May 29, 2014

B&W SLOWS MPOWER PROGRAM, SMR CHIEF REPLACED

By ExchangeMonitor
Citing a lack of investors, B&W announced yesterday that it will be slowing down the development of its mPower Small Modular Reactor Program that is receiving support from the Department of Energy. Also yesterday mPower, Inc., CEO Chris Mowry, left B&W and was replaced by mPower COO for Generation William Fox. Nearly $100 million in DOE funds went to mPower in 2013 under a SMR Licensing Support Program. “B&W continues to believe in the strength of the mPower technology, but without the ability to secure significant additional investors or customer Engineering, Procurement and Construction contracts to provide the financial support necessary to develop and deploy mPower reactors, the current development pace will be slowed,” states a B&W release.
 
The company said it has notified DOE of the change and is working to develop a new path forward for the SMR program. B&W plans to invest “up to $15 million annually” in the program, according to the release. “While we have made notable progress in developing a world-class technology, there is still significant work involved in bringing this climate-friendly technology to reality,” B&W President and CEO Jim Ferland said. “The support provided by DOE, Congress, the Tennessee Valley Authority and our other partners has been critical and valuable. We look forward to working with our stakeholders to find the most efficient way to move this technology toward licensing and deployment in the mid-2020 timeframe.”
 
Mowry, the CEO of B&W’s mPower subsidiary, “left to pursue other interests,” according to spokeswoman Aimee Mills.  “B&W thanks Chris for taking mPower from a concept to a strong program and wishes him well.”

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