Babcock & Wilcox said Monday it will scale back its mPower small modular nuclear reactor program after being unable to attract needed investors or contracts.
Announced in 2009, small modular reactor technology had been the company’s largest research and development project. SMRs would produce less than power than traditional reactors but could be built in factories and would feature an underground containment system.
mPower and the Department of Energy signed a five-year agreement in April 2013 that would bring in up to $226 million in federal funding to help develop and license the technology. The cost-share agreement followed a bid from a team comprised of B&W and the Tennessee Valley Authority.
B&W said it notified the Department of Energy of the scaled-back spending last week and will work with DOE and other parties over the next month or one two to decide what to do with the project.
mPower recorded an $87 million operating loss in 2013, B&W said in a March proxy statement.
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