GEV's role in SMRs

 

### Overview of GE Vernova (Ticker: GEV) （ 編注： GE Vernova 是從通用電氣（General Electric）於 2024年4月 分拆出來的全球能源公司，專注於電力、風能和電氣化業務。）

**GE Vernova** is a global energy company spun off from General Electric in April 2024, listed on the NYSE under the ticker **GEV**. It focuses on power generation, electrification, and renewable energy solutions, with its Nuclear business, operated through **GE Hitachi Nuclear Energy (GEH)**, playing a significant role in advancing small modular reactors (SMRs). The company is headquartered in Cambridge, Massachusetts, and is positioned as a leader in the energy transition, particularly in nuclear, natural gas, wind, and carbon capture technologies.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

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### GE Vernova’s Role in Small Modular Reactors (SMRs)
GE Vernova, through GE Hitachi Nuclear Energy, is a key player in the development and deployment of SMRs, specifically the **BWRX-300**, a 300 MW(e) boiling water reactor. The BWRX-300 is designed to reduce construction and operating costs compared to traditional large-scale nuclear reactors by leveraging:

- **Modular Design**: Factory-built components for faster, cost-effective assembly.[](https://www.gevernova.com/news/press-releases/ge-vernova-nuclear-business-forms-supplier-group-support-small-modular-reactor-deployment)

- **Proven Technology**: Incorporates components from NRC-certified reactor designs, reducing regulatory risks.[](https://www.gevernova.com/news/press-releases/ge-vernova-nuclear-business-forms-supplier-group-support-small-modular-reactor-deployment)

- **Small Footprint**: Suitable for sites unsuitable for larger reactors, enhancing deployment flexibility.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

- **Cost Efficiency**: Aims to lower upfront capital costs and construction timelines, addressing historical challenges with nuclear projects.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

 

**Key SMR Projects**:
- **Ontario Power (Canada)**: GEH secured the first commercial contract in North America for a BWRX-300 at the Darlington site, set to be online by 2029. Ontario Power plans to deploy three additional units.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)[](https://thoughtleadership.rbc.com/think-small-how-canada-can-make-small-modular-nuclear-reactors-a-priority/)

- **Poland**: The Polish government has approved decisions-in-principle for 24 BWRX-300 SMRs across six sites, signaling significant international interest.[](https://www.gevernova.com/news/press-releases/ge-vernova-nuclear-business-forms-supplier-group-support-small-modular-reactor-deployment)

- **Tennessee Valley Authority (TVA), USA**: TVA is considering a BWRX-300 at its Clinch River site, with an early site permit granted by the NRC in 2019. TVA has allocated $350 million but awaits final approval.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

- **Global Ambitions**: GE Vernova targets deploying 57 SMRs across the US, Canada, UK, and Europe by 2035, aiming for over $2 billion in annual revenue from its SMR business by the mid-2030s.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

 

**Supplier Group**: In April 2024, GEH formed a supplier group to streamline BWRX-300 production, with **BWXT Canada** as the first member. This collaboration aims to enhance supply chain reliability, reduce costs, and support scalability.[](https://www.gevernova.com/news/press-releases/ge-vernova-nuclear-business-forms-supplier-group-support-small-modular-reactor-deployment)

 

**Market Relevance**: SMRs are seen as a solution to meet surging power demands, particularly from AI data centers and industrial applications, while supporting decarbonization. GE Vernova’s BWRX-300 is positioned to capitalize on this demand due to its advanced safety features and economic viability.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

 

### CEO Background
**Scott Strazik** is the CEO of GE Vernova, appointed to lead the company post-spinoff in April 2024. His background includes:
- **Career at GE**: Strazik has held multiple leadership roles at General Electric since joining in 1996, including CEO of GE Power (2019–2024), where he oversaw the integration of GE’s power businesses, including nuclear, gas, and steam. He also served as Chief Financial Officer for GE Energy (2008–2013) and led GE’s Gas Power business.
- **Expertise**: Strazik has extensive experience in energy markets, focusing on decarbonization and electrification. His leadership in GE Power positioned him to drive GE Vernova’s strategy in nuclear and renewable energy.
- **Education**: He holds a Bachelor’s degree in Economics from Cornell University. (編注：  https://www.linkedin.com/in/scott-strazik/）

- **Vision**: Strazik emphasizes GE Vernova’s role in the energy transition, particularly through SMRs and grid modernization, aligning with global net-zero goals.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)

 

**Jay Wileman**, President & CEO of GE Hitachi Nuclear Energy, directly oversees the nuclear division, including SMR development. Wileman has been instrumental in advancing the BWRX-300, leveraging his experience in nuclear technology and global energy markets.[](https://www.gevernova.com/news/press-releases/ge-vernova-nuclear-business-forms-supplier-group-support-small-modular-reactor-deployment)

編注： https://www.linkedin.com/in/jay-wileman/

 

### GE Vernova’s Current Market Share in Nuclear Energy
Precise data on GE Vernova’s current market share in the global nuclear energy sector is not publicly detailed in the provided sources, as the nuclear market is highly fragmented with players like Rosatom (Russia), China National Nuclear Corporation (CNNC), Westinghouse Electric (US), and Mitsubishi Heavy Industries. However:
- **Nuclear Industry Context**: Nuclear power accounts for ~10% of global electricity, with SMRs representing a growing but nascent segment.[]

編注： 核電占全球電力的約10%，其中小型模塊化反應堆（SMRs）是一個增長中但仍處於初級階段的細分領域。

(https://www.iaea.org/newscenter/news/what-are-small-modular-reactors-smrs)

- **GEH’s Position**: GE Hitachi is a “world-leading provider” of advanced reactors, fuel, and nuclear services, with a strong presence in the US, Canada, and Europe. Its BWRX-300 is among the most advanced SMR designs, positioning GE Vernova as a frontrunner in the SMR market.[](https://x.com/WorldNuclear/status/1923815563765104784)

- **SMR Market**: The global SMR market was valued at ~$6.14 billion in 2023, with GE Vernova competing alongside NuScale Power, Rolls-Royce, and TerraPower. GEH’s early commercial contracts (e.g., Ontario Power) and international commitments (e.g., Poland) suggest a significant foothold in the SMR segment, though exact market share figures are unavailable.[](https://www.grandviewresearch.com/industry-analysis/small-modular-reactor-market-report)[](https://c3newsmag.com/five-of-the-worlds-leading-small-modular-reactor-companies/)

 

Given GE Vernova’s legacy in nuclear technology (via GE Hitachi) and its focus on SMRs, it likely holds a notable but not dominant share in the nuclear energy market, particularly in the SMR niche, where it competes with innovative startups and established players.

### Future Growth Projections
**SMR Market Growth**:
- The global SMR market is projected to grow from $6.00 billion in 2024 to $7.14 billion by 2030 (CAGR of 3.0%) per MarketsandMarkets, or up to $14.58 billion by 2032 (CAGR of 3.6%) per Polaris Market Research. Other estimates suggest $13.4 billion by 2032 (CAGR of 8.7%) or $150–$300 billion annually by 2040.[](https://www.marketsandmarkets.com/PressReleases/small-modular-reactor.asp)[](https://www.polarismarketresearch.com/industry-analysis/small-modular-reactor-market)[](https://www.globenewswire.com/news-release/2024/03/13/2845230/0/en/Small-Modular-Reactor-Market-to-Reach-13-4-Billion-Globally-by-2032-at-8-7-CAGR-Allied-Market-Research.html)

- Drivers include demand for clean, reliable energy, especially for AI data centers, industrial applications, and decarbonization efforts.[](https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html)[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)

 

**GE Vernova’s Growth Outlook**:
- **Revenue Targets**: GE Vernova aims for over $2 billion in annual SMR revenue by the mid-2030s, driven by 57 BWRX-300 deployments across key markets.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

- **Sales and Earnings**: Analysts project GE Vernova’s overall sales to grow by 5% in 2024 and 6% in 2025, with adjusted earnings nearly doubling from $3.19 per share in 2024 to $6.19 in 2025.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)

- **Backlog Growth**: In Q2 2024, GE Vernova’s Electrification backlog grew 35% YoY to $4.8 billion, and its Power unit (including nuclear) rose 30% to $5.0 billion, indicating strong demand for its nuclear offerings.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)

- **Regional Focus**: North America (US, Canada) is expected to lead SMR adoption, with Europe (UK, Poland) and Asia-Pacific (China, India) offering significant growth potential due to supportive policies and energy needs.[](https://www.coherentmarketinsights.com/industry-reports/small-modular-reactor-market)[](https://www.polarismarketresearch.com/industry-analysis/small-modular-reactor-market)

- **Tech and AI Demand**: Interest from tech giants (e.g., Microsoft, Amazon) for SMRs to power AI data centers is a major growth driver, with GE Vernova actively engaging utilities and corporates.[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)

 

**Challenges**:
- **Regulatory Hurdles**: Licensing frameworks for SMRs are still evolving, potentially delaying deployments.[](https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html)[]

(https://www.coherentmarketinsights.com/industry-reports/small-modular-reactor-market)

- **High Initial Costs**: First-of-a-kind SMR projects face significant upfront costs, requiring government support and public acceptance.[](https://www.globenewswire.com/news-release/2024/10/03/2957480/28124/en/Nuclear-Small-Modular-Reactors-SMRs-Global-Market-2025-2045-with-Detailed-Company-Profiles-of-30-Key-Players-Including-CNNC-Rolls-Royce-GE-TerraPower-and-General-Atomics.html)

- **Competition**: GE Vernova faces competition from NuScale, TerraPower, Rolls-Royce, and state-backed firms like Rosatom and CNNC.[](https://c3newsmag.com/five-of-the-worlds-leading-small-modular-reactor-companies/)[](https://www.marketsandmarkets.com/PressReleases/small-modular-reactor.asp)

- **Public Perception**: Nuclear safety and waste management concerns may hinder adoption.[](https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html)

(編注： 已有很多正麵宣傳和教育結果， Regulartory 方麵相當的接受， general public需要更多普及教育，對於比如OPG的項目， 民眾的抗議會減少）

 

**Opportunities**:
- **Government Support**: Policies in the US, Canada, UK, and France (e.g., $900 million DOE funding in the US, Canada’s SMR Action Plan) bolster SMR development.[](https://www.marketsandmarkets.com/PressReleases/small-modular-reactor.asp)[](https://thoughtleadership.rbc.com/think-small-how-canada-can-make-small-modular-nuclear-reactors-a-priority/)

 （編注$900 M, too little for this important, yet so lagging behind other countries, especially China, which is about 15-20 years ahead, this is MUCH less than the $$ US gov spent on illegals over the past decade, unbelievable. a lack of timely investment is a concern)

- **Decarbonization Goals**: SMRs align with global net-zero targets, with nuclear capacity expected to triple by 2050.[](https://www.oecd-nea.org/jcms/pl_26297/the-nea-small-modular-reactor-smr-strategy)

- **Export Potential**: GE Vernova’s BWRX-300 could capture export markets, especially in Europe and Asia, where demand for low-carbon energy is rising.[](https://www.weforum.org/stories/2021/01/buoyant-global-outlook-for-small-modular-reactors-2021/)

 

### Conclusion
GE Vernova (GEV) is a leading player in the SMR market through its GE Hitachi Nuclear Energy division, with the BWRX-300 poised to capitalize on growing demand for clean, scalable energy. CEO Scott Strazik’s extensive energy sector experience positions the company to navigate the complex nuclear landscape. While GE Vernova holds a significant position in the SMR segment, its exact nuclear market share is unclear due to the fragmented market. Future growth is promising, with projections of $2 billion in SMR revenue by the mid-2030s, driven by commercial contracts, tech sector demand, and global decarbonization efforts. However, regulatory, cost, and competitive challenges must be addressed to realize this potential.[](https://www.cnbc.com/2024/11/30/ge-vernova-plans-for-small-nuclear-plants-across-the-developed-world.html)[](https://www.nasdaq.com/articles/buy-soaring-gev-stock-great-nuclear-and-ai-energy-investment)