Tennessee Valley Authority

Stories

Kairos Power secures $643M for Hermes 2 reactor in Tennessee

Buyer of Hermes 2's power output

Kairos Power raised $643 million for its Hermes 2 reactor in Oak Ridge, Tennessee: $368 million from private investors including Google Ventures, DCVC and Samsung C&T, and $275 million from the US Department of Energy. Bloomberg reported the total in October 2026, quoting chief executive Mike Laufer. Kairos has not issued its own release on the round.

Updated Oct 19

TVA receives first U.S. construction permit for a small modular reactor

Built World

As of September 2026: Permit holder and project owner

The U.S. Nuclear Regulatory Commission on September 29 granted Tennessee Valley Authority a construction permit for a small modular reactor at its Clinch River site near Oak Ridge, Tennessee. It is the first SMR construction permit issued in the United States, clearing TVA to build a 300-megawatt BWRX-300 designed by GE Vernova Hitachi Nuclear Energy.

Updated Sep 29