• First 600 MW of Ohio project submitted into PJM’s New Cycle 1
• 5 GW pipeline in the works

Elementl Power submitted the first 600 MW of a planned nuclear plant in Ohio into New Cycle 1 in PJM Interconnection this past spring as one of the first steps in what will be a long road to getting one of first small modular reactor (SMR) projects into operation as early as 2034.

In an interview with NPM, Elementl’s co-founder and chief commercial officer David Faherty discussed the next steps for the project and for the company.

The platform launched in 2022 as an independent power producer backed by Energy Impact Partners and nuclear infrastructure firm Breakwater North. The company then announced in May 2025 a strategic agreement with Google to advance the early-stage development of three advanced nuclear energy projects.

The first 600 MW submitted into NC1 is part of a planned 1.5 GW nuclear power plant in Meigs County, Ohio. Overall, the company has a pipeline of 5 GW under exclusivity. Elementl was also slated to receive some proceeds from DOE funding as part of the Tennessee Valley Authority (TVA) Clinch River SMR project, but Elementl specified this project is with the TVA in Tennessee and not related to the Ohio project.

The next steps are to apply for approval with the US Nuclear Regulatory Commission and the Ohio Power Siting Board. Faherty said the company has commenced dialogue with both agencies. Overall, Elementl is forecasting reaching final investment decision (FID) and commencing construction in 2030 with an anticipated completion date of 2034.

SMRs are reactors that generate between 50 MW and 300 MW of electricity. They are partially constructed in factories and shipped to sites via truck, rail or barge, according to the Idaho National Laboratory. Faherty said the Meigs County project will involve five units stacked together.

“Our goal is to get down the cost curve for the site and gain economies of scale for SMRs,” said Faherty.

“Our approach integrates our proprietary site evaluation process, commercial project considerations, and a technology-agnostic model that leverages established, proven technologies from the world’s leading manufacturers. This site is well suited to host SMRs due to its access to water and transmission, which is why AMP considered it to host a power plant several years ago,” said Faherty, alluding to the fact that the company acquired the 700-acre site for the Meigs County, Ohio project from American Municipal Power.

Cost challenges

Alluding to comments Faherty made earlier, the cost of building the next generation of nuclear projects is not cheap and certain projects will need to rely on government funding at the outset as these technologies develop.

NuScale Power canceled a 462 MW SMR project in Utah after revised estimates released in 2023 raised the cost of the project to USD 9.3bn or USD 89/MWh from USD 5.3bn or USD 58/MWh put in a 2020 forecast. At the time, the project would’ve benefitted from USD 1.4bn in funding from the Department of Energy and a USD 30/MWh break from the Inflation Reduction Act.

Holtec Nuclear Corporation, which filed to go public earlier this month, plans to restart Palisades Nuclear Power Plant in Covert, Michigan, with the first two SMR builds—at 340 MW apiece–to be located on site. Holtec, which was selected by the US Department of Energy in December 2025 for its Tier 1 First Mover Award, expects to provide those first projects using its SMR-300 technology –Pioneer One and Pioneer Two—with up to USD 400m in grants, according to its IPO prospectus.

Faherty said Elementl is currently in due diligence to develop the cost of the Ohio project. In the press release, Elementl said “as a private development project” and that it “plans to finance the cost of the proposed plant” but did not offer much guidance beyond that.

The One Big Beautiful Bill Act (OBBBA) also preserved the Section 45U zero-emission production credit through the end of 2032 introduced under the IRA and also expanded the definition of “energy communities” to include new nuclear energy communities. As with other preserved tax credits under OBBBA, projects would need to remain in compliance with FEOC to qualify for tax credits, according to a white paper from advisory firm Windes.

Elementl signed an Early Works Agreement with GE Vernova Hitachi Nuclear Energy to utilize its BWRX-300 SMRs for the Ohio project.