127 SMR Concepts Worldwide: Momentum Accelerates, Says NEA

The Nuclear Energy Agency (NEA) of the OECD has released its third Small Modular Reactor (SMR) Dashboard. The 2025 edition confirms global momentum: 127 designs identified, including seven under construction or in operation, and sharply rising funding. However, industrial deployment remains dependent on the availability of HALEU fuel.

For the third consecutive year, the OECD Nuclear Energy Agency (NEA) has published its global SMR Dashboard. Worldwide interest in these innovative future small reactors continues to grow. The agency now lists 127 SMR designs, up from 98 in the previous edition. The report notes that seven designs are either operational or under construction, with a strong portfolio of projects advancing toward first industrial deployment.

NEA Director-General William Magwood stated: “The strategic drivers of SMR deployment—rising electricity demand, including that of data centers and expanding digital services, energy security imperatives, and national targets set by many countries to reduce carbon emissions—are strengthening. SMRs are now a central element of energy strategies in a growing number of countries around the world.”

In the NEA report, 74 of the 127 identified designs were analyzed. Among the remaining 53, 25 requested not to appear in this year’s edition, while the others are currently considered inactive. Seven SMR concepts are already in construction or operation.

From a geographical perspective, North America unsurprisingly leads with 30 designs supported by 25 organizations. Europe follows with 20 designs carried by 19 companies. For France, the NEA lists eight technologies: Blue Capsule, Calogena, Hexana, Jimmy, Naarea, Newcleo (two designs), and Nuward.

Financing and fuel

According to William Magwood, one of the turning points is project financing. The agency records approximately USD 15.4 billion in global funding for SMRs, including USD 10 billion from public sources and USD 5.4 billion from private sources. “Private investments are rising sharply (…). Major global companies such as Google, Amazon, Meta, and Dow Chemical have recently strengthened this wave of investments to meet energy needs consistent with their environmental objectives. And now that three SMR companies are listed on the stock market, we are witnessing growing confidence from financial markets,” he explained.

The fuel issue remains. The Director-General stated: “The availability of HALEU (High-Assay Low-Enriched Uranium) remains a major obstacle to the deployment of many SMR designs. According to him, at the start of 2025, “more than half of SMRs planning to use HALEU had not yet moved beyond non-binding agreements or collaborative studies with national laboratories regarding fuel supply.” The NEA therefore highlights “the need for coordinated international action and support mechanisms to unlock fuel availability.”

The NEA SMR Dashboard is now available as a digital interactive platform. ■