A small modular reactor (SMR) project achieved a major regulatory milestone in the U.S. last week. The Tennessee Valley Authority (TVA) announced that the Nuclear Regulatory Commission (NRC) has issued a construction permit for its first SMR project. The reactor is a BWRX-300 boiling water design developed by GE Vernova (GEV) and Hitachi (6501.T).
Key Takeaways
- The TVA received the country’s first construction permit for a BWRX-300, and the NRC completed the review in 14 months.
- The GEV and Hitachi joint venture is now leading two major SMR projects in the U.S. and Canada.
- Companies such as BWX Technologies (BWXT) illustrate how the opportunity extends into equipment manufacturing for nuclear projects.
Construction Permit Approval Moves Clinch River Project Forward
The TVA’s newly approved construction permit allows the utility to commence construction of a 300 megawatt (MW) boiling water reactor. The 300 MW BWRX-300 will be Clinch River Unit 1, located at the Clinch River site in Tennessee.
The NRC approved the construction permit just 14 months after TVA submitted the application in April 2025. The approval not only grants the permit, but also delivers it four months ahead of the federal regulator’s previously quoted 18-month timeline.
The speed of the construction permit review is particularly impressive in the context of the typical timelines prior to the latest rule changes at the NRC. As recently as 2025, the estimated timeline for assessing a construction permit for a new reactor was 36 months.
See more: OPG’s Darlington Project Proves the SMR Modular Thesis for Investors
GE Vernova and Hitachi Building Repeatable Deployment Models
GE Vernova (GEV) and Hitachi (6501.T) work through the joint venture GE Vernova Hitachi (GVH) to design and market the BWRX-300. Their design builds on the significant history of boiling water reactor technology, focusing on simplified plant construction and standardized configurations.
While the Clinch River project is the first-of-a-kind deployment of the SMR design in the U.S., there is currently a BWRX-300 being built in Canada. Ontario Power Generation is deploying the SMR design at their Darlington site with intentions to build four total units.
Multiple consortiums of companies are now working in several countries to advance this reactor design. This will lead to more repeatable engineering work and construction experience. Teams are already learning from the initial stages of the project in Canada, while deepening their expertise through working with U.S. regulators.
See more: Regulatory Breakthroughs Unlocked for U.S. Nuclear
Where to Invest? Consider the Manufacturing and Supply Chain
BWX Technologies (BWXT) provides a perfect example for some of the manufacturing work occurring alongside nuclear projects like the BWRX-300 deployments. GVH awarded BWXT a contract for manufacturing the vessel that goes around the reactor core for the BWRX-300s at the Darlington site in Canada.
BWXT was also named in the TVA-led coalition supporting deployment of the same reactor design at Clinch River. Portfolios including investments in companies that supply some of the major manufacturing and fabrication services for the construction of these new reactor projects can help balance the risk of investing directly in pre-revenue reactor developers.
Companies that are involved in the research and development of advanced nuclear technology, such as GE Vernova and Hitachi, are included in the VettaFi Nuclear Renaissance Index (NUKZX). The diversified index also includes companies involved in the manufacturing of components for reactor plants, such as BWX Technologies (BWXT) and Mirion Technologies (MIR).
NUKZX serves as the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ ).
Related Research:
Regulatory Breakthroughs Unlocked for U.S. Nuclear
DOE’s $17.5B Loan Boosts Nuclear Supply Chain
OPG’s Darlington Project Proves the SMR Modular Thesis for Investors
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