The U.S. Department of Energy and Kairos Power have signed a technology investment agreement to implement an Advanced Reactor Demonstration Program risk reduction award, for which the company was selected in December 2020, to support the design, construction, and commissioning of the Hermes demonstration reactor in Oak Ridge, Tenn.
Under the agreement, DOE will provide up to $303 million to Kairos Power using a performance-based, fixed-price milestone approach, wherein the company will receive fixed payments upon demonstrating the achievement of significant project milestones.
The investment by DOE will complement Kairos Power’s substantial private investment in the Hermes project and supporting infrastructure, Kairos Power said.
Since being selected for the ARDP award, Kairos Power has made steady progress on its pathway to demonstration, standing up extensive testing and manufacturing infrastructure to deliver the Engineering Test Unit series and advancing its fuel and molten salt coolant workstreams, the company said.
In December 2023, the U.S. Nuclear Regulatory Commission issued a construction permit to Kairos Power for the Hermes demonstration reactor.
“Hermes will demonstrate the company’s ability to deliver clean, safe, and affordable nuclear heat and represents a critical step on Kairos Power’s iterative pathway to commercializing its advanced reactor technology,” the company said.
