Elementl Power's preliminary arrangement with a South Korean-led consortium would create a partnership worth up to $750 million for early work on as many as three U.S. nuclear projects.
The company announced the deal Oct. 26, saying DS Investment Partners would lead the group. The consortium would take a sizable minority position and provide part of the projected funding, but Elementl did not specify its contribution. Other investors may join, and Elementl asked Macquarie Capital to assess potential strategic or financial participants.
Elementl said the arrangement would broaden its early-stage funding and connect it with South Korean nuclear suppliers and engineering capabilities. The proposed capital would cover work before construction, including permits, grid access and orders for equipment with long lead times. DS Investment Partners CEO Seung Soo Kang said new nuclear is “essential to meeting rising energy demand.”
Elementl named Samsung C&T Engineering & Construction Group as a potential strategic investor. Bloomberg, citing people familiar with the matter, reported that the consortium had pledged up to $200 million and Samsung C&T was committing capital while discussing engineering support. Elementl's announcement did not specify individual contributions.
Separately, Elementl has described a proposed facility of up to 1.5 gigawatts in southeast Ohio, planned to use BWRX-300 small modular reactors from GE Vernova Hitachi Nuclear Energy. In June, the company said construction of the first unit could begin in 2030, with completion anticipated in 2034, subject to an investment decision and regulatory approvals. Elementl says it and its investors would finance the Ohio plant if built, without using electric customer rates.
Elementl also said the project's request to connect its first 600 megawatts qualified for study in PJM Interconnection's first cycle. PJM estimates reviews in that cycle may take one to two years, depending on a project's impact.
No project has reached a final investment decision. The partnership still requires definitive documents, regulatory approvals and other customary closing conditions, and Elementl gave no timetable for completion.
