At the center of the initiative is Everstar’s Gordian AI solution, developed on the Microsoft Azure platform. The system was used to transform the Preliminary Documented Safety Analysis for DOE’s National Reactor Innovation Center’s (NRIC) Generic High Temperature Gas Reactor (HTGR) into sections aligned with an NRC license application. The resulting 208-page document was completed in just one day, a process that would typically require four to six weeks of work by a team. In addition to generating content, the tool flagged missing or incomplete information critical to a successful nuclear licensing submission. Designed for nuclear-grade technical applications, Gordian integrates physics and engineering capabilities with semantic ontology mapping, ensuring outputs are computed and verified rather than inferred. While the technology accelerates nuclear licensing workflows, expert oversight remains essential, following a model where specialists design, AI accelerates, and experts validate. The generated output was subsequently reviewed by an expert for accuracy, completeness, consistency, grammar, and structure, confirming that it met rigorous professional standards while also identifying gaps in its own dataset.

The broader nuclear licensing environment has traditionally relied on repeated manual reviews and incremental adjustments, often extending over several years. This HTGR case adds to a growing body of examples demonstrating how AI can streamline these processes. Earlier this year, INL and Microsoft deployed a Microsoft Azure AI-based solution to illustrate how advanced models can produce engineering and safety analysis reports, a core component of applications for construction permits and operating licenses for nuclear power plants. According to a recent NRIC study, AI could reduce document preparation time and regulatory review cycles by as much as 50 percent, while also improving consistency, traceability, and overall accuracy in nuclear licensing.

Looking forward, the participating organizations plan to further validate and refine their approach. A reviewing agent will assess AI-generated documents against NRC guidance to confirm readiness for submission, while a benchmarking rubric is being developed to assign a confidence grade to Gordian’s performance. INL is also advancing in-house AI tools, including potential applications for fuel fabrication facilities. The effort aligns with President Trump’s Genesis Mission, which aims to accelerate innovation through AI. As part of this initiative, DOE has announced $293 million in competitive funding to address twenty-six national science and technology challenges, including efforts focused on speeding up nuclear energy deployment through advancements in nuclear licensing.

At the core of the initiative is the NVIDIA Vera Rubin DSX AI Factory reference design, which incorporates the DSX Flex software library to enable seamless interaction between AI infrastructure and grid services. The approach allows for faster deployment by initially relying on co-located generation and storage as bridge power for hybrid AI factories. Over time, these same resources can be leveraged to supply electricity back to the grid, improving interconnection timelines and reinforcing the role of AI facilities as dynamic grid assets. The DSX architecture also enables configurations without co-located energy, offering flexibility for larger and faster grid connections.

Emerald AI’s Conductor platform will play a central role in managing this ecosystem by coordinating computational workloads with onsite generation, battery systems and other behind-the-meter resources. This orchestration ensures that AI compute operations maintain service quality while delivering grid-responsive flexibility. By aligning power usage with grid needs, operators can meet energy targets, safeguard critical workloads, reduce reliance on temporary bridge power and accelerate interconnection processes. The system is also designed to minimize the need for infrastructure sized around peak demand, helping to manage long-term system costs while strengthening the contribution of AI infrastructure as grid assets.

The broader concept reflects a shift in how energy systems are utilized. While existing grids are typically designed to meet peak demand and remain underused for much of the time, power-flexible AI factories offer a way to unlock up to 100 gigawatts of capacity across the U.S. system. These facilities convert electricity into AI tokens, models and intelligence, creating high-value outputs while contributing to grid stability. However, the companies note that relying solely on isolated generation and storage can lead to inefficiencies, including underutilized resources and higher costs per AI token.

To address this, AES, Constellation, Invenergy, NextEra Energy, Nscale Energy & Power and Vistra are working to expand generation capacity aligned with rising demand. Their collaboration includes evaluating optimized energy solutions, including hybrid projects that integrate co-located power with grid connectivity. By combining large-scale AI demand with flexible operations and intelligent energy management, the initiative aims to strengthen reliability and expand infrastructure efficiently. The deployment of DSX Flex is expected to scale commercially later this year at the NVIDIA AI Factory Research Center in Virginia, marking a key step in advancing AI infrastructure that operates as integrated grid assets.

The addition of the 230MW wind project supports Equinor’s approach of combining renewable generation with operational expertise and energy trading capabilities to enhance value creation. The Esquina do Vento complex is expected to deliver double digit project returns, further strengthening the company’s onshore renewables footprint in Brazil. Equinor maintains a long-standing presence in Brazil, with activities spanning oil and gas, renewables, and power trading. Development and operations will be handled by Rio Energy, which serves as Equinor’s primary platform for expanding its onshore renewable assets in the country. The project also reflects the company’s broader strategy of integrating wind and solar assets within the same market to reduce intermittency, improve grid efficiency, and optimize portfolio performance.

Onshore renewables, alongside battery energy storage systems, form a central pillar of Equinor’s long-term power strategy, offering scalability and competitive generation. The 230MW wind project adds momentum to these efforts by contributing to a diversified and resilient energy mix. Power generated from Equinor’s onshore assets in Brazil will be traded in the local market through Danske Commodities, the company’s wholly owned energy trading arm, enabling efficient market participation and value optimization.

“Brazil is a core market for Equinor, and Esquina do Vento strengthens our long-term commitment to building a robust and competitive power business in the country through our subsidiary, Rio Energy. By investing in this renewable complex, we are expanding our energy offering and future opportunities for integration and trading across assets and energy sources. This integrated approach supports Brazil’s growing demand for reliable, renewable energy while creating long-term value locally,” says Veronica Coelho, senior vice president and country manager for Equinor Brazil.

As part of commitments linked to a U.S. tariff agreement, Tokyo is accelerating efforts to assemble qualifying investments. So far, three initiatives worth $36 billion have been unveiled, which include a natural gas power plant in Ohio.

Further engagement is planned, with Japan’s Trade Minister Ryosei Akazawa set to travel to the United States from 3rd March 2026 for talks with U.S. Commerce Secretary Howard Lutnick.

Westinghouse was named among roughly 20 companies in a joint fact sheet issued by the two governments in October identifying firms that had expressed interest in projects financed by Tokyo. The company, owned by Cameco and Brookfield, is assessing opportunities to construct pressurised water reactors and small modular reactors with a combined potential value of up to $100 billion, the fact sheet said. Japanese industrial groups including Mitsubishi Heavy Industries, Toshiba and Ishikawajima-Harima Heavy Industries Co., Ltd (IHI) could also play roles, it noted.

The U.S.-Japan Nuclear Project would build on momentum generated last year, when the U.S. government reached a partnership worth at least $80 billion with Westinghouse to construct nuclear reactors, reflecting Trump’s push to expand domestic energy output amid rising demand from artificial intelligence data centres.

India currently maintains a uranium import contract with Uzbekistan. At present, India’s nuclear fleet generates 8.8 gigawatts, accounting for less than 2% of total installed power capacity, highlighting the scale of expansion envisioned under its long-term energy plans.

The Canada-India uranium deal signals a renewed phase in India-Canada relations that had deteriorated in 2023 after Ottawa alleged that agents linked to the Indian government were involved in violence against Canadian citizens, including the killing of a Sikh activist. The agreement also follows recent policy shifts in New Delhi aimed at revitalising its nuclear sector. Barely two months ago, India dismantled its state monopoly over atomic power generation and eased contentious liability provisions to encourage private investment. These reforms form part of a wider strategy to increase nuclear power capacity to 100 gigawatts by 2047, an 11-fold expansion from current levels. With domestic uranium output insufficient to meet projected demand, long-term import arrangements are going to play a critical role.

Nuclear engagement between Canada and India dates back to the 1950s, though cooperation was interrupted for decades after India’s first nuclear test in 1974 led to international isolation. Access to global reactor fuel and technology resumed following a 2008 agreement with the US. A bilateral nuclear cooperation agreement signed in 2010 subsequently enabled a uranium supply deal between India and Cameco in 2015, which has since expired. The new Canada-India uranium deal effectively renews that supply channel while also bolstering India-Canada bilateral relations.

The Foundational Concept of Bankability

The primary hurdle in financing large scale hydrogen projects is the concept of “bankability.” Lenders and investors are naturally cautious when dealing with relatively new technologies and unproven market structures. They look for “de-risked” projects where the technical, commercial, and regulatory risks have been clearly identified, allocated, and mitigated. For a hydrogen project to be considered bankable, it must demonstrate that the core technology (such as the electrolyzers or fuel cells) will perform as promised, that there is a reliable supply of low-cost renewable energy, and, most crucially, that there is a creditworthy off-taker committed to buying the hydrogen for 15 to 20 years. Without these components, the cost of capital becomes prohibitively high, stalling the project before it can achieve its final investment decision.

The Critical Importance of Long-Term Offtake Agreements

The “offtake agreement” is the bedrock of any successful project finance structure. It is the contract that guarantees the project’s future revenue, allowing it to service its debt and provide a return to equity investors. In the hydrogen sector, these are often structured as “take-or-pay” contracts, where the buyer agrees to pay for a specific volume of hydrogen regardless of whether they actually take delivery. For financing large scale hydrogen projects, having a creditworthy industrial giant or a utility as the off-taker is essential. These contracts act as the “collateral” that the banks use to justify the loan. As the market matures, we may see the emergence of more “merchant” projects that sell into an open market, but for the first generation of utility-scale facilities, the long-term contract remains the non-negotiable prerequisite for funding.

Blended Finance and Public Sector Risk Sharing

To bridge the gap between high project risks and the conservative requirements of private investors, “blended finance” has become the dominant model. This involves the strategic use of public-sector capital from development banks, government agencies, or international financial institutions to take on the highest-risk portions of the project, thereby making it attractive for private lenders. This can take the form of “first-loss” equity, low-interest subordinated debt, or sovereign guarantees. Financing large scale hydrogen projects through blended finance is particularly effective in emerging markets or for the deployment of first-of-a-kind technologies where the private sector is hesitant to lead. By providing this “catalytic” capital, governments can unlock the trillions of dollars in private investment required for a global energy transition.

Export Credit Agencies and Political Risk Mitigation

Because many of the world’s most productive hydrogen regions are located in countries with high renewable potential but significant geopolitical risk, Export Credit Agencies (ECAs) play a vital role in the financing landscape. ECAs provide insurance and guarantees that protect lenders against political risks, such as expropriation, civil unrest, or sudden changes in law. This protection is a critical component of financing large scale hydrogen projects that involve international supply chains and cross-border offtake agreements. By mitigating these “above-ground” risks, ECAs allow developers to access cheaper and longer-term debt from the global capital markets, which is essential for the economic viability of projects with high upfront capital costs and long payback periods.

Green Bonds and the Influx of ESG-Mandated Capital

The global capital markets are increasingly focused on Environmental, Social, and Governance (ESG) criteria. This has led to a massive surge in the issuance of “green bonds” debt instruments specifically earmarked for climate-friendly projects. Financing large scale hydrogen projects through green bonds allows developers to tap into a massive and growing pool of ESG-mandated capital, often at a slightly lower interest rate than traditional corporate debt. For institutional investors, these bonds provide a way to diversify their portfolios with long-term infrastructure assets that contribute directly to global decarbonization. As the standards for green bonds and “green taxonomies” become more rigorous, they will provide a transparent and reliable mechanism for funding the global hydrogen revolution.

Venture Capital and the Technical Innovation Lifecycle

While project finance covers the deployment of mature technology, venture capital (VC) is essential for the earlier stages of the innovation cycle. VC firms provide the “risk capital” needed to develop the next generation of high-efficiency electrolyzers, storage technologies, and advanced digital monitoring systems. This innovation ecosystem is an integral part of the broader framework of financing large scale hydrogen projects. By funding the startups that are driving down costs and improving systemic efficiency, venture capitalists are paving the way for the larger, bankable projects of the future. The transition from venture funding to project finance is the “valley of death” that many hydrogen technologies must cross, and successful developers are those who can navigate this transition with a clear and credible path to commercial scale.

Private Equity and the Secondary Market for Infrastructure

As the first generation of large-scale hydrogen projects successfully comes online and demonstrates operational stability, we are seeing a shift in the investor base. Private equity firms and dedicated infrastructure funds are increasingly looking to acquire stakes in operating hydrogen assets. These investors are attracted by the stable, inflation-linked returns that often come with utility-scale energy projects. This “secondary market” is a critical part of financing large scale hydrogen projects, as it allows early-stage developers to recycle their capital and reinvest in new projects. This recycling of capital increases the overall velocity of investment in the sector, accelerating the deployment of the global hydrogen network and driving down the overall cost of the energy transition.

Structuring Public-Private Partnerships (PPPs) for Networks

For massive, multi-user infrastructure such as national hydrogen backbones and high-capacity maritime terminals, Public-Private Partnerships (PPPs) are often the only viable path. In a PPP, the state and the private sector share both the risks and the rewards of the project. This can be structured as a “Concession” or a “Regulated Asset Base” (RAB) model, where the developer is guaranteed a specific return on their investment through regulated tariffs. Financing large scale hydrogen projects through PPPs ensures that the infrastructure is built to a high standard and remains accessible to multiple users, fostering competition and driving down the levelized cost of hydrogen for the entire economy. This collaborative model is essential for the rapid build-out of the networks that will underpin the future energy system.

The Strategic Importance of Financial Innovation

The ability to innovate in finance is just as important as the ability to innovate in engineering. The development of new risk-sharing mechanisms, standardized commercial contracts, and specialized insurance products for hydrogen leakage or production shortfall is the key to unlocking the full potential of the sector. Financing large scale hydrogen projects is a complex, multi-disciplinary task that requires a deep understanding of energy markets, international law, and macroeconomics. As the industry matures and the “track record” of successful, operating projects grows, the cost of capital will continue to fall, making hydrogen an even more competitive alternative to fossil fuels. The financial structures we build and perfect today are the foundation of the clean, secure, and sustainable energy world of tomorrow.

The successful financing of large-scale hydrogen projects is the primary challenge for the energy transition’s next decade. Financing large scale hydrogen projects requires a sophisticated blend of traditional project finance, public-sector risk mitigation, and innovative green capital. By establishing “bankable” project structures anchored by long-term offtake agreements, the industry is creating the conditions necessary to attract the trillions of dollars in institutional capital required for global decarbonization. The evolution of these financial models from blended finance and ECAs to green bonds and PPPs reflects a growing understanding of the unique risks and rewards of the hydrogen economy. As technology continues to mature and the global regulatory environment becomes more certain, the cost of financing will decrease, accelerating the deployment of the critical infrastructure that will power a carbon-neutral world. Financial innovation is the silent partner of engineering excellence, together ensuring that the hydrogen revolution is both technically possible and economically sustainable.

The MoU, which has been inked on February 16, 2026, goes on to deepen decades of cooperation between both the UK as well as California, and also in a way, develops quite a refreshed framework in order to drive innovation, scale the clean energy technologies, and also connect businesses as well as researchers throughout both economies.

Apparently, this agreement is going to connect the fast-growing clean energy sector of the UK along with the Californian market, hence in a way opening up new export options, supporting opportunities related to skilled jobs in the UK, and also backing British businesses to go ahead and compete as well as grow, with companies such as Octopus Energy already going ahead and expanding on the U.S. West Coast.

All these steps also deliver a commitment in order to strengthen the cooperation on clean energy investment and climate and, along with it, the environment in order to speed up the deployment of tech that slashes bills for families, decreases exposure when it comes to volatile fossil fuel markets, and also safeguards the natural environment. This, as a matter of fact, builds on other MoUs that have been inked by the UK focused on economic cooperation along with 11 other US states, which include the likes of Washington and Florida.

Interestingly, this collaboration is also going to see both governments share their practical expertise in terms of protecting their biodiversity and also building resilience for their respective communities in the advent of extreme weather. All this is going to enable the protection of homes along with public services as well as local economies from the climate crisis.

One cannot deny the fact that both the UK and California clean energy economies are indeed growing at a swift pace, with the net zero economy of the UK growing almost three times faster as compared to the overall UK economy in 2024, as per the CBI. On the other hand, California has seen similar accelerated clean economic growth, having three times more clean energy jobs that have been created as compared to the jobs created elsewhere in the economy of the state.

Ed Miliband, the UK Energy Secretary, said, “This government’s clean energy mission is about taking back control of our energy to cut bills, create jobs, and tackle the climate crisis. Strong international partnerships like today’s announcement with the State of California strengthen opportunities for UK businesses and secure investment for our country.”

Governor Gavin Newsom remarked, “California is the best place in America to invest in a clean economy because we set clear goals and we deliver. Today, we deepened our partnership with the United Kingdom on climate action and welcomed nearly a billion dollars in clean tech investment from Octopus Energy. California will continue showing the world how we can turn innovation and ambition into climate action.”

Both the UK as well as California happen to share equally ambitious energy and climate objectives and also have a history of partnership pertaining to policy in this space.

There are businesses that have backed the agreement, underscoring the prominent growth opportunities that are going to be created.

Nick Chaset, CEO at Octopus Energy US, said, “As a British tech business and investor growing in the US, this MoU opens up opportunities to bring our smart technology to California, cutting energy bills and improving the customer experience. We are already delivering that through our work with Southern California Edison, where the Octopus Shift app enables EVs and home batteries to support the grid and give customers more control over when and how they use energy.” He further added that “This agreement gives investors like Octopus greater confidence to bring more of our proven technology to the state, like Octopus Electroverse. Already the world’s largest public charging platform, live across 1.3 million chargers in 50 countries. It is exactly the kind of customer-first innovation we are excited to scale through closer UK-California collaboration.”

The agencies collaborated with Valar Atomics, which is California-based, so as to fly the Ward microreactor of the company on a C-17 aircraft, without nuclear fuel, to Utah’s Hill Air Force Base. Chris Wright, the Energy Secretary, and Michael Duffey, the Under Secretary of Defense for Acquisition and Sustainment, were onboard the C-17 flight with the reactor along with its components and recognized the event to be a breakthrough for U.S. nuclear energy and military logistics.

As per Duffey, “This gets us closer to deploying nuclear power when and where it is needed to give our nation’s warfighters the tools to win in battle.”

It is worth noting that President Donald Trump’s administration regards small nuclear reactors as one of many ways in order to expand U.S. energy production. Trump, in May 2025 issued four executive orders with the intent of boosting domestic nuclear deployment in order to meet the growing demand for energy for national security along with competitive AI advancements.

It was in December 2025 that the Energy Department went on to issue two grants so as to help speed up the development of small modular reactors.

The ones who back microreactors also have touted them as being those energy sources that can be sent to far-flung as well as remote places, thereby offering alternatives to diesel generators that apparently need regular deliveries of fuel. However, there are skeptics who argue that the industry has not proven that small nuclear reactors can go on to generate power for a reasonable price.

As per Edwin Lyman, director of nuclear power safety at the Union of Concerned Scientists, “There is no business case for microreactors, which even if they work as designed will produce electricity at a far higher cost than large nuclear reactors, not to mention renewables like wind or solar.”

The Energy Department looks forward to having three microreactors reach “criticality,” when a nuclear reaction can go ahead and sustain itself, by July 4, remarked Wright.

The advent to fly the Ward microreactor on the February 15, 2026 event was a little larger than a minivan and could generate almost 5 megawatts of electricity, which is enough to power 5,000 homes, as per Isaiah Taylor, the Valar CEO. It will begin operating in July 2026 at 100 kilowatts and peak at 250 kilowatts right before ramping up to complete capacity, Wright said.

Valar is looking forward to starting to sell power on a test basis in 2027 and thus becoming completely functional and commercial in 2028. Although private industry goes on to fund its own development of nuclear technology, it also requires the federal government to go ahead and do some enabling actions that allow fuel fabrication as well as uranium enrichment here,” he added.

Interestingly, the fuel for the reactor from Valar is going to be transported from the Nevada National Security Site to the San Rafael facility, Wright confirmed to the reporters.

But even small generators result in a prominent radioactive waste, said Lyman. Other experts opine that designers are not compelled to consider waste at the start, beyond a plan for how it gets managed.

Though the nuclear waste disposal still remains an unresolved issue, the Energy Department is in talks with a few states, including Utah, in order to host sites that could as well reprocess fuel or even handle permanent disposal for that matter, concluded Wright.

Apparently, almost 6 billion euros are going to be in the form of a share buyback program, confirmed Siemens Energy as part of a U.S. capital markets day, with dividends comprising the rest.

It is well to be noted that the shares in Siemens Energy, which last week went on to raise its midterm targets due to strong global demand in terms of gas turbines as well as energy grids, surged as much as 8.4% to the highest level ever since the company was spun off from Siemens AG in 2020.

Buyback Is What Drives the Shares

Christian Bruch, the CEO, said that they are a company having an electricity DNA ever since the days of Werner von Siemens, thereby referring to the 19th-century founder of this massive business empire.

He added that they are indeed convinced that the electricity and electrification markets offer them an incredible amount of opportunities so as to grow the company profitably.

According to him, a strong buyback could very well help the shares re-rate relative to GE Vernova, which is the main rival of Siemens Energy that goes on to trade at a price-to-earnings ratio of 50 times as compared to the 30 times of Siemens Energy, analysts at Citi opined.

Part of this kind of gap is attributed to generally greater multiples in North America, which is the second-biggest market for Siemens Energy after Europe, wherein it makes almost a quarter of revenues.

It is worth noting that the boom in power infrastructure equipment demand, which is partly driven by the need for data centers when it comes to AI technology, is also going to result in investments of almost 6 billion euros by 2028; as a matter of fact, around a third of that is going to go to transformer as well as switchgear plants.

GE Vernova confirmed in 2024 that it planned to invest almost $9 billion till 2028.

The fact is that the policy changes in the U.S. as well as China contributed to a complete drop of 5% when it comes to the worldwide forecast for renewables as compared to the 2024 report.

Those policy changes within the U.S. happen to include the earlier phase-out of federal tax credits, the suspension of new offshore wind leasing, and the restriction of the permitting of onshore wind and solar PV projects on federal land, as well as import restrictions, the IEA said.

It is well to be noted that the U.S. forecast revisions also happen to be based on the new foreign entity of concern restrictions from the One Big Beautiful Bill Act, which are anticipated to negatively affect solar and wind as well as battery components, which happen to be sourced overseas. The report also went on to cite executive orders suspending the offshore wind leasing and, at the same time, restricting the permitting of onshore wind as well as solar PV projects across the federal land, said the IEA.

The IEA further mentioned that among all technologies, wind happens to be impacted most, with both offshore and onshore capacity growth revised down by around 60% to 57 GW over the forecast period.

Apparently, the IEA revised down its forecast pertaining to the U.S. solar deployment by around 40%, therefore projecting that the total capacity in 2030 is going to fall short of the earlier anticipations by 140 GW.

As per the IEA, within solar PV, the largest relative impact happens to be on the distributed solar, especially the residential systems that are revised down by almost 70%, which are mostly affected due to the scheduled expiration of residential solar PV tax credits at the end of 2025, well before the tax credits when it comes to other technologies expire.

It is well to be noted that the forecast from China was impacted due to its shift from the fixed tariffs to auctions, which, as per the IEA, is indeed impacting the project economics and at the same time lowering the growth expectations.

In spite of all this, China still continues to account for almost 60% of the global renewable power capacity growth and happens to be right on track so as to reach its recently announced 2035 wind as well as solar energy target five years ahead of schedule.

IEA went on to note that major manufacturers of solar and wind have gone on to report large losses in spite of the surging global installations due to reasons such as the solar supply glut causing price dips. Nonetheless, renewable developers have either increased or maintained their capacity deployment targets for the end of the decade since last year.

The evaluation in this report shows that one-fifth of the surveyed large renewables developers increased their deployment targets, while three-quarters went ahead and kept them at similar levels to 2024. Utility contracts and corporate PPAs, as well as merchant plants, also happen to be a major driver, comprising 30% of the global renewable power capacity.

Interestingly, the IEA revised down its growth forecast for the global offshore wind industry by over 25% over the next five years, since several developers have gone on to reduce their 2030 deployment targets and the industry is in the middle of policy headwinds in the U.S. along with the economic turbulence across Europe, Japan, and India.