March 20, 2023
Last Energy Announces Fleet of 34 Micro Modular Nuclear Power Plants Across UK and Poland, Supporting Industry With Zero Carbon Baseload Power
The US-based nuclear power plant developer and operator announces the largest development pipeline of new nuclear projects in the world, including its first three UK partnerships.
Last Energy, which designs, manufactures, and commercializes fully modular micro nuclear power plants, today announced power purchase agreements for 34 units of its 20 MWe power plants with four industrial partners across Poland and the United Kingdom. The agreements represent the largest pipeline of new nuclear power plants under development in the world, with 10 plants planned for the Katowicka Special Economic Zone (KSSE) in Poland and an additional 24 plants in the United Kingdom. In total, the deals represent power purchase agreements for over USD $18.9 Bn in electricity sales. The portfolio of projects provide a jump start to European industry looking to power its growth with carbon-free, always-on energy.
By providing clean, on-site baseload electricity and heat to industrial partners, Last Energy’s PWR-20 micro nuclear power plant fills a critical gap for heavy energy users as they seek a reliable solution for rapid decarbonisation. Industrial energy use accounts for a quarter of global greenhouse emissions and European industrial competitiveness depends on securing a stable supply of cost-competitive power, with many companies and regions struggling to secure adequate power to attract and retain industrial partners.
In Poland, Last Energy will develop 10 of its 20 MWe micro nuclear power plants in the KSSE special economic zone, located in Poland’s southwest and home to 540 companies and 90,000 industrial jobs. Last energy is targeting 2026 as the commissioning date for the first power plant to come online. The agreement represents over USD $4.3 Bn in electricity sales over the lifetime of the contract and USD $1Bn in inward energy and infrastructure investment in the zone.
“Poland continues to showcase its leadership in supporting clean energy solutions that are ready for rapid deployment,” said Damian Jamroz, President of the Management Board of Last Energy Polska. “We’re honored to partner with the Katowicka Special Economic Zone, helping them ensure the long-term competitiveness for themselves and the companies within the zone.”
“The KSSE is at the forefront of Poland’s energy transition, and this partnership is a key part of securing our regional and national competitiveness,” said Dr. Janusz Michałek, President of the Management Board of KSSE. “Industrial investors are looking for a secure supply of carbon-free power to power their operations today, and seamlessly scale as their power requirements increase. This project would provide the type of security and certainty in energy supply and price that our industrial partners need to make long-term investments in our area.”
In the United Kingdom, Last Energy announced three new partnerships, with power purchase agreements for 24 plants. The partners represent a diversity of UK industries, including a life sciences campus, sustainable fuels manufacturer, and a developer of hyperscale data centers. The specific partnerships and details of each project will be announced over the coming months, as project teams on both sides finalize arrangements for site selection and engagement with appropriate stakeholders.
In total, the power purchase agreements represent over USD $14Bn in electricity sales, with the first UK plant targeted for a 2026 commissioning. Total inward investment is expected to be USD $2.4Bn, an investment that will support companies across the UK energy supply chain. Rather than requiring government financing for new nuclear development, Last Energy is leveraging private capital looking to invest in clean energy and infrastructure projects.
“The demand for zero carbon, baseload energy solutions is huge, and micro nuclear is an ideal solution for distributed energy users”, said Last Energy UK CEO, Mike Reynolds. “Our private-sector led approach to delivering new nuclear power supports the wider Government efforts to promote growth and investment in the green industries of the future.”
According to the CEO of the UK’s Association for Decentralised Energy, Lily Frencham, “industrial energy users are increasingly facing energy supply constraints, not to mention extreme price volatility and uncertainty. Last Energy’s micro nuclear power plants meet the energy requirements of heavy industry, capable of providing zero carbon heat and electricity and doing so in a way that can scale over time to meet their energy needs.”
Tom Greatrex, Chief Executive of the UK’s Nuclear Industry Association, said: “If we are serious about decarbonising all parts of society, including hard to abate sectors, then nuclear will need to play a central role. By providing reliable, weather-proof power, including high heat, smaller reactors can form an important part of the efforts to decarbonise challenging sectors and help meet Britain’s ambitious climate targets.”
Last Energy’s delivery model is designed to make nuclear energy more accessible, more affordable and faster to deploy. To do this, the company provides full-cycle nuclear project development for its customers, including design, construction, financing, service and operation. The company’s PWR-20 micro nuclear power plant leverages a proven pressurized water reactor and fully modular plant design, a unique approach that dramatically reduces the time and cost of building nuclear power plants while delivering carbon free baseload energy. The plant is fully factory fabricated and can be installed on site in as little as three months.
“Our vision is to create a new model for what’s possible with nuclear development at scale, and you’re seeing it quickly come to life through these partnerships,” said Last Energy CEO, Bret Kugelmass. “For too long, nuclear has been too big, too costly, and failed to create a product that meets customer demand. From the outset, we started with studying our customer’s energy requirements, and we designed our power plant, and our entire business model, around delivering them what they need.”
About Last Energy
Last Energy is creating a new system for the development and delivery of micro modular nuclear power plants. Combining proven reactor technology with a first-of-its-kind delivery model and fully modular plant design, Last Energy aims to decarbonize energy production and increase access to clean, affordable power.
