Ben Kellie and Paul Keutelian, two former SpaceX engineers, founded Applied Atomics in 2025 to revive the mPower small modular reactor. On June 17, 2026, the company signed a licensing agreement with BWXT for exclusive commercial rights to the reactor design across the US and Canada. This Generation III+ reactor delivers 195 megawatts electric (575 megawatts thermal), positioned between micro-reactors and conventional plants. The design had already consumed roughly $400 million before being shelved in 2017, though test facilities in Lynchburg, Virginia, remain preserved as a significant asset. Applied Atomics is targeting first commercial operation around 2031 and is also exploring floating nuclear plants in partnership with Core Power.
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