NuScale must reapply for grant

NuScale must reapply for grant

Corvallis-based NuScale Power has to reapply for a large federal nuclear power grant it had been counting on.

NuScale has been seeking funds from a $452 million U.S. Department of Energy program, but the government awarded a portion of that to Babcock & Wilcox, a company that is developing their own modular nuclear reactor technology.

Modular reactors, about one-third the size of a conventional nuclear power plant, are designed to be less expensive -- and potentially safer -- than existing plants. The federal government is promoting their development in pursuit of alternative energy sources.

The federal decision represents at least a temporary setback for NuScale, which spent much of 2011 overcoming the collapse of its majority investor, a defunct Connecticut firm called the Michael Kenwood Group.