關於SMRs

To gain exposure to the nuclear energy sector, particularly small modular reactors (SMRs), with limited funds left available, you’ll want to focus primarily on publicly traded companies that are leading in SMR development or have significant involvement in nuclear energy. Below, I’ve compiled a list of five companies that are prominent in the nuclear energy space, with an emphasis on SMRs, based on their market presence, technological advancements, and investor interest. These are not investment recommendations but rather starting points for your due diligence (DD), as you requested. I’ve prioritized companies that are accessible to retail investors through public markets and have clear ties to SMRs or nuclear energy.

### Key Considerations:
- **Market Trends**: The nuclear energy sector, especially SMRs, is gaining traction due to increasing energy demands from AI data centers, decarbonization goals, and government support. The global SMR market was valued at $9.88 billion in 2023 and is projected to grow at a 3.6% CAGR through 2032.[](https://c3newsmag.com/five-of-the-worlds-leading-small-modular-reactor-companies/)

( CARG: Compound Annual Growth Rate.)

- **Risk+ **Risks**: Nuclear energy stocks, particularly in SMRs, can be volatile due to regulatory hurdles, high capital costs, and public perception challenges. Smaller companies like startups may carry higher risk but offer growth potential.

- **Your Portfolio**: Since you’ve invested in AI-focused stocks (NVDA, PLTR, TSLA), SMR stocks can diversify your exposure to clean energy, which complements AI’s energy demands.

- **Budget**: With limited funds, I’ve included a mix of established players and smaller, high-potential companies to balance risk and accessibility.

### Top 5 Nuclear Energy/SMR Companies for Your Consideration:

1. **NuScale Power Corporation (Ticker: SMR)**  
   - **Why**: NuScale is a leading U.S.-based company specializing in SMRs. Its NuScale Power Module (NPM), a 77 MWe scalable reactor, is the first SMR to receive U.S. Nuclear Regulatory Commission (NRC) design approval, positioning it for near-term deployment. NuScale has partnerships with the U.S. Department of Energy and global energy firms, and its stock has surged nearly 500% in 2024 due to AI-driven energy demand.[](https://www.nuscalepower.com/)[](https://www.economies.com/stocks/united-states-analysis/nuclear-reactor-companies-leading-the-charge-to-power-ai:-top-5-stocks-to-invest-in-today-113571)

   - **Focus**: Pure-play SMR technology for power generation, data centers, and industrial applications.
   - **Market Cap**: ~$5 billion (as of recent data).
   - **Investment Angle**: Ideal for growth-oriented investors seeking a leader in SMR commercialization. Its modularity reduces costs and construction timelines compared to traditional reactors.[](https://www.energyandcapital.com/smr-stocks/)

   - **Risk**: As a relatively new public company (IPO in 2022), it faces regulatory ( 這個已經解決了）  and execution risks.

 

2. **BWX Technologies, Inc. (Ticker: BWXT)**  
   - **Why**: BWXT is a well-established nuclear technology company involved in SMRs, nuclear components, and services for commercial and government clients. It’s building the first U.S. advanced nuclear microreactor (Project Pele) for the Department of Defense, with delivery expected in 2026. Its diversified revenue streams (14% revenue growth in Q3 2024) make it a safer bet.[](https://c3newsmag.com/five-of-the-worlds-leading-small-modular-reactor-companies/)[](https://www.forbes.com/sites/investor-hub/article/best-nuclear-energy-stocks-to-buy-2025/)

   - **Focus**: SMRs, nuclear services, and naval nuclear propulsion.
   - **Market Cap**: ~$12 billion.
   - **Investment Angle**: Offers stability with exposure to SMRs and government contracts. Analysts view it as a “safe bet” with legacy revenue.[](https://money.usnews.com/investing/articles/best-nuclear-energy-stocks-and-etfs-to-buy-now)

   - **Risk**: Less of a pure SMR play compared to NuScale, which may dilute focus for SMR-specific investors.

3. **Oklo Inc. (Ticker: OKLO)**  
   - **Why**: Oklo is a fast-growing startup developing advanced fission SMRs for clean energy, backed by OpenAI’s Sam Altman (chairman)，

(編注： Sam Altman stepped down from his position as chairman of Oklo Inc. on April 22, 2025. His departure was announced by Oklo in a statement, according to various news sources. Jacob DeWitte, Oklo's CEO and co-founder, will take over as chairman）

 

 and tech giants like Amazon and Google. （2025-05: 這些都是可撤銷可變的， OKLO還沒有REVENUE）。 Its stock surged 140% in October 2024 after securing deals for 2,100 MW with data center operators. Its designs emphasize safety and scalability for AI-driven energy needs.[](https://www.economies.com/stocks/united-states-analysis/nuclear-reactor-companies-leading-the-charge-to-power-ai:-top-5-stocks-to-invest-in-today-113571)[](https://bisresearch.com/insights/Top-10-startups-revolutionizing-data-center-energy-with-small-modular-reactors)

   - **Focus**: Next-generation SMRs for data centers and industrial applications.
   - **Market Cap**: ~$2 billion.
   - **Investment Angle**: High-growth potential for speculative investors, especially given tech sector backing. Aligns with your AI investments (e.g., PLTR’s tech focus).
   - **Risk**: Early-stage company with no commercial reactors yet, making it riskier. Regulatory and fuel supply challenges persist.[](https://www.businessinsider.com/small-modular-reactor-venture-capital-ai-data-centers-2025-3)

 

4. **GE Vernova Inc. (Ticker: GEV)**  
   - **Why**: Spun off from General Electric in 2024, GE Vernova is a major player in nuclear energy through its GE Hitachi Nuclear Energy division. It develops the BWRX-300 SMR, which offers cost and size advantages and is slated for deployment in the U.S. and Canada by 2029. GE Vernova’s global reach and 6,600+ patents add credibility.[](https://www.forbes.com/sites/investor-hub/article/best-nuclear-energy-stocks-to-buy-2025/)[](https://bisresearch.com/insights/Top-10-startups-revolutionizing-data-center-energy-with-small-modular-reactors)

   - **Focus**: SMRs, nuclear services, and broader clean energy solutions (wind, gas, etc.).
   - **Market Cap**: ~$80 billion.
trs   - **Investment Angle**: A large-cap option for conservative investors wanting SMR exposure alongside diversified energy revenue. Less volatile than pure SMR plays.
   - **Risk**: SMRs are a smaller part of its portfolio, so growth may be less tied to nuclear compared to NuScale or Oklo.

5. **Cameco Corporation (Ticker: CCJ)**  
   - **Why**: Cameco is one of the world’s largest uranium producers,（但不是最大的ENRICHED URANIUM producer， 需要更多DD） supplying fuel for nuclear reactors, including SMRs. While not an SMR developer, its role in the nuclear fuel cycle makes it a critical enabler. Uranium demand is rising with nuclear’s revival, and Cameco operates major mines in Canada and Kazakhstan.[](https://www.ig.com/en/trading-strategies/best-nuclear-energy-stocks-to-watch-250310) （ 體量最大核能公司，戰線最長，從MINING到ENERGY輸出， 相對不是很LEAN， CEO背景見先前文章）

   - **Focus**: Uranium mining and fuel supply for nuclear reactors.
   - **Market Cap**: ~$22 billion.
   - **Investment Angle**: A stable, indirect play on nuclear energy growth, especially if uranium prices rise (recently at 18-month lows but with long-term potential). Suitable for diversification.[](https://www.ans.org/news/article-5451/investment-opportunities-for-nuclear-energy/)

   - **Risk**: Exposed to commodity price volatility and less direct SMR exposure.

### Additional Option (if Budget Allows):
6. **NANO Nuclear Energy Inc. (Ticker: NNE)**  
   - **Why**: NANO Nuclear is a smaller, speculative player developing portable microreactors (ZEUS and ODIN) for remote and space applications. Its stock rose 85% in a month in 2024, driven by AI energy hype. It’s collaborating with the University of Illinois for NRC pre-application.[](https://finance.yahoo.com/news/nuclear-energy-stocks-hot-heres-190059591.html)[](https://nanonuclearenergy.com/)

   - **Focus**: Micro-SMRs and advanced nuclear fuel transportation.
   - **Market Cap**: ~$1 billion.
   - **Investment Angle**: High-risk, high-reward for aggressive investors. Its microreactor focus is niche but aligns with future energy needs (e.g., space, remote sites).
   - **Risk**: Very early stage with no operational reactors, making it the riskiest on this list.

### Top 3 SMR-Specific Picks:
If you want to focus strictly on the top three SMR players (as you mentioned “one of each of the top 3”), I recommend:
1. **NuScale Power (SMR)**: Leader in commercial-ready SMRs with NRC approval.
2. **Oklo (OKLO)**: High-growth startup with tech backing and AI data center focus.
3. **BWX Technologies (BWXT)**: Established player with SMR projects and stable revenue.

### Recommendations for Your DD:
- **Financials**: Check each company’s revenue, debt, and cash flow. NuScale and Oklo are pre-revenue, so focus on their funding (e.g., Oklo’s $700M raise in 2025). BWXT and GE Vernova offer stronger balance sheets.[](https://bisresearch.com/insights/Top-10-startups-revolutionizing-data-center-energy-with-small-modular-reactors)[](https://www.forbes.com/sites/investor-hub/article/best-nuclear-energy-stocks-to-buy-2025/)

- **Catalysts**: Look for regulatory approvals (e.g., NRC for NuScale), new contracts (e.g., Oklo’s 750 MW deal), or uranium supply developments for Cameco.[](https://www.reuters.com/business/energy/smr-firms-race-build-nuclear-fuel-supply-chain-2025-03-31/)

- **Risks**: Assess regulatory delays, public opposition, and fuel supply chain issues (e.g., HALEU shortages in the U.S.).[](https://www.businessinsider.com/small-modular-reactor-venture-capital-ai-data-centers-2025-3)

- **Allocation**: With limited funds, consider allocating 40% to a stable pick Hawkins (40% to a stable pick like BWXT or GE Vernova), 40% to a growth pick (NuScale or Oklo), and 20% to a uranium play (Cameco) to balance risk.
- **Resources**: Use platforms like Yahoo Finance, Seeking Alpha, or Motley Fool for stock analysis. Follow X posts from accounts like @StockSavvyShay or @Speculator_io for sentiment but verify claims.

### Final Notes:
- **Brokerage**: Ensure your brokerage (e.g., Robinhood, Fidelity) offers these stocks. All are listed on NYSE/NASDAQ, so they’re widely available.
- **Horizon**: SMRs are a long-term play (2030+ for most commercial deployments), so align with your investment timeline.[](https://www.businessinsider.com/small-modular-reactor-venture-capital-ai-data-centers-2025-3)
- **Tax Implications**: Consult a tax advisor for capital gains tax on potential profits, especially if trading frequently.

This list gives you a mix of SMR innovators, established nuclear players, and uranium exposure. Start your DD with NuScale, Oklo, and BWXT for SMR focus, and expand to GE Vernova and Cameco if funds allow. Let me know if you need help analyzing specific financials or news for these companies!

[NewLeaf2021]

To provide a more precise answer on the percentage of Ontario Power Generation’s (OPG) budget allocated to building and expanding in the small modular reactors (SMRs) sector, I’ve reviewed the available data and searched for additional financial information. Below is an updated response based on the most relevant and recent sources.

### Key Financial Data on OPG’s SMR Investment
- **Darlington New Nuclear Project (SMRs)**: OPG is constructing four SMRs at the Darlington site, with a total estimated cost of **$20.9 billion**. The first reactor’s construction cost is **$7.7 billion**, which includes **$1.6 billion** for shared infrastructure across all four units.[](https://www.opg.com/projects-services/projects/nuclear/smr/darlington-smr/)[](https://www.cbc.ca/news/canada/toronto/small-modular-reactor-nuclear-power-ontario-construction-1.7529338)
- **Timeline**: The first SMR is expected to be completed by 2028 and operational by 2029, with the remaining three units coming online in the mid-2030s.[](https://www.opg.com/releases/opgs-smrs-will-generate-jobs-and-lasting-economic-benefits-for-ontario/)
- **Funding**: The project is financed through OPG’s cash reserves and debt, with costs recovered over time via ratepayer charges. The Canada Infrastructure Bank (CIB) has committed **$970 million** for Phase 1 (pre-construction activities like design, site preparation, and procurement).[](https://www.newswire.ca/news-releases/cib-commits-970-million-towards-canada-s-first-small-modular-reactor-888306153.html)[](https://www.cbc.ca/news/canada/toronto/small-modular-reactor-nuclear-power-ontario-construction-1.7529338)

### OPG’s Broader Budget Context
While OPG’s total annual or multi-year budget isn’t fully detailed in the sources, we can piece together some context:
- **Other Major Projects**:
- **Darlington Refurbishment**: A **$12.8 billion** project to refurbish four existing nuclear units.[](https://www.opg.com/projects-services/projects/nuclear/smr/darlington-smr/)
- **Pickering Refurbishment**: OPG is exploring refurbishing units at Pickering, but specific costs are not provided.[](https://www.cbc.ca/amp/1.6899969)
- **Hydroelectric and Other Investments**: OPG operates over 200 hydroelectric facilities and is investing in energy storage (e.g., pumped hydro, batteries, hydrogen) and green hydrogen production via its subsidiary, Atura Power. No specific budget figures for these are available.[](https://www.opg.com/)
- **2024 Financial Snapshot**: OPG’s 2024 financial results (mentioned in general terms) highlight “strong progress” on nuclear and hydroelectric refurbishments and SMRs, but exact total capital expenditure isn’t specified.[](https://www.opg.com/)
- **Revenue and Operations**: OPG is one of North America’s largest clean power generators, wholly owned by the Province of Ontario, with significant revenue from nuclear (60% of Ontario’s electricity) and hydroelectric operations. Its 2024 financials suggest robust cash flow to support large projects, but precise annual budgets are not public in the provided data.[](https://www.opg.com/)[](https://www.ontario.ca/page/small-modular-reactors)

### Estimating the SMR Allocation Percentage
To estimate the percentage of OPG’s budget allocated to SMRs, we need to approximate OPG’s total capital expenditure over the relevant period (e.g., the next 10–15 years, aligning with the SMR project timeline). Since exact figures are unavailable, I’ll use the known project costs and reasonable assumptions:

1. **Known Major Project Costs**:
- SMRs: **$20.9 billion** (Darlington New Nuclear Project).
- Darlington Refurbishment: **$12.8 billion**.
- Total for these two projects: **$33.7 billion**.

2. **Assumptions for Other Expenditures**:
- Pickering refurbishment, hydroelectric upgrades, and other initiatives (e.g., energy storage, green hydrogen) likely add significant costs. For estimation, let’s assume these could range from **$10–20 billion** over the same period, based on the scale of OPG’s operations and typical infrastructure costs.
- Thus, a rough total capital budget for OPG’s major projects over the next decade might be **$43.7–53.7 billion**.

3. **SMR Percentage Calculation**:
- SMRs ($20.9 billion) ÷ Total Budget ($43.7–53.7 billion) = **39%–48%**.
- If we account for OPG’s operational budget (e.g., maintenance, salaries, smaller projects), the total budget could be higher, reducing the SMR percentage. For instance, if OPG’s total expenditure (capital + operational) is closer to **$60–70 billion** over this period, the SMR allocation would be **30%–35%**.

### Limitations and Notes
- **Data Gaps**: OPG’s complete financial statements (e.g., annual capital and operational budgets) are not publicly detailed in the sources. The percentage range (30%–48%) is an estimate based on known project costs and assumptions about other expenditures.
- **Timeframe**: The SMR project spans over a decade, so the percentage reflects capital allocation over this period, not a single year’s budget.
- **Funding Structure**: The CIB’s $970 million and OPG’s debt financing reduce immediate cash flow strain, but the full $20.9 billion is still part of OPG’s long-term commitment.[](https://www.newswire.ca/news-releases/cib-commits-970-million-towards-canada-s-first-small-modular-reactor-888306153.html)

### Conclusion
OPG is likely allocating approximately **30%–48%** of its major project budget (or a slightly lower percentage of its total budget, including operations) to the SMR sector, with the Darlington New Nuclear Project costing $20.9 billion out of an estimated $43.7–70 billion total expenditure over the next decade. For a more precise figure, OPG’s detailed financial reports (e.g., 2024 or 2025 annual reports) would be needed, which are not available in the current data.

If you’d like me to dig deeper into specific financial reports (e.g., via OPG’s investor relations or public filings) or clarify another aspect of the SMR project, let me know[](https://www.opg.com/)

[NewLeaf2021]

Ontario Power Generation (OPG) is investing significantly in small modular reactors (SMRs), but exact percentage allocations of its total budget to SMRs are not explicitly detailed in available sources. However, I can provide context based on the information available.

OPG is undertaking the**Darlington New Nuclear Project**, which involves constructing four SMRs at the Darlington site, with a total estimated cost of **$20 billion** for the project. The first reactor’s construction cost is approximately **$7.7 billion**, including $1.6 billion for shared infrastructure.
This is part of OPG’s broader strategy to meet Ontario’s growing electricity demand, projected to increase by **75% by 2050**.[](https://www.cbc.ca/news/canada/toronto/small-modular-reactor-nuclear-power-ontario-construction-1.7529338)[](https://www.cbc.ca/news/canada/toronto/small-modular-reactor-nuclear-power-ontario-construction-1.7529338)
[](https://www.cbc.ca/news/canada/toronto/small-modular-reactor-nuclear-power-ontario-construction-1.7529338)

OPG’s total budget includes other major projects, such as the **Darlington Refurbishment** (costing **$12.8 billion** for four units) and the **Pickering Nuclear Generating Station refurbishment** (no specific cost provided in the sources). Additionally, OPG operates **over 200 hydroelectric facilities** and other assets, but their funding allocations are not detailed in the provided data.[](https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/provincial-territorial-energy-profiles-ontario.html)[](https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-nuclear-power)[](https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/provincial-territorial-energy-profiles-ontario.html)

To estimate the SMR allocation percentage, we’d need OPG’s total annual or project-specific budget, which isn’t fully specified. However, based on the $20 billion SMR project and considering OPG’s other major investments (e.g., $12.8 billion for Darlington refurbishment), the SMR project likely represents a significant portion of OPG’s capital expenditure. If we conservatively estimate OPG’s total capital budget for major projects (SMRs, refurbishments, and other initiatives) to be around **$40–50 billion** over the next decade (a rough figure based on known projects), the SMR project could account for roughly **40–50%** of this budget. This is a rough approximation, as exact budget breakdowns are not publicly detailed in the sources.

For a precise percentage, OPG’s annual reports or financial statements would need to be reviewed, but these are not included in the provided data. If you’d like, I can search for more recent financial data or clarify specific aspects of OPG’s investments[](https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/provincial-territorial-energy-profiles-ontario.html)[](https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-nuclear-power)