George Gemelas: Indiana just leveled up as leader in nuclear power

One year and three months ago, I wrote a Forefront column on nuclear energy, “Nuclear needs Operation Warp Speed; Indiana can lead it,” in which I argued Indiana had a golden opportunity to help drive America’s emerging nuclear renaissance.

Last week, and just 10 months into a new governor’s tenure, Indiana showed major proof of concept that it’s up for the task.

First, a nuclear startup based in the state of Washington named First American Nuclear, which goes by Fanco, announced it would establish its headquarters and manufacturing facilities in Indiana and, critically, bring online small modular reactors, or SMRs, starting in the early 2030s. This would make Indiana one of the only states in the country with confirmed plans for this new nuclear tech. Others have only hopes and dreams.

Second, Purdue University hosted its first-ever Global Nuclear Energy Economic Summit, bringing together the nation’s top nuclear companies and startups; high-level government officials, including representatives from the U.S. Department of Energy and Gov. Mike Braun; nuclear scientists; and international financiers. It was one of the only events of its kind nationwide—coming just weeks after one in Texas, which has had a two-year head start on advanced nuclear power.

Together, these developments mark an acceleration of Indiana’s place in the race for next-generation nuclear power, placing Indiana among the best states to lead in this industry’s global renaissance.

Up until now, Indiana’s advantage was mostly potential. Purdue’s nuclear engineering department ranks among the nation’s best, pulling off influential experiments like the digitization of nuclear controls. Braun has made bold proclamations and inked key executive orders to soften the ground for nuclear. The Statehouse has been at it, too, legally defining SMRs and creating an initial cost-sharing framework. And Purdue has done statewide research on the viability of repurposing retired coal plants with SMRs.

Now Indiana has something tangible in hand.

What makes this SMR announcement even more notable are the details.

It’s not just a standard SMR site. Fanco’s project is envisioned as the first “closed-loop” nuclear plant in the country, meaning spent fuel will be reused and reprocessed on-site. That reduces its environmental footprint and takes on one of nuclear’s central challenges: what to do with nuclear waste.

It’s not just a single reactor, either. Six are planned, with a stated combined capacity to power roughly 1.5 million homes—half of Indiana’s 3 million. That would be huge.

Finally, the plan is not just building nuclear reactors but developing “energy parks.” Fanco’s model envisions deploying natural gas generation several years before the nuclear units: 2028 for gas, 2032 for nuclear. This approach addresses the state’s near-term electricity needs and provides a potentially compelling blueprint for other states (and nations) grappling with short-term demand spikes.

Enthusiastic about the boldness but also committed to being a sharp analyst, I can’t help but wonder about some of the core details. First among them: Who will bear the cost? As of this writing (Nov. 5), this information remains to be shared. My bet is that large industrial or tech customers might be in play to take on the financial risk, similar to what’s happening across the country. As I noted in my last nuclear column, creative financial arrangements are absolutely key to kicking this nascent industry from concept to reality.

Indiana has just leveled up on nuclear—and in remarkably short order has earned a reputation as a state ready to lead. It’s now up to state leaders to keep up the momentum and do it right.•

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Gemelas is chief operating officer at Climate Solutions Fund, outstanding fellow of Mitch Daniels Leadership Foundation and a proud Greek-American. Send comments to [email protected].

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