By: Steffan Szumowski
A small modular reactor (SMR) project recently achieved a major regulatory milestone in the U.S. The Tennessee Valley Authority (TVA) announced that the Nuclear Regulatory Commission (NRC) has issued a construction permit for its first SMR project. Several holdings (as of 10/16/26) in the Range Nuclear Renaissance Index ETF (NUKZ) are involved in these developments. The reactor is a BWRX-300 boiling water design developed by NUKZ holdings GE Vernova and Hitachi.1
Key Takeaways
The TVA received the country’s first construction permit for a BWRX-300, and the NRC completed the review in 14 months.1,2
The GEV and Hitachi joint venture is now leading two major SMR projects in the U.S. and Canada.1,4
Companies such as BWX Technologies (BWXT) illustrate how the opportunity extends into equipment manufacturing for nuclear projects.5
Construction Permit Approval Moves Clinch River Project Forward
The TVA’s newly approved construction permit allows the utility to commence construction of a 300 megawatt (MW) boiling water reactor. The 300 MW BWRX-300 will be Clinch River Unit 1, located at the Clinch River site in Tennessee.1
The NRC approved the construction permit just 14 months after TVA submitted the application in April 2025. The approval not only grants the permit but also delivers it four months ahead of the federal regulator’s previously quoted 18-month timeline.2,3
The speed of the construction permit review is particularly impressive in the context of the typical timelines prior to the latest rule changes at the NRC. As recently as 2025, the estimated timeline for assessing a construction permit for a new reactor was 36 months.7
GE Vernova and Hitachi Building Repeatable Deployment Models
GE Vernova and Hitachi work through the joint venture GE Vernova Hitachi to design and market the BWRX-300. Their design builds on the significant history of boiling water reactor technology, focusing on simplified plant construction and standardized configurations.5,6
While the Clinch River project is the first-of-a-kind deployment of the SMR design in the U.S., there is currently a BWRX-300 being built in Canada. Ontario Power Generation is deploying the SMR design at their Darlington site with intentions to build four total units.1,4
Multiple consortiums of companies are now working in several countries to advance this reactor design. This will lead to more repeatable engineering work and construction experience. Teams are already learning from the initial stages of the project in Canada, while deepening their expertise through working with U.S. regulators.4,6
Where to Invest? Consider the Manufacturing and Supply Chain
Another NUKZ holding (as of 10/16/26) BWX Technologies provides an example for some of the manufacturing work occurring alongside nuclear projects like the BWRX-300 deployments. GVH awarded BWXT a contract for manufacturing the vessel that goes around the reactor core for the BWRX-300s at the Darlington site in Canada.5
BWXT was also named in the TVA-led coalition supporting deployment of the same reactor design at Clinch River. Portfolios including investments in companies that supply some of the major manufacturing and fabrication services for the construction of these new reactor projects may help balance the risk of investing directly in pre-revenue reactor developers.6
Holdings subject to change. Holdings as of 10/16/26. To view holdings, click here.
This article originally published at ETF Database.
Sources
Tennessee Valley Authority. “TVA First U.S. Utility to Receive Construction Permit for BWRX-300 Advanced Nuclear Reactor.” Press release, September 29, 2026. PR Newswire.
U.S. Nuclear Regulatory Commission. “NRC Approves Construction of Nation’s First Small Modular Reactor.” Press release, September 29, 2026. Distributed by PublicNow.
U.S. Nuclear Regulatory Commission. “Clinch River Nuclear Site Application.” Accessed October 16, 2026.
Ontario Power Generation. “Small Modular Reactors.” Accessed October 16, 2026.
GE Vernova. “GE Hitachi Awards Contract for BWRX-300 Reactor Pressure Vessel to BWXT.” Press release, January 27, 2025.
GE Vernova. “U.S. Utilities Team Up to Accelerate Deployment of GE Vernova’s BWRX-300 Small Modular Reactor.” Press release, January 17, 2025.
U.S. Nuclear Regulatory Commission. “NEIMA Milestone Schedules and Fixed Fee Caps for Requested Activities of the Commission.” Accessed October 16, 2026.
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