The Promise of Nuclear: Part II
Tethering Greece to terra firma
This is Startup Pirate #106, a newsletter about technology, entrepreneurship, and startups every two weeks. Made in Greece. If you haven’t subscribed, join 6,420 readers by clicking below:
The Promise of Nuclear: Part II
The “Promise of Nuclear” series attempts to go down the rabbit hole of nuclear energy. Part I was all about what brought us here today through a historical pursuit of scientific knowledge, economic progress, unfortunate events, and propaganda. Part II is about the future. And specifically, what are the latest technological developments that can pave the way for a “new” Nuclear Age and what it would take for Greece to join the race. I couldn't think of a better person than Georgios Laskaris to walk us through this. George is a nuclear physicist (NTUA, Duke, Stanford, MIT), president of the Deon Policy Institute, and a long-time proponent of nuclear energy. Here’s what he has to say. Let’s get to it.
Nuclear is making a comeback. Private companies like Microsoft and Amazon eye nuclear as a way to reconcile their breakneck data center growth with their commitments to hit net zero, and governments race to chart a path with new nuclear builds and reversals of previous shutdowns (Italy being the most recent case). Why now?
It’s climate change (and not only)
Climate change presents us with the serious dilemma of reducing greenhouse gas emissions much faster than before or facing the increasingly devastating consequences of an ever-warming planet. Humanity must harness all low-carbon energy sources to meet the Paris Agreement's goal of limiting global temperature increases to well below 2°C compared to pre-industrial levels. We have been on a decarbonization path for over a decade, and now renewable energy (like solar and wind) has reached penetration levels where their intermittency not only presents challenges to the operation of grids globally but also generates price instability.
While other solutions have been proposed over the years, such as the use of BESS (battery energy storage systems), these solutions do not look very promising primarily due to concerns related to the high upfront and operations costs, the limited energy density and space requirements, the limited duration of energy storage (typically minutes to few hrs), the raw material scarcity, and the environmental impact during their extraction.
Nuclear provides a zero-emission, energy-dense, and storable long-term energy on demand. Unlike renewables, it's resilient to weather-related disruptions and offers continuous operation. A reliable, sustainable, and affordable energy future. In fact, of all the low-carbon energy sources, nuclear energy is one of the few, if not the only, that can be used to produce on a large scale all the main forms of energy: electricity, heat, and fuel. We should also not forget that nuclear power can reduce Europe's dependency on imported natural gas and fossil fuels, mainly from Russia, paving the path for true energy sovereignty.
All existing nuclear power plants use nuclear fission, a reaction in which a neutron collides with a uranium atom and splits it, releasing a large amount of energy in the form of heat and radiation. When a uranium atom splits, more neutrons are also released. These neutrons continue to collide with other uranium atoms, and the process repeats itself. This is called a nuclear chain reaction and is controlled in nuclear power plant reactors to produce the desired energy.
There is a negative perception of nuclear energy, which stems from historical events, safety fears, and limited public understanding. Bad news sells, and so the accidents are overplayed, fueling a climate of fear. Yet, the fact that there are 437 nuclear reactors in the world today providing stable, safe, and reliable energy is seldom mentioned because it has now become a taboo. To address these issues, greater transparency, public education, and ongoing safety and waste management improvements are essential.
Leaps in nuclear technology
Apart from the escalating environmental concerns and geopolitical instability that lead to a global quest for new energy resources, the renewed interest in nuclear energy comes from the renewed trust in that technology. We have made significant advancements in the safety of advanced reactors and Small Modular Reactors (SMRs).
SMRs are an advanced type of reactor, smaller in size (with a power output of up to 300 MWe per unit, about one-third of traditional nuclear reactors' power capacity), requiring lower upfront investments and promising even greater security. They are a fraction of the size of a conventional reactor and modular since they can be manufactured in factories and then transported as a unit to their operating site, where they are assembled. That allows for more reactors to be added as energy needs change and lower manufacturing time and cost by exploiting economies of scale in production.
Most importantly, SMRs have a variety of passive safety systems that rely on physical phenomena to cool the reactor core in an emergency. If the temperature rises, the nuclear reaction slows down, and the power reduces. These systems can operate without requiring electricity or operator intervention in case of an accident, and they have no active elements such as fans, pumps, diesel engines or water coolers. Other safety features, which are common to all advanced reactors but getting better over time, are the confinement building that is strong enough to withstand a rupture in the reactor coolant system, the designated exclusion areas that separate the power plant from the population, and the fact that reactors are usually located in low population zones and at a distance from population centers.
Currently, there are two operating SMRs in Russia and China, respectively, while many Western countries also embrace SMRs. Canada, the USA, the Czech Republic, and even Slovakia plan on introducing the technology into their energy mix over the next few years. There is a lot of development in that space with a plethora of technical designs. There are probably more than 20 in various development stages in the USA alone.
Nuclear reactors: Past, present, and future
Historically, there have been four generations of nuclear reactors, each reflecting continuous technological advancements, safety, and efficiency.
Generation I (1940s-1960s) reactors were the first to produce controlled nuclear power. The designs were mostly experimental, focusing on proving nuclear energy's feasibility for electricity generation and military purposes. A few examples of that period are the Chicago Pile-1 (1942, USA), the Obninsk NPP (1954, USSR) that became the first commercial reactor ever, the Magnox reactor at Calder Hall at Windscale (1956, England) that is the first commercial nuclear power plant in the West, the Shippingport Atomic Power Station (1957, USA), etc. Their power did not exceed 100 MWe.
Generation II (1960s-1990s) reactors marked the widespread deployment of nuclear reactors for commercial electricity production. These incorporated more advanced safety features and standardized designs, making nuclear power economically viable. Still, building those plants meant costly gigantic undertakings—so-called megaprojects. Notable reactors of that period include the Pressurized Water Reactors (PWRs), the Boiling Water Reactors (BWRs), and the CANDU Reactors. These were built extensively in the USA, Europe, Russia, and Japan, and their typical power capacity reached 1 GWe.
Generation III (1990s-present) reactors improved safety, efficiency, and lifespan compared to previous generations. Their designs feature enhanced safety systems, including passive safety features. Notable reactors of the current period include Advanced PWRs, BWRs, AP1000, EPR, and others. Most reactors of this generation have a capacity of 1-1.5 GWe.
Generation IV (2030s and beyond). This is where some SMR and microreactor designs belong. These designs focus on sustainability, enhanced safety, and reduced waste. As companies standardize their designs, they could be easier to build and cut costs. SMRs are expected to have a capacity of up to 300 MWe, while microreactors would reach up to 10 MWe.
As you can see, the development of nuclear reactors has followed the economic development of nations around the globe. During the 1950s-1960s, there was a need for vast amounts of energy to meet the increasing domestic demand for electricity, which was covered by burning coal, oil, and reactors with increasing power capacity over the years. Nowadays, grid balancing, decarbonization of transportation, industry, heating, and other specific applications are begging for niche interventions to the energy system. This leads to the need for more flexible energy solutions, including SMRs.
Nuclear fusion: always “30 years away”?
Nuclear fusion is the exact opposite of fission. Instead of splitting nuclei, it merges (or fuses) them, releasing significant energy. I'm not a fusion expert, so I have limited technical knowledge, but Alex previously looked into it, so you can find much more details here. I understand that nowadays, there are two distinct ways of moving forward. On the one hand, there is ITER, a government initiative, a megaproject that aims to demonstrate the feasibility of nuclear fusion through a joint venture. On the other hand, there is an array of private-sector projects funded by venture capital.
From what I hear from fellow physicists in the field, ITER is a very challenging project, technically, financially, and logistically. The technical difficulties stem from instabilities which can cause plasma disruptions that become more evident in high power, and the uncertainty in tritium supply, among other things. Meanwhile, ITER is already a $65 billion project running late and an oversized government-funded entity. The project is expected to demonstrate the feasibility of nuclear fusion by 2050. If they succeed, commercial fusion reactors will follow.
At the same time, I can count over 30 fusion companies worldwide that have raised a few billion dollars looking for the holy grail in energy production, claiming that they will succeed within the next decade. One of those companies claims they can have a working demo in 2025. Let's see. I sense that if SMRs are the future, nuclear fusion is one step further.
“There is no way to reach net-zero emissions without nuclear energy”
Greece has invested heavily in solar and wind and has been very successful in decarbonizing through the use of renewables. In fact, Greece produced 57% of its electricity in 2023 using renewables (solar and wind) and Hydropower, while this percentage was below 10% in 2008. However, the increased penetration of renewables in Greece has not been without challenges.
Firstly, as we all know, renewables are intermittent, meaning that when they are not producing, the gap is currently filled by GHG-emitting technologies, as Greece has a relatively small penetration of Hydro. When they are overproducing (during periods of high sunshine and strong winds but low demand), up to 50% of the green energy might need to be rejected to allow the grid to run. In 2023, almost 60% of electricity in Greece was produced by renewables. The remaining 40% was produced on a need basis by firing up the Natural Gas and Lignite power plants. Given plans to phase out lignite power plants in the next few years, the dependency on foreign countries to balance energy needs will increase. Greece needs a solution that will allow us to fully decarbonize electricity production.
Secondly, renewables' intermittency also leads to very high price fluctuations. During the summer of 2024, there were periods of extremely low prices, i.e. 56 hours with prices between 0 and 10 €/MWh and 225 hours that exceeded 200 €/MWh, particularly during the evening hours. Lastly, industries that require stable and reliable energy cannot rely on renewables because of their intermittency. So, to decarbonize, they need to redesign their whole industrial processes or find a stable source of clean energy.
I assume all this or part of this led the Greek prime minister to state, just a few weeks ago, "There is no way to reach net-zero emissions without nuclear energy." How do we get there?
Greece entering the Nuclear Age
Here is something that is not highlighted in the public discourse: Before we take any steps at the national level, we need to bring Europe on board. There are many scattered projects around Europe, but we are moving towards a single electricity market, so we must work together on this. Europe would also be a great funding source, among many other things. Greece cannot act in isolation.
Nuclear power can serve as a reliable and scalable energy source that provides affordable electricity, balances the grid, counteracts the intermittency of renewables, and protects against price spikes. While the upfront investment and adoption time can be substantial, particularly for traditional nuclear power plants (7-12 years to complete the construction from initial planning to commissioning, while there is no data for SMRs yet), the low operational costs and continuous energy generation make it economically attractive over its lifecycle. Due to its minimal fuel requirements, nuclear energy only adds to the mix of energy security since a small amount of uranium (which is both cheap and abundant) can produce as much energy as large quantities of coal or oil.
But incorporating nuclear energy in any country's energy mix, including Greece's, requires more than capex. It requires education of the public, building a strategic plan (i.e. use cases, locations, and technologies), designing a regulatory framework, and training the workforce. Any successful effort to incorporate nuclear into Greece's energy mix should start with public and political support: Systematic educational campaigns to inform the public about its safety, environmental benefits, and economic impact, in addition to strong bipartisan political consensus. At the same time, a robust policy and regulatory framework should be developed.
Thanks to the different SMR designs that serve various applications, we can generate clean energy from baseload power for our homes and the industry (land-based water-cooled) to maritime transportation fuels (marine-based water-cooled)—further establishing Greece's position as the global shipping superpower, electrify remote areas such as small Greek islands and desalinate seawater in those communities (microreactors), or even electrify special development projects such as data centers, and replace old lignite-fired power plants, e.g. Ptolemais and Megalopolis.
Earthquakes, another point raised in discussions for earthquake-prone regions like Greece, pose a challenge to nuclear power plants. However, advances in engineering, safety design, and regulations have minimized the risks over the years. Having said that, continuous vigilance and thorough risk assessment remain critical for ensuring the long-term safety of nuclear power plants.
Another critical step is training and workforce development. I'm aware that there are many truly brilliant Greek nuclear engineers and physicists worldwide who can help in this national effort. Nonetheless, we will need many more, so we should expand our existing academic programs, partner with international institutions for specialized training, and collaborate with countries with nuclear experience.
Of course, there are so many other steps that need to happen before we even imagine having a nuclear plant on the ground. We need to evaluate the reactor types (small vs big) and options (which SMR?), considering the geopolitical strings attached to each option. We need to perform feasibility studies such as assessing energy demand now and in the future, economic cost-benefit analyses, choose a site to build it, etc. This list might sound long, but I'm optimistic that if Greece decides to take on this endeavor, it will succeed as it has succeeded in many other initiatives throughout the 20th century.
Let's tether Greece to terra firma.
Jobs
Check out job openings here from startups hiring in Greece.
News
Resolve AI (AI dev tool) raised $35m Seed.
Numa (AI for car dealerships) raised $32m Series B.
Series (AI game development) secured $28m Series A.
Syntax Bio (biotechnology) raised $15m.
Enlaye (AI for construction) raised $1.7m pre Seed.
Polytrial (research operations) raised pre Seed.
FlexThis (urban mobility) raised €200k.
Project Parenting (edtech) secured funding.
Resources
Two banger posts by George Hadjigeorgiou, co-founder & CEO at Skroutz, on managing your career and startup founders: stop being fancy, you have a mission.
Product lessons leading Facebook app monetization to billions in revenue with Maria Angelidou, CPO at Personio.
Why do we need consensus again? by Dionysis Zindros, co-founder at Common Prefix.
Engineering management with Georgios Konstantopoulos, General Partner & CTO at Paradigm.
Don't rush to hire your first PM by Joseph Alvertis.
OpenAI's o1: first impressions by Konstantine Arkoudas.
Total funding amount for startups with ops in Greece. We're so back!
Events
“At the edge of CS” by Patras Tech Talk on Oct 15
“UX practices at Workable” by Athens UX on Oct 17
“Re-Composing Apps & rollout tips” by GDG Android Athens on Oct 17
“AiForum 24” on Oct 24
“Take Back the City #4” by Astylab on Oct 29
Thanks for reading, and see you in two weeks. If you’re enjoying this newsletter, share it with some friends or drop a like by clicking the buttons below ⤵️
Find me on LinkedIn or Twitter.
Thank you so much for reading,
Alex
Startup funding going up again. With 30-35 total funds operating in the country next year, it will certainly go up even higher. Let's hope the newfound quantity is accompanied with quality too!