Deep Fission (FISN) Canaccord Genuity's 46th Annual Growth Conference summary

Technology and innovation

• Deploys pressurized water reactors in mile-deep boreholes, leveraging natural geology for containment, cooling, and pressure, reducing complexity and cost.

• Utilizes existing, proven reactor technology, enabling faster validation and deployment compared to new reactor types.

• Simplifies reactor design by eliminating the need for above-ground containment domes, pressurizers, and complex cooling systems.

• Leverages geothermal drilling expertise and supply chains, allowing rapid and scalable manufacturing and deployment.

• Maintenance involves replacing entire reactor canisters rather than refueling, with spent canisters stored at the borehole bottom.

Commercialization and deployment timeline

• Targets first commercial reactor operation by end of next year, with large-scale deployment starting in 2028.

• Participates in the Department of Energy Reactor Pilot Program, expediting regulatory approval and commercialization.

• Siting first project in Parsons, Kansas, at a nuclear-zoned industrial park with robust infrastructure.

• Six-month build time per reactor, with drilling as the primary construction activity.

• Pipeline of 18.5 GW from customers with immediate electricity needs, aiming for rapid market capture before 2030.

Regulatory and safety considerations

• Benefits from recent executive orders and new NRC regulations (Part 57), streamlining approval for advanced reactors.

• Safety case leverages natural geological barriers and water columns for containment and emergency cooling.

• Achieved Nuclear Safety Design Agreement milestone with the Department of Energy.

• Parallel authorization pursued with both DOE and NRC, expecting to leverage DOE approvals for faster NRC licensing.

• Borehole casing and cementing minimize risk of water contamination or leakage.