• Lines up USD 750m preliminary deal with two investors
• Provide capital to advance three projects to FID, including nuclear SMR project in Meigs County, OH

Elementl Power signed a preliminary agreement to form and fund a development partnership of up to USD 750m with a consortium led by South Korean investment firm DS Investment Partners (DSIP) and Samsung C&T Engineering & Construction Group to fund a portion of the proposed partnership’s projected capital and hold a significant minority interest in the partnership.

The proposed nuclear development partnership is intended to provide a portion of the capital necessary for up to three of Elementl’s advanced nuclear projects to achieve final investment decision (FID), supporting pre-construction activities, including permitting, interconnection and long-lead item procurement. One of the three projects is Elementl’s 1.5 gigawatt project under development in Ohio, which will use GE Vernova Hitachi Nuclear Energy’s BWRX-300 small modular reactors.

Elementl co-founder and chief commercial officer David Faherty told NPM in an July 29 article that the company is in the process of advancing 600 MW of a planned 1.5 GW nuclear plant in Meigs County, Ohio and has a 5 GW pipeline behind that under exclusivity.

NPM Interconnection queue data is tracking the first 600 MW of the Meigs County, Ohio project submitted into PJM’s New Cycle 1.

The planned partnership would advance Elementl’s full-lifecycle development strategy and demonstrate the company’s model of matching top-tier development capital with high-quality, pre-FID advanced nuclear projects. Elementl has engaged Macquarie Capital as financial advisor to evaluate bringing additional strategic and financial investors into the partnership.

The proposed partnership does not constitute a final investment decision on any project. The agreement remains subject to definitive documentation, regulatory approvals and other customary closing conditions.

Elementl is backed by leading energy and infrastructure investors, including Energy Impact Partners, accounts advised by T. Rowe Price Associates, Inc., Prelude Ventures, Breakwater North and Alumni Ventures.