Washington-based nuclear start-up Elementl Power has signed a preliminary agreement to establish a development partnership of up to $750m with a South Korean consortium led by DS Investment Partners and featuring Samsung C&T Corporation. The deal aims to accelerate the deployment of advanced small modular reactors (SMRs) across the US to meet the surging electricity demands of artificial intelligence infrastructure and data centres.
The consortium has pledged up to $200m toward the total $750m capital pool. In exchange, they will hold a significant minority stake in the partnership. The capital will finance the early-stage, pre-construction activities of up to three advanced nuclear projects. This includes funding regulatory permitting, grid interconnection, and the procurement of long-lead manufacturing equipment.
The agreement currently consists of a letter of intent and a term sheet. It does not represent a final investment decision, and final disbursement remains subject to definitive documentation and regulatory approvals.
A primary focus of this funding is Elementl’s planned 1.5 GWe nuclear facility in Meigs County, Ohio. This site will deploy GE Vernova Hitachi Nuclear Energy’s BWRX-300 SMRs. Construction on the first unit is projected to begin by 2030, targeting completion in 2034.
As part of the consortium, Samsung C&T Engineering & Construction Group is participating as a potential strategic investor. Samsung C&T brings substantial global nuclear construction experience, having previously delivered 12 GWe across 10 nuclear units globally, including the Barakah NPP in the UAE.
Elementl Power, founded in 2022, is backed by Energy Impact Partners and T Rowe Price Group. The company signed a milestone agreement with Google in May 2025 to develop three US nuclear sites. Elementl has appointed Macquarie Capital as financial adviser to explore participation by additional institutional and strategic investors.
“Elementl’s partnership with DS Investment Partners and its consortium would advance our full-lifecycle development strategy and represents a first-of-its-kind capital formation model for US nuclear focused purely on developing multiple utility-scale projects,” said Elementl Chairman & CEO Chris Colbert. “Once finalised, this partnership would expand our early-stage project capital, increase our access to South Korea’s nuclear supply chain and engineering expertise and enhance our position as the financial and development partner best equipped to deliver new nuclear.”
DS Investment Partners CEO Seung Soo Kang said the proposed partnership would bring together financial and industrial expertise with proven experience in the nuclear sector to support the next generation of American nuclear projects.
“This collaboration represents a unique opportunity to establish a private capital model that accelerates the path to delivery for commercial US nuclear projects, and we are pleased to bring our nuclear construction experience and support to this effort with Elementl and DS Investment Partners,” said Samsung C&T Senior Vice President Jung Kim.
Elementl Power is an independent, privately held nuclear development firm founded in 2023. Rather than inventing new reactor hardware, Elementl functions as an independent developer identifying optimal sites, securing private financing, navigating complex regulatory licensing, and executing construction in partnership with established technology providers.
Chairman and CEO Chris Colbert is a former senior executive at NuScale Power, and Co-founder Ryan G Sroka was formerly with Goldman Sachs and Breakwater North The company was founded by US Navy nuclear engineers and energy finance professionals. While initially established in South Carolina, the company is registered in New Castle, Delaware, and operates projects nationwide.
Elementl is backed by sustainable energy investment firm Energy Impact Partners (EIP). EIP manages over $4.5bn in assets across seven active funds. The capital is backed by an ecosystem of over 80 strategic corporate partners and limited partners including some of the world’s largest electric utilities, oil and gas giants, tech hyperscalers, and real estate corporations.
In May 2025, Google partnered with Elementl Power, providing early-stage developmental capital. The initial deal tasked Elementl with vetting and preparing three major US sites. Each site is planned to hold at least 600 MWe of capacity to satisfy Google’s 24/7 baseload artificial intelligence (AI) and data centre requirements.
