Oklo, NuScale, Terrapower, Fermi America
None are generating electric power, all are spending money
I was in a discussion about the government dollars going to these four firms. I set out to document the dollars being spent and the date we can expect electricity to be delivered from nuclear power plants.
I did a web search of published material using Grok as my search too.
Where it could find data the dollar amounts are in the millions and billions. The dates for the first kWh are 2026 in one case and 2030 for the other three
Oklo and NuScale are publicly traded under symbols OKLO and SMR. Neither is showing earnings but both are selling stock. They have public SEC filings available.
Oklo hopes to have a product by 2030. See the FAQ.
https://oklo.com/investor-faqs/default.aspx
NuScale hopes to have its first SMR module deployed by 2030 See page 4 of the Q1 Results presentation.
https://40210592.fs1.hubspotusercontent-na1.net/hubfs/40210592/Website/Investors/2025/SMR-1Q25-Presentation.pdf
TerraPower. Their demonstration plant is scheduled for completion in 2030.
https://www.forbes.com/sites/antoniopequenoiv/2024/03/19/terrapower-what-we-know-about-bill-gatess-nuclear-power-plant-in-wyoming/
Fermi America is planning a 5800 acre campus. They are doing geotechnical work on the site and plan to have 1 GW of power available in 2026. Texas Tech University is a partner.
https://www.prnewswire.com/news-releases/fermi-america-and-the-texas-tech-university-system-first-to-answer-president-trumps-call-for-global-energy-and-ai-dominance-302492683.html
My prompt for a web search:
“How many dollars in government grants, cost-share, and loan guarantees have gone to Oklo, NuScale, Terrapower, and Fermi America?”
The findings are below.
Summary table:
The text of Grok’s search results:
“Below is a summary of the government grants, cost-share awards, and loan guarantees provided to Oklo, NuScale, TerraPower, and Fermi America based on available information. Note that precise figures for some companies are limited, and not all funding types (grants, cost-share, loan guarantees) are explicitly documented for each company. Where exact amounts are unavailable, I’ve noted the gaps and provided context. All figures are in U.S. dollars. ###
Oklo
- **Grants and Cost-Share**: - Oklo has received funding from the U.S. Department of Energy (DOE) for advanced reactor development, but specific dollar amounts for grants or cost-share awards are not always explicitly detailed in public records. - In 2019, Oklo received a site use permit from the DOE for its Aurora Powerhouse at Idaho National Laboratory, which implies some level of federal support, but no specific grant or cost-share amount was disclosed.[](https://carboncredits.com/smrs-the-future-of-clean-energy-with-oklo-leading-the-charge-small-modular-reactors/) - Oklo was part of a DOE program to access nuclear waste fuel from Idaho National Laboratory for its Aurora reactor, but no direct funding amount was specified for this arrangement.[](https://carboncredits.com/smrs-the-future-of-clean-energy-with-oklo-leading-the-charge-small-modular-reactors/) - No explicit mention of cost-share awards or grants in the provided sources, though Oklo’s collaboration with the DOE and national labs suggests some level of financial or in-kind support (e.g., access to facilities or fuel). - **Loan Guarantees**: - No specific loan guarantees from the DOE or other federal programs are documented for Oklo in the available data. - **Total Known Funding**: No precise dollar amount for grants, cost-share, or loan guarantees is confirmed. Oklo’s funding appears to rely more heavily on private investment, such as from OpenAI’s Sam Altman and its SPAC merger raising $300 million.[](https://www.fool.com/investing/how-to-invest/stocks/how-to-invest-in-terrapower-stock/)[](https://carboncredits.com/smrs-the-future-of-clean-energy-with-oklo-leading-the-charge-small-modular-reactors/) ###
NuScale Power
- **Grants and Cost-Share**: - In December 2013, NuScale won up to **$226 million** in cost-sharing funding through the DOE’s Small Modular Reactor (SMR) Licensing Technical Support program to support licensing and approval processes.[](https://en.wikipedia.org/wiki/NuScale_Power) - In October 2020, the DOE approved a multi-year cost-share award of up to **$1.4 billion** for the Carbon Free Power Project (CFPP), a 12-module NuScale power plant at Idaho National Laboratory, to be developed with Utah Associated Municipal Power Systems (UAMPS). This funding is subject to future congressional appropriations.[](https://www.energy.gov/ne/articles/doe-approves-award-carbon-free-power-project)[](https://www.utilitydive.com/news/doe-approves-up-to-14b-to-test-12-module-nuscale-reactor/587265/) - Since 2014, the DOE has provided more than **$400 million** to support NuScale’s development and other early-stage SMR designs. This includes research and development funding from 2000–2003 at Oregon State University, which contributed to NuScale’s prototype.[](https://en.wikipedia.org/wiki/NuScale_Power) - **Loan Guarantees**: - No specific loan guarantees are mentioned for NuScale in the provided sources. The DOE’s Loan Programs Office has **$11 billion** available for nuclear projects, but no direct allocation to NuScale is confirmed.[](https://www.canarymedia.com/articles/nuclear/nuclear-startup-oklo-gets-thumbs-down-from-regulators-what-does-this-mean-for-next-gen-nuclear) - **Total Known Funding**: - Cost-share: **$1.626 billion** ($226 million + $1.4 billion for CFPP). - Grants: At least **$400 million** since 2014, though some of this may overlap with cost-share funding. - Total: Approximately **$2.026 billion** in grants and cost-share, with no confirmed loan guarantees. ###
TerraPower
- **Grants and Cost-Share**: - In October 2020, TerraPower was awarded **$80 million** in initial funding through the DOE’s Advanced Reactor Demonstration Program (ARDP) to demonstrate its Natrium reactor. The DOE committed to investing up to **$3.2 billion** over seven years (subject to appropriations), with TerraPower providing matching funds.[](https://www.energy.gov/ne/articles/us-department-energy-announces-160-million-first-awards-under-advanced-reactor)[](https://www.greentechmedia.com/articles/read/terrapower-x-energy-win-160m-in-doe-grants-to-build-advanced-nuclear-plants-by-2027) - The Kemmerer, Wyoming Natrium reactor project, estimated at **$4 billion** total, has the DOE covering **half** (approximately **$2 billion**) through cost-share funding.[](https://www.geekwire.com/2025/terrapower-lands-650m-from-nvidias-investment-fund-bill-gates-and-others/)[](https://en.wikipedia.org/wiki/TerraPower) - **Loan Guarantees**: - No specific loan guarantees are documented for TerraPower in the provided sources. However, the DOE’s Loan Programs Office has supported nuclear projects (e.g., Vogtle Units 3 and 4), indicating potential eligibility, but no direct allocation to TerraPower is confirmed.[](https://www.energy.gov/lpo/articles/how-loan-programs-office-and-plant-vogtle-are-shaping-energy-transition-through) - **Total Known Funding**: - Cost-share: **$80 million** (initial ARDP funding) + **$2 billion** (Kemmerer project) = **$2.08 billion**, with potential for up to **$3.2 billion** over seven years if fully funded. - Grants: No additional grants beyond ARDP cost-share are specified. - Total: Approximately **$2.08 billion** in cost-share, with no confirmed loan guarantees. ###
Fermi America
- **Grants, Cost-Share, and Loan Guarantees**: - No specific information is available in the provided sources or broader public records about Fermi America receiving government grants, cost-share awards, or loan guarantees. - Fermi America does not appear prominently in DOE funding announcements or nuclear energy development programs compared to Oklo, NuScale, or TerraPower. - It’s possible Fermi America is a newer or less prominent entity, or it may not be actively pursuing federal funding under the programs discussed (e.g., ARDP, SMR Licensing Support). - **Total Known Funding**: **$0** (no documented federal funding). ###
Notes and Caveats
- **Oklo**
: Limited public data on direct federal funding. Its focus on private investment (e.g., SPAC merger, Sam Altman’s backing) suggests less reliance on government support compared to NuScale or TerraPower.[](https://www.fool.com/investing/how-to-invest/stocks/how-to-invest-in-terrapower-stock/)[](https://carboncredits.com/smrs-the-future-of-clean-energy-with-oklo-leading-the-charge-small-modular-reactors/) -
**NuScale**
: The most heavily funded by the DOE, particularly for the CFPP, though the project’s cancellation in 2023 due to cost increases (from $3.6 billion to $9.3 billion) raises questions about future funding.[](https://en.wikipedia.org/wiki/NuScale_Power)[](https://www.energy.gov/ne/articles/doe-approves-award-carbon-free-power-project) -
**TerraPower**
: Significant DOE support through ARDP and the Kemmerer project, bolstered by private investment from Bill Gates and others. The $3.2 billion ARDP commitment is not fully disbursed and depends on future appropriations.[](https://www.energy.gov/ne/articles/us-department-energy-announces-160-million-first-awards-under-advanced-reactor)[](https://www.geekwire.com/2025/terrapower-lands-650m-from-nvidias-investment-fund-bill-gates-and-others/)[](https://en.wikipedia.org/wiki/TerraPower) -
**Fermi America**
: Lack of data suggests either no federal funding or minimal activity in the public domain. Further research into Fermi America’s status or alternative names (e.g., a subsidiary or parent company) may be needed. - **General Context**: The DOE’s Advanced Reactor Demonstration Program and Loan Programs Office are key sources of nuclear funding, with **$3.2 billion** committed to ARDP and **$11 billion** available for nuclear loan guarantees. However, specific allocations to these companies beyond what’s listed are not confirmed.[](https://www.energy.gov/ne/articles/us-department-energy-announces-160-million-first-awards-under-advanced-reactor)[](https://www.canarymedia.com/articles/nuclear/nuclear-startup-oklo-gets-thumbs-down-from-regulators-what-does-this-mean-for-next-gen-nuclear) -
**Data Gaps**
: Exact grant amounts for Oklo and Fermi America are unclear, and loan guarantees are not explicitly tied to any of these companies in the sources. Some funding (e.g., NuScale’s $400 million) may overlap between grants and cost-share categories, so totals are estimates. If you need further details or want me to dig deeper into any specific company or funding program, let me know! You can also check DOE announcements or company financial reports for updates, as funding statuses may evolve.[](https://www.energy.gov/ne/articles/us-department-energy-announces-160-million-first-awards-under-advanced-reactor)[](https://en.wikipedia.org/wiki/NuScale_Power)[](https://www.canarymedia.com/articles/nuclear/nuclear-startup-oklo-gets-thumbs-down-from-regulators-what-does-this-mean-for-next-gen-nuclear)