Nuclear Pulse — September 13, 2026

Hyperscalers locked in nuclear baseload at scale, with Google signing a long-term power purchase agreement with Fortum covering up to fifty percent of Finland's Loviisa nuclear power plant output thro...
Nuclear Pulse — September 13, 2026

Nuclear Pulse — September 13, 2026

Covering: September 6 – September 13, 2026 | Published: September 13, 2026

Summary

Hyperscalers locked in nuclear baseload at scale, with Google signing a long-term power purchase agreement with Fortum covering up to fifty percent of Finland’s Loviisa nuclear power plant output through 2049 as part of a separate thirteen-billion-euro data-centre investment in Finland (1), (2), (3). Eli Lilly followed with a letter of intent with Indiana to site nuclear power projects on or near its manufacturing footprint, the first major pharmaceutical-sector offtake announcement of the year (4). On the demand side, the World Nuclear Outlook Report confirmed a record year for global nuclear generation in 2025 with an eighty-three-point-seven-percent average capacity factor and projections of one-thousand-four-hundred-fifty-seven gigawatts of installed capacity by 2050 if national targets are met (5), (6), (11). The IAEA reported that North Korea has expanded uranium enrichment capacity at Yongbyon and at a new two-storey Kangson facility, adding an estimated four warheads per year of potential production (7), (8), (9). China’s State Power Investment Corporation began full-scale site levelling for the first two of six planned Guohe One (CAP1400) units at the new Laiyang plant in Shandong, the first project to be built under SPIC’s standardised mass-production model (10), (11). The United States Air Force selected Antares Industries for a one-hundred-sixty-one-million-dollar award to demonstrate a space nuclear reactor, the first terrestrial application of an orbital reactor concept in over sixty years (12), (13). U3O8 spot prices held above eighty dollars per pound on thin volume after briefly breaching ninety in late August, with data-centre load growth cited as the dominant fundamental driver (14), (15), (16).

Geopolitical and Strategic Analysis

The Google-Fortum Loviisa agreement is the largest single hyperscaler-nuclear PPA of the year and the most consequential for the European market specifically (1), (2), (3). The deal covers up to half of Loviisa’s output from 2030 through 2049, beginning at reduced capacity in 2028, and provides the revenue certainty Fortum needs to complete the roughly seven-hundred-million euros of remaining life-extension investment the plant requires to operate through 2050. The geographic tie-in matters: Loviisa sits close to Google’s existing Hamina data-centre site, and the agreement explicitly opens the door to a joint study of new reactor development at the Loviisa site. In industry terms, the agreement converts a mid-life Soviet-era VVER-440 plant into a long-term anchor asset for European AI infrastructure, and it does so with explicit references to “potential opportunities to develop new nuclear reactors at Loviisa” rather than just absorbing existing output. The pattern is now clear: hyperscalers are not just buying electrons, they are pre-positioning for build-out at the same site.

Eli Lilly’s LOI with Indiana extends the hyperscaler-and-large-load pattern into pharmaceutical manufacturing, a sector that has not historically been associated with on-site nuclear generation (4). The state-level framing matters: Indiana is positioning itself as a nuclear-cluster state alongside its existing advanced-reactor commitments, including the Navy’s first terrestrial microreactor at Naval Surface Warfare Center Crane (17). Combined with the Eli Lilly LOI, the Navy siting, and ongoing state-level nuclear task force work, Indiana is now one of three or four US states with a comprehensive industrial nuclear strategy rather than a project-by-project posture.

The IAEA’s reporting on North Korea sets the non-proliferation backdrop for the week (7), (8), (9). The agency’s director general reported regular operation of the new two-storey enrichment facility at Kangson and continued expansion at Yongbyon, with the South Korean Chosun Ilbo estimating the additional capacity could yield roughly four more warheads per year. This comes on top of the IAEA’s separate finding of roughly eighty tons of natural uranium at a previously undeclared Syrian site, a discovery that closed the Syria file from the Assad era and prompted Morocco to co-sponsor an IAEA resolution on the matter (18), (19). The combined picture is a non-proliferation architecture under continuous strain from parallel expansion programs on three continents, with the IAEA’s monitoring role becoming more visible and more politically charged.

The US-Iran posture remains a wildcard. Reports from Bloomberg and Reuters this week referenced indirect US-Iran nuclear talks via Omani intermediaries, with the framework reportedly including twenty-percent domestic enrichment, a red line for hardliners in both Washington and Jerusalem (20). At the same time, a Saudi enrichment pathway of up to twenty percent reportedly remains in the proposed US-Saudi 123 Agreement that was sent to Congress earlier this month, a configuration that compounds the proliferation pressure across the Gulf (21), (22), (23). The structural read is that the non-proliferation architecture is fragmenting along bilateral lines, with the IAEA increasingly the auditor of record rather than the gatekeeper of record.

China’s Laiyang site work is the clearest single signal of the industrialisation of Chinese nuclear construction (10), (11). The project is the first to be built under SPIC’s standardised mass-production model for Guohe One, and it sits alongside the World Nuclear Association’s reporting this week that Chinese President Xi Jinping’s nuclear construction schedule target is now fifty-six months per unit, a figure that compares against roughly ten years for first-of-a-kind Western projects and roughly seven years for repeat builds. The structural consequence is that any Western policy discussion of “competing with China on nuclear” is now operating against a delivery timeline roughly half the length of its own, and the trade-press coverage this week reflects the adjustment.

Regional Developments

North America

The week’s most consequential US state-level news is Eli Lilly’s letter of intent with Indiana to site nuclear power projects in support of its manufacturing footprint, paired with the Navy’s announcement that its first terrestrial advanced reactor will be installed at Naval Surface Warfare Center Crane (4), (17). The combination turns Indiana into the densest concentration of institutional nuclear offtake announcements of any US state in the past twelve months. Iowa advanced its nuclear roadmap with task force recommendations released at the beginning of the month, and the US Army Corps of Engineers completed decommissioning and dismantlement of the historic SM-1 reactor at Fort Belvoir, the first military reactor in the United States, in a separate event that closes a Cold-War chapter (24), (25). On the supply side, EIA data confirms US uranium concentrate production reached a multi-year high in 2025, roughly triple the 2024 figure, with production coming predominantly from in-situ recovery operations in Wyoming and Texas (26), (27), (28). New Mexico’s uranium leasing ban on state lands, enacted earlier in the month, continues to constrain junior-miner permitting on the Colorado Plateau, and High Country News reported tribal-health concerns about increased milling activity in the broader Four Corners region (29), (30). Deep Fission completed a borehole emplacement and retrieval demonstration for its Gravity reactor concept, lowering a full-size prototype canister to a depth of one hundred feet inside a thirty-four-inch borehole and retrieving it using standard drilling-industry equipment, a key de-risking milestone for the borehole-SMR deployment model (31). Centrus Energy and Radiant Industries signed a multi-year HALEU fuel supply contract for Radiant’s Kaleidos microreactor, with deliveries at up to twenty-percent enrichment (32), (33), (34). On the policy side, the Defense Department formally endorsed nuclear power expansion as a force-multiplier for installation resilience, and the Pentagon signaled continued support for microreactor siting at forward bases (35).

Europe

The Google-Fortum Loviisa agreement is the European headline of the week and the largest data-centre-nuclear PPA on the continent to date (1), (2), (3). The deal covers up to fifty percent of the plant’s output from 2030 to 2049, starting at reduced capacity from 2028, and includes an explicit joint study of new-build at the same site. Finland is now the only European country with a hyperscaler-nuclear anchor agreement covering an existing fleet unit. Sweden’s Studsvik, GE Vernova Hitachi Nuclear Energy, and Samsung C&T signed an exclusive consortium agreement to deploy four BWRX-300 units at the Nyköping or Valdemarsvik sites, targeting roughly one-thousand-two-hundred megawatts of new capacity and a first-unit commissioning in the mid-2030s (36), (37). Germany’s Proxima Fusion signed a memorandum of understanding with the State of Lower Saxony to build Europe’s first large-scale high-temperature superconducting tape facility, with roughly one-hundred-forty million euros of investment through 2029 and twenty-percent state funding participation, a strategic move that anchors HTS supply for both fusion demonstrators and grid applications (38). Siemens Energy will manufacture Rolls-Royce SMR turbines for the Gwynt Glas project on Anglesey at its historic Newcastle facility, the first SMR turbine production in Europe and a reshoring of the kind of strategic component fabrication the UK has not seen in a generation (39), (40). Bluecore Energy closed a fifty-million-dollar financing for floating nuclear systems and is advancing its Port-of-Long-Beach demonstration in California (41). Vattenfall went ahead with a one-gigawatt-hour battery storage project at a former German nuclear site, and the Bloomberg coverage of the Swedish election highlighted nuclear policy as a key differentiator among the major parties (42), (43).

Asia

China’s State Power Investment Corporation began full-scale site levelling at the Laiyang nuclear plant site in Shandong, with the project to house six Guohe One (CAP1400) units and the first two to be built under SPIC’s standardised mass-production construction model (10), (11). Chinese Premier Li Qiang approved the project in late July as part of an eight-unit approval package. The State Nuclear Power Technology Corporation’s president, Ma Yuanhua, presented the company’s “thinking and practice” for a fifty-six-month construction schedule at the World Nuclear Symposium this week, a delivery target that the company says it has now demonstrated on a fleet basis (44). KHNP signed an agreement with France’s Orano on uranium enrichment cooperation, an unusual South Korea-France fuel-cycle agreement given the historical Japanese and US orientation of Korean enrichment work (45). India signed agreements with Rosatom on nuclear energy and industrial technology cooperation, deepening the Russian fuel-cycle relationship at a moment when Indian domestic reactor capacity is on a multi-year ramp (46). India’s Press Information Bureau separately framed “a new chapter” in the country’s nuclear journey, emphasizing domestic capacity additions and thorium-cycle research (47), (48). Turkey’s President Erdogan hinted at a larger nuclear partnership with Russia in comments reported by RFI, unsettling several NATO allies who view the Akkuyu project as already strategically problematic (49). Japan faced the resignation of Chubu Electric chairman Satoru Katsuno over a data-falsification scandal, with the company now planning to abandon restart of the Hamaoka plant and Koizumi signaling that nuclear-powered submarines are not off the table as a future option (50), (51), (52). Australia’s nuclear debate intensified with two national outlets publishing parallel pieces arguing that the Labor government’s nuclear ban should be lifted to allow the country to capture AI-driven industrial demand (53), (54).

Middle East and Africa

The IAEA’s reporting on North Korea’s Yongbyon and Kangson enrichment expansion is the dominant Middle East-adjacent story of the week (7), (8), (9). The agency’s director general confirmed regular operation of a new two-storey enrichment facility at Kangson, with the South Korean Chosun Ilbo estimating the additional capacity could support roughly four additional warheads per year. The US response posture is currently a mix of sanctions enforcement and indirect diplomacy, with no public commitment to a negotiating track. Separately, the IAEA closed the Syria file on the Assad-era nuclear program after inspectors uncovered roughly eighty tons of natural uranium at a previously undeclared site, prompting Morocco to co-sponsor an IAEA resolution closing the file (18), (19). On the Israeli side, Ynetnews published a long-form analysis of whether nuclear power could underpin an Israeli AI-hub strategy, a frame that would have been politically unthinkable eighteen months ago (55). In Africa, the President of Togo’s Council of Ministers, Faure Essozimna Gnassingbe, used his keynote at the World Nuclear Symposium in London to argue that Africa is offering “a partnership, a market, a mature vision” rather than asking for “a handout of nuclear technology”, explicitly naming small modular reactors and microreactors as the most appropriate technology class for the continent’s grid profile (56). South Africa’s nuclear buildout numbers were reported by Neutron Bytes at a higher aggregate than commonly understood, with the country’s existing fleet providing the bulk of baseload on the continent (57). Egypt’s El Dabaa construction continued to advance on Russian financing and Rosatom project management, and the UAE’s Barakah fleet passed its first full year of four-unit operation at above-ninety-percent capacity factor in separate reporting referenced this week.

Technology and Innovation

The Proxima Fusion-Lower Saxony HTS tape facility is the most strategically significant fusion-adjacent industrial announcement of the week, because it converts a previously science-grade input (high-temperature superconducting tape in kilometre quantities) into a manufactured industrial product (38). Proxima’s Alpha stellarator demonstrator requires roughly twenty-thousand kilometres of HTS tape, and the planned Stellaris power plant requires a further forty-thousand kilometres, and the new facility will serve both, as well as grid, medical-imaging, propulsion, and other high-field-magnet applications. The Lower Saxony state government is contributing twenty-one million euros as roughly thirty percent of the public-funding share, with the total first-phase investment at one-hundred-forty million euros through 2029. The technical point that matters most for the industry is that Proxima is in discussions with established HTS manufacturers to bring production expertise to Germany, which means the facility is being structured as a European industrial-supply-chain play rather than a one-off demonstrator.

Deep Fission’s borehole demonstration is the second most consequential technology milestone (31). The company lowered a full-size, non-nuclear prototype canister housing a replica of its Gravity reactor core to a depth of one hundred feet inside a thirty-four-inch borehole, aligned it, and retrieved it using standard drilling-industry equipment. The demonstration validates the deployment model: place a small modular reactor underground in a standard commercial borehole at roughly one-mile depth, and use existing drilling infrastructure for both installation and retrieval. The capital-cost implication is significant, because borehole deployment converts what would otherwise be a custom civil works scope into a commodity drilling service.

The Centrus-Radiant HALEU agreement is the fuel-cycle news of the week (32), (33), (34). Centrus Energy signed a multi-year contract to supply Radiant Industries with HALEU at enrichments up to twenty percent, supporting the deployment of Radiant’s Kaleidos microreactor. This is the second commercial-scale HALEU supply agreement Centrus has signed in the past quarter, following its DOE base contract, and it positions Centrus as the default US supplier for advanced-reactor HALEU demand. Separately, Bluecore Energy closed a fifty-million-dollar financing for floating nuclear systems, with the first deployment planned at the Port of Long Beach (41). On the regulatory side, the IAEA completed an additional-measures sampling mission at Fukushima Daiichi’s ALPS-treated water storage, a routine verification step that nonetheless draws disproportionate international attention (58). Argonne National Laboratory hosted its annual hands-on summer program for advanced nuclear technology students, and NIST published results on quantum-sensor-based nuclear monitoring improvements that have direct applications in treaty verification and safeguards work (59), (60).

Fusion Research

Tennessee’s commercial nuclear-fusion licence, issued earlier in the month and reported in this issue’s predecessor, continues to set the regulatory benchmark for pre-commercial fusion deployment (61). Proxima’s Lower Saxony HTS facility, reported above, is the most consequential private-sector fusion announcement of the week (38). On the deployment side, Antares Industries was selected for a one-hundred-sixty-one-million-dollar Strategic Breakthrough Award to demonstrate a space nuclear reactor, with the program’s principal customer being the United States Space Force and the broader defense-and-intelligence community (12), (13), (62). This is the first terrestrial demonstration of an orbital-class reactor concept in over sixty years and converts what was previously a NASA-and-DOE science program into a defense-procurement-grade capability demonstration. On the international side, Japan’s Koizumi publicly signaled that nuclear-powered submarines are not off the table as a future option, days after the US offered a positive view on the proposal, a frame that fuses the naval-propulsion and civilian-power discussions into a single industrial base (52). Foster + Partners’ Norman Foster addressed the World Nuclear Symposium in London on the architectural and urban-planning dimensions of fusion power-plant siting, a sign that the developer community is now engaging with the deployment question rather than only the reactor physics (63).

Market and Economic Intelligence

U3O8 spot prices held in the low-to-mid eighty-dollar-per-pound range on thin volume through the week, after breaching ninety dollars per pound in late August on the same thin-volume conditions (14), (15), (16). The Energy Intelligence assessment explicitly attributes the breach to data-centre-driven demand expectations rather than to underlying utility procurement. Cameco’s monthly UxC-cited spot reading for August was below the September trading range, and the long-term contract price continues to track roughly two dollars below spot. Citi analysts revised their term-price target upward to one-hundred-forty dollars per pound by late 2027 in research circulated earlier this month, with the cited demand case built on reactor-fuel needs rather than electricity contracts. The supply-side picture continues to tighten: Orano began construction of its Zuuvch Ovoo project in Mongolia, with CEO Nicolas Maes projecting that the project will be “the next multi-million pounds a year mine to be put in operation on this planet” with production by the end of the decade and roughly twenty-five percent of the construction spend committed by the end of October (64). Boss Energy released an updated life-of-mine plan for the Honeymoon ISR project in Australia, with forecast production of thirteen-point-eight million pounds of U3O8 over a nine-year operating period (65). Kazatomprom’s strategy officer, Dastan Kosherbayev, told the World Nuclear Symposium that the company “could have sold the entire volume of our production into the East and still there would be more appetite coming from the East”, and that Kazatomprom is “eagerly waiting for when one of the countries in the West will actually start delivering on nuclear capacity” (66). Cameco’s investor-relations lead Cory Kos separately confirmed that “a few of the big names that you would know are poking around” on uranium term sheets from hyperscaler buyers, with energy security rather than cost the primary driver, and no contracts signed yet (66). Holtec Nuclear is set to headline the fall US IPO calendar, with the listing expected to value the company at multiple billions of dollars and to fund its SMR-300 small modular reactor deployment pipeline (67). On the financing side, White & Case advised the US Office of Energy Dominance Financing on one-point-nine-billion-dollars in loans for an Iowa nuclear power plant restart, the largest single DOE-financed nuclear restart loan to date (68).

Sources

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