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Atomic Canyon is set to announce the deal with the International Atomic Energy Agency.

Two years ago, Trey Lauderdale asked not what nuclear power could do for artificial intelligence, but what artificial intelligence could do for nuclear power.
The value of atomic power stations to provide the constant, zero-carbon electricity many data centers demand was well understood. What large language models could do to make building and operating reactors easier was less obvious. His startup, Atomic Canyon, made a first attempt at answering that by creating a program that could make the mountains of paper documents at the Diablo Canyon nuclear plant, California’s only remaining station, searchable. But Lauderdale was thinking bigger.
In September, Atomic Canyon inked a deal with the Idaho National Laboratory to start devising industry standards to test the capacity of AI software for nuclear projects, in much the same way each update to ChatGPT or Perplexity is benchmarked by the program’s ability to complete bar exams or medical tests. Now, the company’s effort is going global.
On Wednesday, Atomic Canyon is set to announce a partnership with the United Nations International Atomic Energy Agency to begin cataloging the United Nations nuclear watchdog’s data and laying the groundwork for global standards of how AI software can be used in the industry.
“We’re going to start building proof of concepts and models together, and we’re going to build a framework of what the opportunities and use cases are for AI,” Lauderdale, Atomic Canyon’s chief executive, told me on a call from his hotel room in Vienna, Austria, where the IAEA is headquartered.
The memorandum of understanding between the company and the UN agency is at an early stage, so it’s as yet unclear what international standards or guidelines could look like.
In the U.S., Atomic Canyon began making inroads earlier this year with a project backed by the Institute of Nuclear Power Operators, the Nuclear Energy Institute, and the Electric Power Research Institute to create a virtual assistant for nuclear workers.
Atomic Canyon isn’t the only company applying AI to nuclear power. Last month, nuclear giant Westinghouse unveiled new software it’s designing with Google to calculate ways to bring down the cost of key components in reactors by millions of dollars. The Nuclear Company, a startup developer that’s aiming to build fleets of reactors based on existing designs, announced a deal with the software behemoth Palantir to craft the software equivalent of what the companies described as an “Iron Man suit,” able to swiftly pull up regulatory and blueprint details for the engineers tasked with building new atomic power stations.
Lauderdale doesn’t see that as competition.
“All of that, I view as complementary,” he said.
“There is so much wood to chop in the nuclear power space, the amount of work from an administrative perspective regarding every inch of the nuclear supply chain, from how we design reactors to how we license reactors, how we regulate to how we do environmental reviews, how we construct them to how we maintain,” he added. “Every aspect of the nuclear power life cycle is going to be transformed. There’s no way one company alone could come in and say, we have a magical approach. We’re going to need multiple players.”
That Atomic Canyon is making inroads at the IAEA has the potential to significantly broaden the company’s reach. Unlike other energy sources, nuclear power is uniquely subject to international oversight as part of global efforts to prevent civilian atomic energy from bleeding over into weapons production.
The IAEA’s bylaws award particular agenda-setting powers to whatever country has the largest fleet of nuclear reactors. In the nearly seven decades since the agency’s founding, that nation has been the U.S. As such, the 30 other countries with nuclear power have largely aligned their regulations and approaches to the ones standardized in Washington. When the U.S. artificially capped the enrichment levels of traditional reactor fuel at 5%, for example, the rest of the world followed.
That could soon change, however, as China’s breakneck deployment of new reactors looks poised to vault the country ahead of the U.S. sometime in the next decade. It wouldn’t just be a symbolic milestone. China’s emergence as the world’s preeminent nuclear-powered nation would likely come with Beijing’s increased influence over other countries’ atomic energy programs. As it is, China is preparing to start exporting its reactors overseas.
The role electricity demand from the data centers powering the AI boom has played in spurring calls for new reactors is undeniable. But if AI turns out to have as big an impact on nuclear operations as Lauderdale predicts, an American company helping to establish the global guidelines could help cement U.S. influence over a potentially major new factor in how the industry works for years, if not decades to come.
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One of the buzziest climate tech companies in our Insiders Survey is pushing past the “missing middle.”
One of the buzziest climate tech companies of the past year is proving that a mature, hitherto moribund technology — conventional geothermal — still has untapped potential. After a breakthrough year of major discoveries, Zanskar has raised a $115 million Series C round to propel what’s set to be an investment-heavy 2026, as the startup plans to break ground on multiple geothermal power plants in the Western U.S.
“With this funding, we have a six power plant execution plan ahead of us in the next three, four years,” Diego D’Sola, Zanskar’s head of finance, told me. This, he estimates, will generate over $100 million of revenue by the end of the decade, and “unlock a multi-gigawatt pipeline behind that.”
The size of the round puts a number to climate world’s enthusiasm for Zanskar. In Heatmap’s Insider’s Survey, experts identified Zanskar as one of the most promising climate tech startups in operation today.
Zanskar relies on its suite of artificial intelligence tools to locate previously overlooked conventional geothermal resources — that is, naturally occurring reservoirs of hot water and steam. Trained on a combination of exclusive subsurface datasets, modern satellite and remote sensing imagery, and fresh inputs from Zanksar’s own field team, the company’s AI models can pinpoint the most promising sites for exploration and even guide exactly what angle and direction to drill a well from.
Early last year, Zanskar announced that it had successfully revitalized an underperforming geothermal power plant in New Mexico by drilling a new pumped well nearby, which has since become the most productive well of this type in the U.S. That was followed by the identification of a large geothermal resource in northern Nevada, where exploratory wells had been drilled for decades but no development had ever occurred. Just last month, the company revealed a major discovery in western Nevada — a so-called “blind” geothermal system with no visible surface activity such as geysers or hot springs, and no history of exploratory drilling.
“This is a site nobody had ever had on the radar, no prior exploration,” Carl Hoiland, Zanskar’s CEO, told me of this latest discovery, dubbed “Big Blind.” He described it as a tipping point for the industry, which had investors saying, “Okay, this is starting to look more like a trend than just an anomaly.”
Spring Lane Capital led Zanskar’s latest round, which also included Obvious Ventures, Union Square Ventures, and Lowercarbon Capital, among others. Spring Lane aims to fill the oft-bemoaned “missing middle” of climate finance — the stage at which a startup has matured beyond early-stage venture backing but is still considered too risky for more traditional infrastructure investors.
Zanskar now finds itself squarely in that position, needing to finance not just the drills, turbines, and generators for its geothermal plants, but also the requisite permitting and grid interconnection costs. D’Sola told me that he expects the company to close its first project financing this quarter, explaining that its ambitious plans require “north of $600 million in total capital expenditures, the vast majority of which will come from non-dilutive sources or project level financing.”
Unsurprisingly, the company anticipates that data centers will be some of its first customers, with hyperscalers likely working through utilities to secure the clean energy attributes of Zanskar’s grid-connected power. And while the West Coast isn’t the primary locus of today’s data center buildout, Hoiland thinks Zanskar’s clean, firm, low-cost power will help draw the industry toward geothermally rich states such as Utah and Nevada, where it’s focused.
“We see a scenario where the western U.S. is going to have some of the cheapest carbon-free energy, maybe anywhere in the world, but certainly in the United States.” Hoiland told me.
Just how cheap are we talking? Using the levelized cost of energy — which averages the lifetime cost of building and operating a power plant per unit of electricity generated — Zanskar plans to deliver electricity under $45 per megawatt-hour by the end of this decade. For context, the Biden administration set that same cost target for next-generation geothermal systems such as those being pursued by startups like Fervo Energy and Eavor — but projected it wouldn’t be reached 2035.
At this price point, conventional geothermal would be cheaper than natural gas, too. The LCOE for a new combined-cycle natural gas plant in the U.S. typically ranges from $48 to $107 per megawatt-hour.
That opens up a world of possibilities, Hoiland said, with the startup’s’s most optimistic estimates showing that conventional geothermal could potentially supply all future increases in electricity demand. “But really what we’re trying to meet is that firm, carbon-free baseload requirement, which by some estimates needs to be 10% to 30% of the total mix,” Hoiland said. “We have high confidence the resource can meet all of that.”
On New Jersey’s rate freeze, ‘global water bankruptcy,’ and Japan’s nuclear restarts
Current conditions: A major winter storm stretching across a dozen states, from Texas to Delaware, and could hit by midweek • The edge of the Sahara Desert in North Africa is experiencing sandstorms kicked up by colder air heading southward • The Philippines is bracing for a tropical cyclone heading toward northern Luzon.
Mikie Sherrill wasted no time in fulfilling the key pledge that animated her campaign for governor of New Jersey. At her inauguration Tuesday, the Democrat signed a series of executive orders aimed at constraining electricity bills and expanding energy production in the state. One order authorized state utility regulators to freeze rate hikes. Another directed the New Jersey Board of Public Utilities “to open solicitations for new solar and storage power generation, to modernize gas and nuclear generation so we can lower utility costs over the long term.” Now, as Heatmap’s Matthew Zeitlin put it, “all that’s left is the follow-through,” which could prove “trickier than it sounds” due to “strict deadlines to claim tax credits for renewable energy development looming.”
Last month, the environmental news site Public Domain broke a big story: Karen Budd-Falen, the No. 3 official at the Department of the Interior, has extensive financial ties to the controversial Thacker Pass lithium mine in northern Nevada that the Trump administration is pushing to fast track. Now The New York Times is reporting that House Democrats are urging the Interior Department’s inspector general to open an investigation into the multimillion-dollar relationship Budd-Falen’s husband has with the mine’s developer. Frank Falen, her husband, sold water from a family ranch in northern Nevada to the subsidiary of Lithium Americas for $3.5 million in 2019, but the bulk of the money from the sale depended on permit approval for the project. Budd-Falen did not reveal the financial arrangement on any of her four financial disclosures submitted to the federal government when she worked for the Interior Department during President Donald Trump’s first term from 2018 to 2021.
House Republicans, meanwhile, are planning to vote this week to undo Biden-era restrictions on mining near more than a million acres of Minnesota wilderness. “Mining is huge in Minnesota. And all mining helps the school trust fund in Minnesota as well. So it benefits all schools in the state,” Representative Pete Stauber, a Minnesota Republican and the chair of the Natural Resources Subcommittee on Energy and Mineral Resources, said of the rule-killing bill he sponsored. While the vote is expected to draw blowback from environmentalists, E&E News noted that it could also agitate proceduralists who oppose the GOP’s continued “use of the rule-busting Congressional Review Act for actions that have not been traditionally seen as rules.” Still, the move is likely to fuel the dealmaking boom for critical minerals. As Heatmap’s Katie Brigham wrote in September, “everybody wants to invest” in startups promising to mine and refine the metals over which China has a near monopoly.
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A new United Nations report declares that the world has entered an era of “global water bankruptcy,” putting billions of people at risk. In an interview with The Guardian, Kaveh Madani, the report’s lead author, said that while not every basin and country is directly at risk, trade and migration are set to face calamity from water shortages. Upward of 75% of people live in countries classified as water insecure or critically water insecure, and 2 billion people live on land that is sinking as groundwater aquifers collapse. “This report tells an uncomfortable truth: Many critical water systems are already bankrupt,” Madani said. “It’s extremely urgent [because] no one knows exactly when the whole system would collapse.”

The Democratic Republic of the Congo has given the U.S. government a vetted list of mining and processing projects open to American investment. The shortlist, which Mining.com said was delivered to U.S. officials last week, includes manganese, gold, and cassiterite licenses; a copper-cobalt project and a germanium-processing venture; four gold permits; a lithium license; and mines producing cobalt, gold, and tungsten. The potential deals are an outgrowth of the peace agreement Trump brokered between the DRC and Rwanda-backed rebels, and could offer Washington a foothold in a mineral-rich country whose resources China has long dominated. But establishing an American presence in an unstable African country is a risky investment. As I reported for Heatmap back in October, the Denver-based Energy Fuels’ $2 billion mining project in Madagascar was suddenly thrown into chaos when the island nation’s protests resulted in a coup, though the company has said recently it’s still moving forward.
The Tokyo Electric Power Company is delaying the restart of the Kashiwazaki Kariwa nuclear power station in western Japan after an alarm malfunction. The alarm system for the control rods that keep the fission reaction in check failed to sound during a test operation on Tuesday, Tepco said. The world’s largest nuclear plant had been scheduled to restart one of its seven reactors on Tuesday. Fuel loading for the reactor, known as Unit 6, was completed in June. It’s unclear when the restart will now take place.
The delay marks a setback for Prime Minister Sanae Takaichi, who has made restarting the reactors idled after the 2011 Fukushima disaster and expanding the nuclear industry a top priority, as I told you in October. But as I wrote last month in an exclusive about Japan’s would-be national small modular reactor champion, the country has a number of potential avenues to regain its nuclear prowess beyond just reviving its existing fleet.
As a fourth-generation New Yorker, I’m qualified to say something controversial: I love, and often even prefer, Montreal-style bagels. They’re smaller, more efficient, and don’t deliver the same carbohydrate bomb to my gut. Now the best-known Montreal-style bagel place in the five boroughs has found a way to use the energy needed to make their hand-rolled, wood-fired bagels more efficiently, too. Black Seed Bagels’ catering kitchen in northern Brooklyn is now part of a battery pilot program run by David Energy, a New York-based retail energy provider. The startup supplied suitcase-sized batteries for free last August, allowing Black Seed to disconnect from ConEdison’s grid during hours when electricity rates are particularly high. “We’re in the game of nickels and dimes,” Noah Bernamoff, Black Seed’s co-owner, told Canary Media. “So we’re always happy to save the money.” Wise words.
Rob talks through Rhodium Groups’s latest emissions report with climate and energy director Ben King.
America’s estimated greenhouse gas emissions rose by 2.4% last year — which is a big deal since they had been steady or falling in 2023 and 2024. More ominously, U.S. emissions grew faster than our gross domestic product last year, suggesting that the economy got less efficient from a climate pollution perspective.
Is this Trump’s fault? The AI boom’s? Or was it a weird fluke? In this week’s Shift Key episode, Rob talks to Ben King, a climate and energy director at the Rhodium Group, about why U.S. emissions grew and what it says about the underlying structure of the American economy. They talk about the power grid, the natural gas system, and whether industry is going to overtake other emissions drivers as once thought.
Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University. Jesse is off this week.
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Here is an excerpt from our conversation:
Robinson Meyer: At the same time there’s been rising total electrification of the vehicle fleet, there’s also been rising hybrid and plug-in hybrid sales. Do we have a sense of how that breakdown is happening, in terms of reduced carbon intensity of the transportation sector and the light duty fleet?
Ben King: It’s a good question. We haven’t disaggregated the … When I say electric vehicles, I’m talking broadly about both full battery electric, and then plug-in hybrids. And then, I think we say this in paper, but I think there was pretty robust growth for gasoline hybrids as which, you know, relative to just a pure gas car, is better from an emissions perspective.
Meyer: Well, it’s funny because if you care about decarbonization and getting to net zero as soon as possible, you could have to poo poo hybrids. But if you’re actually involved in the game to just keep as much emissions out of the sky as possible, and you’re looking to net those 2% declines every year, hybrids are pretty important because they are basically a drop-in replacement to gasoline car use that burns less gasoline.
King: The other interesting thing that gasoline hybrids does for the sector is it finds interesting unanticipated uses for all this battery manufacturing capacity that we’ve built in the U.S., or that we stand to build. Our forecast for pure EVs — so battery electrics, plug-in hybrids — looks a little worse in the out years because of the tax credits going away, because of the EPA tailpipe regulations going away at the same time that the anticipated demand pull from those policies, plus the advanced manufacturing tax credit — the 45X tax credit — has really been wildly successful in standing up a battery manufacturing industry here in the U.S.
If you want that capacity to be around, one thing that you could do with those batteries is put them into hybrids, right? You might have to retool the line a little bit to accommodate different sizes and stuff, build the expertise, build the workforce, etc., such that when the floodgates open again for electric vehicle adoption, for instance, we’ve got substantial battery manufacturing capacity here domestically.
Mentioned:
Rhodium Group: Preliminary US Greenhouse Gas Emissions Estimates for 2025
Rob on Rhodium’s 2023 emissions report
And here’s Rhodium’s 2024 emissions report
This episode of Shift Key is sponsored by …
Heatmap Pro brings all of our research, reporting, and insights down to the local level. The software platform tracks all local opposition to clean energy and data centers, forecasts community sentiment, and guides data-driven engagement campaigns. Book a demo today to see the premier intelligence platform for project permitting and community engagement.
Music for Shift Key is by Adam Kromelow.