Hermes 2

Permits

NRC construction permit (Nov 2024); upgrade to 50 MWe did not need a new application; ground broken Apr 17, 2026

Who's building it

Kairos in-house construction; term sheet with Samsung C&T

Sources: ans.org

TVA (for Google)

TVA buys the output under a PPA tied to Google's 500 MW agreement with Kairos

GoogleBUYERTennessee Valley AuthorityUTILITY BUYER

• Russian uranium ban → enrichment squeeze → advanced reactors

  STEP 4/6 · AT RISK HALEU is the bottleneckMost advanced designs need HALEU (5–20% enriched), with no commercial US supply at scale yet.

  STEP 5/6 · AT RISK Advanced reactor timelinesFuel availability becomes a gating item for first units.

• AI data-center demand → clean firm power deals → first-of-a-kind plants

  STEP 4/5 · WATCH Advanced nuclear gets anchor customersBuyers fund development and commit to output from first units.

• DOE loan review → first-of-a-kind financing gap

  STEP 4/4 · WATCH Office relaunched as Energy Dominance FinancingLending shifts toward nuclear and utility expansions (AP1000 offers, Constellation uprates).

Critical inputs

UraniumBerylliumLithium

Policy that applies

• Russian uranium import ban: waiver periodWAIVERS UNTIL 2028
• 45Y / 48E: all other clean power and storageACTIVE
• 45U: existing nuclearACTIVE
• DOE adds helium to the Critical Material ListIN EFFECT
• DOE Energy Dominance Financing: 10 large reactorsCONDITIONAL OFFERS
• DOE Energy Dominance Financing: Constellation and AlliantANNOUNCED

• HermesConstruction

• ans.org
• ans.org