Episode summary
Deep Fission CEO Liz Muller on New, Underground Nuclear Reactors | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec, Emily Graffeo, Isabelle Lee · Guests: Liz Muller, Will Wade
Summary
Deep Fission is pitching a different way to build nuclear power: use proven pressurized water reactor technology, but install it a mile underground. The company says the approach cuts construction time and cost by replacing much of the above-ground containment and safety infrastructure with the natural protection of rock and the pressure from a column of water in the bore hole.
The guest argues that this underground design could solve two longstanding nuclear problems at once: high costs and long schedules. She said the company can use commercially available fuel and vendors, avoid building a large manufacturing or fuel fabrication base, and move faster because the drilling and containment work can be measured in weeks rather than years. Deep Fission is building its first reactor in Parsons, Kansas and is targeting late 2027 or early 2028 for first power onto the grid.
The conversation also focused on market reception. Deep Fission began trading on the NASDAQ under the ticker FISN and raised less than originally planned, but the guest said the company has enough capital, together with prior funding, to reach a planned commercial bore hole proof of concept this fall. She said the company already has 15 gigawatts of letters of intent, with more than half coming from data center developers seeking faster power for AI demand.
Key takeaways
- The guest said Deep Fission’s edge is speed: its underground deployment model is intended to cut the time and cost of nuclear builds.
- The guest said the first reactor is being built in Parsons, Kansas, with late 2027 or early 2028 targeted for first grid power.
- The guest said Deep Fission has 15 gigawatts of letters of intent, and more than half of that demand comes from data center developers.
- The guest said the IPO proceeds, combined with prior funding, are enough to reach a commercial bore hole proof of concept this fall.
Notable quotes
“you can build it faster and at a significantly lower cost”
“the safety profile is extraordinary. And that means that you can take out a lot of the cost as well as a lot of the time to build”
“we've got 15 gigawatts of LOIs for deep vision reactors. That's very strong demand”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio.
We can't talk about artificial intelligence without talking about the energy that you need to power the AI buildout. Isabel, growing electricity demand from AI and data centers is prompting a global need for different forms of energy. One company seeking to meet that need is Deep Fision.
It's an advanced nuclear energy company developing small modular pressurized water reactors installed one mile underground. We're going to learn what all of this means. The company began trading on the NASDAQ priced at $16 per share under the ticker FISN.
Pleased to say we're now joined by Liz Mueller, co-founder and CEO of Deep Vision. She joins us from our San Francisco bureau. We're also joined by Will Wade, Bloomberg News energy reporter here with us back in New York.
But Liz, let's start with you. Just give us the elevator pitch for Deep Vision. What is the company and why did you guys go public now?
Yeah, Deep Vision, as you noted, is a different deployment model using currently available advanced reactor technology. So, pressurized water reactors are the most common type of nuclear reactor we have today. But when you deploy it in a bore hole a mile underground, you can deploy it much faster. You don't have all the construction that you would have for a conventional above ground nuclear reactor. And so you can build it faster and at a significantly lower cost.
So for viewers just hearing about this, what problem does putting reactors a mile underground actually solved in nuclear deployment today? — Yeah, it's really two issues. The first one is nuclear has historically been too expensive. There's just too much construction, too many parts that need to get built.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- underground nuclear reactors
- nuclear energy
- energy supply
- trading debut
- nuclear technology
Companies and tickers mentioned
- Deep Fission
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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