Babcock and Wilcox step back from uneconomic Small Modular Nuclear Reactors (SMRs)
B&W scales back its small nuclear reactor project, Charlotte Observer, By Bruce Hendersony, Apr. 14, 2014 Charlotte-based Babcock & Wilcox said Monday it will scale back its mPower small modular nuclear reactor program after being unable to attract needed investors or contracts. The president of its mPower subsidiary, Christofer Mowry, left the company as of Sunday, B&W said in a securities filing. Mowry was terminated “without cause,” the filing said. William Fox III will replace him.
Announced in 2009, small modular reactor technology had been the company’s largest research and development project……Babcock & Wilcox announced an “accelerated” search for additional investors in the program last November.
But the project struggled to find additional investors or construction contracts that would bring in enough revenue to continue its development, B&W said Monday……..mPower recorded an $87 million operating loss in 2013, B&W said in a March proxy statement. http://www.charlotteobserver.com/2014/04/14/4841485/bw-scales-back-its-small-nuclear.html
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