Kairos Power has entered into a technology investment agreement with the Department of Energy to put into effect the Advanced Reactor Demonstration Program risk reduction award, which the nuclear technology company received in 2020.
Kairos said Wednesday that, under the agreement, the DOE will provide up to $303 million on a performance-based, fixed-price milestone basis to enable the design, construction and commissioning of the company’s Hermes demonstration reactor, for which a construction permit has already been issued by the U.S. Nuclear Regulatory Commission.
Mike Laufer, Kairos Power co-founder and CEO, described the technology investment agreement as an “innovative contract” that will facilitate the completion of the Hermes project. “This agreement incentivizes efficiency, drives performance, and establishes credibility to deliver,” Laufer added.
For her part, Office of Nuclear Energy Assistant Secretary Kathryn Huff said, “The Hermes reactor is an important step toward realizing advanced nuclear energy’s role in ushering forward the nation’s clean energy transition.”
Hermes is meant to result in the development of the Kairos Power Fluoride Salt-Cooled High Temperature Reactor, an advanced piece of nuclear technology powered by tri-structural isotropic particle fuel in combination with low-pressure fluoride salt coolant.