Friday, October 23, 2026

@StableBread Oct 10

Fajasy on X

BWX Technologies $BWXT is in military base power three ways, through (1) Project Pele, a prototype reactor it’s building for the Pentagon, (2) the TRISO fuel its microreactors run on, and (3) Janus, the Army program that chose $BWXT’s commercial reactor for Fort Campbell, Kentucky. Pele is a 1.5-megawatt (MW) transportable, gas-cooled microreactor built for the Pentagon’s Strategic Capabilities Office under a 2022 award. $BWXT delivered its full TRISO fuel core to Idaho National Laboratory (INL) in December 2025, received the Department of Energy’s (DOE) preliminary safety approval in September 2026, and targets delivering the reactor to INL in 2027. TRISO (tri-structural isotropic) fuel, which the Department of Energy calls “the most robust nuclear fuel on earth,” packs uranium into particles coated in carbon and ceramic layers. $BWXT produces TRISO at Lynchburg “in the hundreds of kilograms quantities,” Joe Miller, president of Government Operations, said at its Investor Day on September 29, 2026. It also supplied the fuel for Antares, a microreactor startup whose reactor was the first new reactor to reach criticality (a self-sustaining chain reaction) under DOE’s reactor pilot program in June 2026. POWER magazine, a power-industry trade publication, reports $BWXT is “the only Janus vendor that self-supplies its TRISO fuel.” $BWXT is also negotiating a commercial TRISO plant in Wyoming with Kairos Power, an advanced reactor developer, at up to $500M of capex. CFO Mike Fitzgerald said at Investor Day that $BWXT needs to see high-assay low-enriched uranium (HALEU, the 5-20% enriched uranium most advanced reactors need) become available before committing to the plant, and “probably will not make a decision on that for a little while.” The Army chose BANR (the BWXT Advanced Nuclear Reactor), a 20 MWe (megawatts of electricity) gas-cooled design scaled up from Pele, for Fort Campbell. $BWXT plans to start construction at the site in late 2028 and have the reactor running in the early 2030s. Three details matter here: 1) No contract value: $BWXT’s release describes “a phased contracting approach.” For comparison, the Janus agreement for Radiant, a microreactor startup, is worth up to $750M. 2) $BWXT will own the reactor: The Army chose vendors “to own, construct and operate nuclear microreactors” ($BWXT’s release), under fixed-price, milestone-based agreements in which the Army pays at milestones rather than buying power. 3) Not first in line: With operation in the early 2030s, $BWXT’s reactor won’t meet the September 30, 2028 deadline a May 2025 executive order set for an Army-regulated reactor running on a U.S. military base. Radiant and Antares, two of the other Janus vendors, both target 2028 for their first reactors. After Radiant’s agreement, $1.45B of the program’s $2.2B is left, and an even split among the other four vendors would give $BWXT ~$360M over fiscal 2027-2031, or $72M/year, under 2% of 2026 revenue guidance.