical hurdles likely to delay anticipated greenfield production restarts. Finally, the episode highlights the importance of identifying company-specific value creators and explains why the team remains cautiously optimistic about the long-term outcomes for uranium, gold, and silver despite near-term market "chop".

Jake Jurewicz, co-founder and CEO of Blue Energy, leads a company applying offshore prefabrication and financing techniques to make small modular nuclear plants bankable. He discusses prefab modules, balance-of-plant resequencing that starts with gas, modular contract structures to secure debt, site siting constraints for barged modules, and partnerships to unlock turbines and offtake.

Steffan Szumowski, a 16-year US Nuclear Navy veteran and author of "The Nuclear Review," joins the show to discuss the accelerating momentum of the domestic nuclear industry under the current administration. The conversation covers the Department of Energy's ambitious "breakneck" push to have three new reactors attain criticality by July 4, 2026, supported by new pilot programs for both reactors and fuel. Szumowski explains the strategic effort to onshore the supply chain by awarding $900 million contracts to companies like Centris and Orano to build domestic enrichment capacity and eliminate reliance on Russian supply. The guests explore how the massive power needs of AI data centers are driving "hyperscaler" deals with advanced reactor companies like Oklo and TerraPower, even as debate continues over the future of large-scale AP1000 deployments. Szumowski shares insights from his experience operating submarine reactors and highlights why real engineering progress is the only way to win the race among 126 different small modular reactor designs.Support for this podcast and all of Clear Commodity Network comes from TerraHutton.

The hosts dive into the uranium market, dissecting Cameco's recent quarterly results and the impacts of market corrections. They explore how uranium equities currently outperform commodities amid shifting investor sentiment. A major $80B partnership involving Cameco highlights strategic government alliances. The discussion also covers regulatory hurdles for new reactors and the intriguing hype surrounding small modular reactors, assessing which designs might actually succeed in the market.

Dr. Benjamin Reinke, VP of Global Business Development at X‑Energy, leads commercial deployment of the Xe‑100 TRISO‑fuel reactor. He discusses industrial steam for heavy industry, the landmark Dow partnership, Amazon’s multi‑gigawatt investment and offtake, UK plans with Centrica, and the pivot from order books to delivering projects and scaling fuel and supply chains.

In the first half of the show, Trevor and Justin dive into the latest developments in the uranium market. Fresh off a trip to the World Nuclear Association's 50th-anniversary conference in London, Justin shares his key takeaways from the event, which saw record attendance and overwhelmingly positive sentiment from producers, utilities, and banks alike. Both discuss how the market focus has shifted decisively back to uranium after years of concentrating on conversion and enrichment services. They break down the recent surge in the uranium spot price.For the second segment, Trevor and Justin are joined by a special guest, Pat O'Brien, Director of Government Affairs at Holtec. Pat gives an inside look at Holtec's groundbreaking project to restart the Palisades nuclear power plant in Michigan, which is poised to be the first US nuclear plant ever to be brought back online after a permanent shutdown. The restart project is on track to be completed "on time and under budget" thanks to a combination of private funding, $300 million in state grants, and a $1.52 billion loan from the Department of Energy.

Explore the intriguing world of uranium contracts and market dynamics. The hosts reveal how utilities are strategizing amidst fluctuating prices. Discover the urgency of nuclear energy driven by rising electricity demand and pilot program approvals. AI's energy needs raise sustainability questions, intensifying the call for uranium. Delve into the unique approaches of international players and the shifts towards a seller's market, showing how these factors will shape the future of the nuclear energy landscape.

Trevor Hall and Justin Huhn discuss the explore the recent developments in the spot uranium market, including significant financial movements by the Sprott Physical Uranium Trust, and the implications for uranium prices and equities. The conversation also touches on the expected utility demand and seasonal trends, as well as the increasing interest from tech companies in the nuclear sector, highlighting Nvidia's investment in small modular reactors.

In this episode, Trevor and Justin discuss the recent executive orders aimed at expanding nuclear energy in the U.S., including plans for new reactors and regulatory reforms. They analyze market reactions to these developments, investor sentiment, and the implications for uranium stocks. The episode also features an interview with Rebecca Tuhus-Dubrow, author of the new book titled "Atomic Dreams: The New Nuclear Evangelists and the Fight for the Future of Energy". Justin and Rebecca discuss the evolving landscape of nuclear energy, particularly focusing on the Diablo Canyon plant in California. They explore community perspectives, shifting sentiments within the environmental movement, and the case for nuclear energy beyond climate concerns. The conversation also touches on the future of energy demand, challenges facing Diablo Canyon, and the potential of advanced nuclear technologies.