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Last time around they were bulwarks for climate action. This time is different.

This story is part of a Heatmap series on the “green freeze” under Trump.
Following Donald Trump’s election in November, climate advocates self-soothed with the conviction that cities and states would continue carrying the banner in the absence of federal climate action. That’s what happened during Trump’s first presidency, after all. When he pulled the U.S. out of the Paris Agreement in 2017, hundreds of local governments declared they were “still in” on climate, and a new wave of state and local climate policies swept the country.
By the time Biden stepped into the White House four years later, many of these communities had climate plans either in place or in progress. When his administration passed the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, setting aside billions of dollars for emissions reduction and climate adaptation projects, they were in a prime position to apply for funding. By November 2024, with most of that money doled out, it was easy to imagine how climate-forward cities could forge ahead, seeded by grants, regardless of what Trump did.
Except then Trump did the thing that many assumed he would not — because he legally could not — do. He froze and is now trying to claw back congressionally appropriated, contractually obligated funds. And in so doing, he has thrown the prospects for cities as a last line of defense into question.
“In this administration, it’s a lot more chaotic,” Barbara Buffaloe, the mayor of Columbia, Missouri, told me. “There’s a lot more happening than I feel like there was in 2017, right at the get-go. Nobody knows what the universe is right now.”
Columbia was among those that joined the “still in” campaign in 2017. It adopted emissions reduction goals in 2018, and passed a climate action and adaptation plan in 2019. The Biden administration awarded the city more than $28 million across three separate federal grants to build electric vehicle charging stations, make electrical upgrades that would allow it to charge electric buses, and redesign its central business loop to be more walkable, bikeable, and safe.
All three of those grants are now up in the air. Buffaloe said she was told by state partners that the $2.1 million business loop planning grant from the Department of Transportation’s Reconnecting Communities program was paused. Columbia was the only city in Missouri to get a Charging and Fueling Infrastructure Grant from the DOT, with the $3.6 million supposed to help pay for EV chargers at the library and the airport. The city is moving ahead with initial activities like environmental reviews and preliminary engineering in the hope that funds to build the actual stations will be unfrozen by the time it’s ready to break ground. Regarding the $23 million bus infrastructure grant, part of a separate DOT program, she said the city hasn’t heard from its grant managers in about a month.
“We don’t know whether or not to continue on the projects,” she told me. “It’s that feeling of uncertainty and trepidation that is causing us the most anxiety. Our construction window is not year-round in Columbia, and because we’re a public institution, it takes a lot longer for us to put out bids and to start projects. We need to know if we have this budget or not.”
It’s not just the funding freeze leaving Columbia in a holding pattern. The city has a municipally-owned electric utility that had been looking to take advantage of “direct pay,” an option for nonprofit entities with no tax liability to collect federal renewable energy incentives as direct subsidies, to help it build more solar farms. But now Republicans in Congress are considering eliminating direct pay.
The funding freeze has put a lot of cities in this position where time-sensitive decisions are stalled. Hundreds of communities were awarded grants from the U.S. Department of Agriculture program to fund tree-planting for carbon mitigation and shade creation, for example. Some recipients have been told their grants were canceled altogether, others are still in the dark — their federal grant managers have been fired and no one is responding to their emails.
“They’re kind of at this point of, hey, do we put in the order for trees? We need to plant at certain times of the year,” Laura Jay, the deputy director of Climate Mayors, a national network of mayors working to address climate change, told me. “For a lot of these cities and programs, there’s key decisions that they have to be making, and when there’s uncertainty around it, it puts the city at a huge risk.” There’s financial risk, she said, in terms of spending money without knowing if it will get reimbursed, but also planning risks. A number of cities were awarded grants to purchase electric school buses, for example, and they need to make sure they are going to have enough to get kids to school.
As a larger, wealthier city, Columbia is in a better position than others. It collects revenue through a capital improvement tax that Buffaloe said could be used for climate projects. “We’ll do as much as we can,” she told me.
But in more rural areas, these grants represented a rare opportunity to modernize and build more equitable access to infrastructure.
“We’re in Southeast Ohio, which traditionally has been left behind when it comes to larger infrastructure projects,” Andrew Chiki, the deputy service-safety director in Athens, Ohio, told me. “We don’t have an interstate highway.”
Chiki helped lead a regional effort to apply for a Charging and Fueling Infrastructure Grant, the same program Columbia won funding from that is now frozen. He and his partners were awarded $12.5 million to build a corridor of electric vehicle chargers in 16 communities between Athens and Dayton. “One of our attempts with this was to answer the question, if EV adoption takes off the way that we are envisioning, how do we allow an on-ramp for communities that are already disadvantaged to be able to adopt?”
Chiki said they were still waiting to hear whether they could move forward with the project or not. Athens passed a resolution declaring a climate emergency in 2020, and adopted a target to reduce emissions by 50% over 10 years. The city has made some strides, Chiki said, by making buildings more energy efficient and installing solar on city-owned facilities. “We are still committed to doing as much as we can,” he told me.
But if the EV charging grant falls through, the smaller villages and towns between Athens and Dayton that don’t have the staff resources or capacity to apply for these types of grants will lose out, he said. “We would probably look at other types of funding sources, but it would make it incredibly difficult and not be nearly as broad as we want.”
There are some pots of money for local climate projects that have flown under the Trump administration’s radar. Last year, the South Florida ClimateReady Tech Hub, a consortium of local governments, schools, labor groups, and companies working to accelerate the development of climate technologies, won a $19.5 million grant from the Department of Commerce’s Economic Development Administration. The money came from the Biden-era CHIPS and Science Act, a law that Trump is pushing Congress to scrap but that Republicans have thus far defended. Tech Hub will use the funds to scale low-emissions cement that can be used for adaptation projects, energy efficiency, and workforce development, among other things.
Francesca Covey, the chief innovation and economic development officer for Miami-Dade County and regional innovation officer for the Tech Hub, told me the group has continued to have quarterly check-ins with federal partners and haven’t gotten any signal that the funding is in jeopardy. “It’s really been more business as usual,” she said. Covey also mentioned two pilot projects to build artificial reefs and seawalls in the area that had funding from the Department of Defense and were moving forward.
Still, the Tech Hub has adjusted its language to stay competitive in the new political environment. The group changed its name to the Risk and Resilience Tech Hub two weeks ago, Covey told me. “We wanted to underscore the economic imperative of the work,” she said, when I asked what motivated the name change. “Right now we’re finding that where we are getting the best traction with the private and public community is around risk. We wanted to make sure we were couching it in the right way.”
Ithaca, New York, on the other hand, which passed its own Green New Deal in 2019, is committed to its climate and equity-centric messaging. “We are not intending to change the narrative around what we’re doing,” Rebecca Evans, the city’s sustainability director, told me. “It’s still clean energy, and it is still because climate change is a threat to human existence. We are still going to prioritize black and brown populations and populations that experience poverty at various levels because they are most vulnerable to climate change.”
About 85% of Evans’ Green New Deal budget comes from federal sources, and at first she worried that was all at risk. In 2022 and 2023, Ithaca had received funding from what’s called “congressional directed spending,” or “earmarks,” in two federal appropriations bills, meaning that New York state lawmakers fought to get money set aside for the city. The first grant, worth $1 million, was for a hydrogen production and fueling project. The second, worth $1.5 million, was for a wide-ranging program to decarbonize the school system and enhance a local workforce development program to include new energy efficiency certifications. Both programs included explicit diversity, equity, and inclusion-related objectives, so Evans assumed they would be targeted by the Trump administration.
But on Tuesday, she was told by federal partners on the hydrogen grant that congressionally directed spending was not subject to Trump’s executive orders and got the greenlight to move into the next phase. Evans still hasn’t heard back from her federal partners on the second grant, but she’s more hopeful now that it will move forward.
Back when I first spoke to Evans, when things were more up in the air, she told me she worried that the Trump administration’s actions would cause advocates to lose hope. “I think anger can be a positive thing, but it’s the loss of hope, even if it’s marginal, that is truly, truly dangerous to this movement.”
Perhaps that’s why Evans, like all of the other local leaders I spoke with, projected optimism when I asked what they could accomplish over the next four years without federal support. She was already trying to find the money elsewhere, she said. “We can’t do all of the amazing things that we wanted to do, but we can still make progress,” she said.
“Cities are incredibly nimble and innovative,” Jay, of Climate Mayors, told me. “I think that they’re eager to and committed to keeping the work going. What that looks like, I think, is hard to figure out right now, because everyone’s kind of caught in the chaos of trying to figure out if they still have this funding or not. But they’re fully committed to making sure that this work is continuing.”
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This type of clean energy infrastructure is booming across the country.
This is an edition of Heatmap Daily, an evening review of the day’s news written by our executive editor. Sign up for it here.
You know it, and I know it: The United States struggles to build certain kinds of large-scale energy infrastructure. That presents a challenge for people who, say, want to decarbonize the economy, because decarbonizing will require replacing the stock of fossil fuel-consuming power plants and pipelines with new clean alternatives. Even carbon-intensive industries, such as data centers, have started to hit bottlenecks.
Yet there is at least one energy industry that’s pulling off year-over-year, double-digit growth rates in the United States right now — and it’s not data centers.
It’s batteries. The battery storage industry is booming across the country, according to new data from the Energy Information Administration. The amount of utility-scale battery storage capacity has grown by an average of 70% over the past three years, according to a recent EIA article. Developers and utilities have added 8.3 gigawatts of capacity just in the first six months of this year, and the agency says that we could add another 14 gigawatts by the beginning of 2027.
Our nerdier readers will understand this, but this battery boom is changing the nature of electricity itself. Until recently, the easiest way to store electricity was to keep a stash of unused fuel on the same site as a power plant, usually in the form of coal, natural gas, diesel, or uranium. There were other ways to store power — perhaps by building a pumped storage hydropower facility — but they weren’t particularly easy, cheap, or modular, and their constraints only made them suitable for some sites.
But lithium-ion batteries have allowed developers to quickly build out battery storage facilities across the country. I recently came across such a site while hiking in Harriman State Park, 40 miles north of New York City, where the local utility had built grid-scale batteries near a substation to help stabilize the grid. (It was like meeting a celebrity.) And while batteries are not necessarily clean, per se — they can technically save any “type” of electricity for later — solar farms are building larger batteries than any other type of power plant, the EIA says.
It helps that the Inflation Reduction Act’s tax incentives for grid-scale battery construction survived President Donald Trump’s partial repeal last year. The battery boom has stabilized other parts of the clean energy economy. Ford and General Motors have invested in grid-scale battery technology or retooled what were once EV production lines to make grid-scale batteries instead.
None of this, to be clear, is to say it's always easy to develop batteries. There are now 74 gigawatts of pending battery projects across the country, according to Heatmap Pro data. About 34 projects — totaling at least 6.1 gigawatts — have been canceled over the past few years, our data shows.
Yet our data — and the EIA’s — also shows that dozens of battery projects have overcome public opposition and successfully gotten built. I expect we'll see even more power on in the future.
Jack Klein talks about how to protect New York City’s most vulnerable transit customers, why subway air conditioning has made platform heat worse.
You might already know Jack Klein. Last summer, he went viral on TikTok for his videos documenting the heat on various New York City subway platforms, including recording a whopping “feels like” temperature of 130 degrees Fahrenheit at the 6th Avenue/14th Street L train station.
“No one had collected subterranean data within the New York subway system,” he told me. The results of his unsanctioned citizen science project — which covered seven highly-trafficked stations up and down Manhattan — attracted the attention of The Weather Company, Google Public Sector, and the New York Post (which called it a “quirky art project.”) Building on the success of his weird videos, Klein formally founded New York Lab last fall. There, he works to bring together engineers, scientists, and public health experts to lobby the Metropolitan Transportation Authority — a state agency, believe it or not, which holds the ultimate decision-making powers — to do more for the populations hit worse by extreme temperatures during their commutes.
After many rejections and setbacks, it appears that someone is finally listening to Klein. On Tuesday, New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul announced that the MTA is launching a feasibility study for the development of a thermal energy network at the Brooklyn Bridge-City Hall and Chambers Street station complex, funded by the New York State Energy Research and Development Authority. Essentially, the city and state want to know whether the stations are hot enough that the thermal energy could be captured — via 500-foot-deep boreholes that cool the platforms in the process — and used to warm nearby municipal buildings like City Hall in the winter.
I caught up with Klein to learn what he thinks about the project and what else the transit agency could do to bring relief to straphangers in the short term. Our conversation has been lightly edited and condensed for clarity.
What do you think about the location the city chose for this study?
I thought it was interesting they chose those stations. It seems like it’s a good place to test geothermal solutions because it sounds like there is a part of the tracks that isn’t being used, so they don’t have to stop service. That’s one of the challenges of these large infrastructure projects: The trains run 24/7, so you can’t really shut down the stations. [Editor’s note: The city also recently announced a multi-million-dollar restoration project for the Chambers Street station, funded by congestion pricing.]
Logistically it makes more sense because these other stations [I looked at] are really high in foot traffic — which I'm sure Chambers is, too — but because they're able to do the construction without disrupting traffic, they avoid a major roadblock. I feel like for a pilot, you don’t necessarily have to do it at the hottest station; the question is, what’s a hot station we can feasibly do this at?
Brooklyn Bridge-City Hall wasn’t a platform you monitored during your project last year, but the mayor’s office says it’s one of the hottest in the system, reaching 96 degrees Fahrenheit last summer. How does that compare with what you recorded?
I focused on the heat index, or the “feels like” temperature. They must be measuring the actual temperature of the station, but I don’t really ever go down there, so I don’t actually know. Of the stations I measured, 14th Street-Union Square and Times Square were in the 120s and 130s near the platform when the trains were in the station. So I imagine it’s quite similar.
Why was humidity important for you to factor in?
I remember two years ago, I had a digital thermometer, and I was pointing it at, like, a wet floor sign or the walls and floors of Union Square. There’s a shock value there, but it actually means nothing in terms of what my whole project is based around, which is that this is a health issue — especially for people in the most vulnerable populations, like the elderly, people with disabilities, pregnant people. So how do we measure what it actually feels like to stand waiting for a train? And we live in a subtropical environment, so humidity is a major factor. I mean, I’m literally sweating through my shirt in a [Brooklyn] school right now. There’s no AC, and it’s not even that hot; it’s just so humid.
And air-conditioned trains actually make the stations hotter, right?
It seems like one of the largest contributors to extreme heat in the stations during the summer is the AC onboard the trains. When a train pulls in, all the excess heat gets pushed onto the platform. You can feel that when you’re waiting for trains; when they pull in, it’s like an inferno of hot air on your face.
It’s a double-edged sword: They’re cooling the trains to be extremely cold, which is nice, but sometimes it’s a bit extreme, and it’s only making the stations hotter. I know there has been talk about not cooling them to such an insane degree, making them a bit warmer, so it wouldn’t heat the stations quite as much. But it’s a sort of paradoxical thing. There’s no right or wrong; it’s just the reality of having AC on trains. It makes the tunnels hotter and the stations hotter.
Did the possibility of a thermal energy network ever come up when you were talking with experts and the MTA about ways to deal with the subway heat?
Last summer, in September of 2025, the MTA issued a request for information on geothermal cooling technologies — specifically for the 168th Street 1 Station and the 181st 1 Station — because both are very deep, and there’s potential for Columbia and New York Presbyterian to use the heat during the winter. Some scientists and I, along with a geothermal engineering company I did this pro bono for, filled out a 14-question feasibility analysis. That was the RFI. Basically, it wasn’t a full analysis, but it was like, “If you were to pay us to do this, here’s what we could answer. Here’s a very quick explanation of how you could use boreholes. What other assets does the MTA already have that could be useful? How much money could you make off it?”
But now, we haven’t heard from the MTA in a year since our RFI. And I understand how RFIs work, which is that you don’t often hear back, but it does make me curious. What is the process for contracting out the pilot? Who gets chosen? Will we hear back? Because we did throw our hat in the ring a year ago, and now we’re hearing about it, and it’s obviously a direct result of those RFIs. So it’s exciting, but I’m also selfishly a bit like, Okay, well, are we going to be involved at all?
So you think there’s something to this idea, then.
I was relying on the engineers and scientists I partnered with to actually understand the technical side of these questions, but they are excited. They’re very confident in it.
The MTA put out another RFI in 2023 for geothermal, and though that didn’t go anywhere, there’s been talk about this for a while. That’s why this is exciting. But again, they announced the pilot, but it has to happen at one station, and there are all the financial and political hurdles still to come. So it’s cool that Mamdani is announcing it, but who knows what’s going to happen? Still, I think it’s the farthest the idea has gotten. And if they actually test it out, that’d be monumental.
What else could the MTA do to cool the stations down and keep people safe?
There’s another pilot right now [at the East Broadway Station] using radiant cooling technology, which runs pipes of water on the ceiling to soak up the heat. I’m focused right now on promoting access to water underground, more seating, and better ventilation — shorter-term, more adaptable, more realistic solutions. Because who knows how long these projects will take to actually implement in hundreds of stations?
Money is pouring into small modular and microreactor startups. But there can only be so many winners.
Investment in smaller, next-generation nuclear reactor designs is booming, with a flood of capital pouring into scaled-down models known as small modular reactors — or, if they’re extra tiny, microreactors. In just the past few weeks, Valar Atomics announced a $1 billion Series B, while Antares Nuclear closed its $470 million Series C. The two companies are attempting to serve different customers — Valar is targeting hyperscale data centers, while Antares is building for off-grid military applications — but both are betting on the same premise: that smaller, factory-built reactors can deliver reliable, carbon-free power far more quickly, flexibly, and cheaply than traditional large-scale nuclear plants.
Venture capital is eating it up. In addition to Valar and Antares’ raises this year, SMR startup X-Energy went public in April, raising over $1 billion at a $9.1 billion valuation. Last year alone, SMR companies TerraPower, Last Energy, Radiant Industries, Aalo Atomics, Arc Clean Technology, and Stellaria all raised rounds.
It seems like every week brings another announcement about an SMR company hitting a new milestone or a microreactor raising a new round. But some industry experts aren’t buying the hype. One 2024 report by the Institute for Energy Economics and Financial Analysis summarizes it neatly with the title, “Small Modular Reactors: Still too expensive, too slow and too risky.” One of the report’s co-authors, Dennis Wamsted, thinks this blunt analysis has held up remarkably well.
“I still think that’s one of the best-titled reports we ever wrote,” he told me, arguing that nothing in the past two years has changed his fundamental analysis of the sector. “I think it’s just as overhyped as it was a few years ago. There is a shiny new object mentality to SMRs. They’re going to work perfectly right out of the box.” Instead, the report argues, borrowing a phrase from NextEra Energy CEO John Ketchum, SMRs are “an opportunity to lose money in smaller batches.”
The report came out about six months after NuScale — still the only SMR company with a design certified by the U.S. Nuclear Regulatory Commission — canceled its inaugural project in Idaho before construction even began. It’s been a wild ride ever since: Buoyed by investor excitement over an artificial intelligence-driven nuclear renaissance, NuScale’s stock soared last year before losing most of its value once again as the company posted major losses.
The AI boom has driven much of the surge in SMR interest, as hyperscalers scramble to procure power for a rapidly expanding fleet of new data centers. Google, Amazon, and Meta have signed agreements with SMR developers Kairos Power, X-energy, and TerraPower and Oklo, respectively. At the same time, bipartisan support for nuclear is growing. Recent Gallup polls show that 46% of Americans believe the U.S. should put a greater emphasis on nuclear power and that 61% support the technology overall. Other surveys suggest SMRs in particular enjoy even higher levels of favorability.
The Trump administration has gone all in too, signing executive orders directing the Department of Energy and Department of Defense to prioritize deploying small reactors at domestic military bases and spinning up the Reactor Pilot Program to expedite testing of 11 new advanced reactor designs outside the jurisdiction of the Nuclear Regulatory Commission. The program aimed to have three reach criticality — the point at which a nuclear reaction becomes self-sustaining — by this July 4th. Four microreactor companies ended up beating the deadline: Antares, Valar, Deployable Energy, and Aalo Atomics, while the Sam Altman-backed SMR company Oklo achieved criticality last week.
“Say I was an advisor to the Department of Energy,” Wamsted’s co-auther David Schlissel, formerly director of resource planning analysis at the Institute for Energy Economics and Financial Analysis, posited to me. “Even with the risk, the smart way to go is, let’s pick two or three designs and go out and build them. Build one of each. See which ones work and which ones don’t. But what’s happening is the exact opposite of that.”
Whether federal policy is creating a durable new industry or not, there are still plenty of situations where customers need clean, firm power and today’s options fall short. Solar-plus-storage is broadly useful, but matching nuclear’s 24/7 availability can require significant overbuilding. And when it comes to large-scale nuclear, a customer may need power sooner than when a project that big could feasibly come online.
Many customers are also simply unwilling to take on the risk of a multibillion-dollar, decade-long nuclear megaproject, which tend to run over time and budget. The only new reactors built in the U.S. since the Three Mile Island accident in 1979 — two huge Westinghouse AP1000 units capable of generating 1.1 gigawatts of power apiece — have become poster children for this risk. Units 3 and 4 at the Vogtle Electricity Generating Plant in Georgia came online in 2023 and 2024, respectively, roughly seven years late and tens of billions of dollars over budget. Georgia Power customers will be paying off Vogtle well into the 2050s.
This has left many SMR entrepreneurs and industry boosters convinced there simply must be a better way. "The only customers capable of buying a reactor that large are either nation-state governments or essentially state-backed utilities,” Jordan Bramble, Antares’ co-founder and CEO, told me.
In part because of this, Bramble rejects the idea that small reactors are even competing with large-scale nuclear in the first place, explaining that the either/or framing overlooks the fact that these designs attract distinct pools of capital. “What a venture capitalist in private equity is going to invest in versus a municipal bond investor or a utility investor is going to invest in are two totally different things,” he told me.
And while SMRs may eventually seek institutional capital too, Bramble points to recent funding rounds by Anthropic, OpenAI, and Commonwealth Fusion Systems as evidence of just how much money companies can attract in today's private market even before their tech has come down the cost curve. “I think when the upside equation is there, there’s near limitless money in venture and growth equity right now,” he told me.
True? Largely. Indicative of a bubble? Possibly.
One lesson many developers took from NuScale seems to be about customer selection. While NuScale intended to serve a coalition of small, price-sensitive municipal utilities, today’s SMR startups are targeting early adopters with more room in their budgets: AI hyperscalers, of course, but also military and defense customers and industrial companies such as chemicals and metals producers that can put both nuclear’s heat and electricity to use. Modular, factory-based production is central to many of their strategies, along with even smaller reactor designs. While NuScale sought to build 77-megawatt reactors, Valar is targeting 5 megawatts while Antares is building in the 100-kilowatt to 1-gigawatt range.
But utility analyst Bill Tilles argues that scaling down further isn’t the answer. The fundamental issue with SMRs, he told me, is that they suffer from a "reverse economy of scale." That is, shrink the size of the reactor and the cost per watt of electricity produced goes up, not down. Add in a market crowded with dozens of these companies pursuing different reactor designs and fuel types but chasing the same data center, defense, and industrial customers, and it becomes difficult to see how any single one can attract the critical mass of customers needed to scale up a manufacturing line and become relatively cost-effective.
Of course, every SMR company says it’s uniquely positioned to emerge as a winner in what even Bramble acknowledges is an overcrowded field likely to see consolidation in the coming years through either mergers and acquisitions or outright failures. Still, he’s feeling confident in Antares’ decision to pursue the Department of Defense as a beachhead customer: In April, the Air Force selected the company to build a 500-kilowatt microreactor at a military base in San Antonio, set to come online in 2028.
“[Nuclear] actually was always a defense-first technology that eventually became commercial, and that’s how rocket propulsion worked. It’s how GPS worked. It’s how semiconductors worked. It’s even how the internet developed,” he told me. Bramble said he thinks Antares can follow a similar trajectory, riding the cost curve down before eventually bringing a grid-scale product to market.
While SMR skeptics may not be convinced this grid-scale goal is truly feasible, many do acknowledge that remote military bases offer a compelling, if niche, market for SMRs and microreactors. The military has operated nuclear-powered submarines for decades, so the concept of using small reactors in situations where conventional refueling is costly and dangerous is not without precedent. “You have these unique, price insensitive buyers that the government will try to encourage,” Tilles told me of remote deployments. “But one should not confuse that with anything resembling a commercial technology.”
That may be where the real debate lies — whether there are enough price insensitive customers for multiple companies to commercialize small reactors at scale and drive costs down.
There’s also the question of what the market will look like by the time these companies are ready to scale production — a milestone experts peg around the mid-2030s. Ultra-long-duration energy storage company Form Energy and advanced geothermal developer Fervo are already building out and turning on their first commercial projects, while multiple fusion companies are similarly targeting the mid-2030s for commercialization. If any or all of these technologies take off, they could reshape the market for clean, firm power — and thus the options available to SMRs’ potential customers.
But Benton Arnett, senior director at the industry group Nuclear Energy Institute, argues that multi-billion-dollar energy customers would be unwise to put all their eggs in one technological basket, betting that ultra-long duration storage or fusion alone will meet all their future energy needs. “You’ve got to have a diversity of investments and a diversity of plays so you can capture what’s going to be most available over the next 10 years, which can be really hard to predict,” he told me. He’s obviously betting SMRs will be among those technologies of the future. “I think everyone’s building right now not based on hype, but based on real dollars that are changing hands, building out this kind of new data center ecosystem.”
Bramble, for his part, thinks the hype cycle might be real. He just doesn’t see the exuberance as a negative for Antares or the industry at large. “Some of the most generational, economically transformational companies get built during a hype cycle,” he told me. “That was true of Google and Amazon in the dot-com bubble. This was true of the railroads. The best ones emerged during a period of mass overbuilding and overinvestment.”
So the question may not be whether the SMR boom will produce any winners, but how many — and how much capital investors and startups will burn in the process. Because while the Google of small nuclear may still be waiting to emerge, history suggests there will be plenty of nuclear equivalents of Pets.coms, Kozmo.coms, and Webvans along the way.