First Hydrogen Corp. announces the launch of its subsidiary, First Nuclear Corp., an initiative dedicated to advancing clean energy through the innovative use of Small Modular Reactors (SMRs).
First Nuclear Corp. aims to revolutionize green hydrogen production, supporting global decarbonization efforts and paving the way for a sustainable, zero-emission future.
First Nuclear seeks to integrate advanced nuclear technology with green hydrogen production. SMRs, known for their compact design, scalability, and ability to provide a continuous, weather-independent power supply, are the cornerstone of this initiative.
By leveraging SMRs, First Nuclear ensures a stable, cost-effective and efficient process for producing green hydrogen, addressing the growing demand for clean energy solutions worldwide. IDTechEx anticipates the installation rate of SMRs to grow significantly addressing the climate crisis. They project the global market for SMRs to reach $72.4 billion by 2033 and $295 billion by 2043, reflecting a compound annual growth rate (CAGR) of 30%.
SMRs are much smaller than conventional reactors, they can be used on sites that are not suitable for traditional nuclear energy plants. The fact that they can be manufactured at a dedicated facility before being sent to site means they are much cheaper and faster to construct. Their modular structure means that a company can invest in one SMR and then add additional SMRs later to meet any increase in power demand. SMRs, particularly microreactors, can also be extremely useful in rural areas that are difficult to connect to the main grid.
SMRs are also extremely safe as their design is typically simpler than conventional reactors. They operate at low power and pressure, meaning no human intervention or external power or force is required to shut down systems, boosting safety margins. They require less fuel to power, and power plants based on SMRs only need to be refuelled every three to seven years, compared to every one to two years in conventional plants. All these benefits have made them extremely attractive to energy companies and startups looking to develop their nuclear power portfolio, as well as companies looking to power operations using clean energy sources.
Allied Market Research reported the green hydrogen market size was valued at $2.5 billion in 2022 and is estimated to reach $143.8 billion by 2032, a CAGR of 50.3% from 2023 to 2032 (Allied Market Research).
As part of the First Hydrogen family, First Nuclear will add to the company’s Hydrogen-as-a-Service (HAAS) model. This synergy enables the delivery of a comprehensive energy ecosystem, empowering businesses and communities to transition to hydrogen-powered solutions with ease. By combining cutting-edge nuclear technology with hydrogen production and distribution.
