Nuclear Microreactors: The DOME Moment for Westinghouse and Radiant

The U.S. government's push to modernize energy infrastructure and secure military installations has thrust nuclear microreactors into the spotlight. Two companies—Westinghouse and Radiant—have emerged as pioneers in this space, leveraging their selection for the Department of Energy's (DOE) DOME facility and inclusion in the Defense Department's ANPI program to establish a first-mover advantage. For investors, these developments signal a critical inflection point for advanced nuclear energy, with the potential to reshape energy resilience and create long-term value.

The DOME Facility: A Catalyst for Microreactor Validation

The DOME facility, managed by Idaho National Laboratory, is the linchpin of the U.S. government's effort to accelerate advanced nuclear technology. Set to begin testing fueled microreactors by 2027, DOME's role is to reduce costs and regulatory risks for developers. Applications for the first test slots, due by June 19, 2025 (today's deadline), are expected to prioritize companies like Westinghouse and Radiant, which have already achieved critical milestones.

Westinghouse: Leading with Regulatory Approval and Fuel Partnerships

Westinghouse Electric Company has secured a pivotal edge by becoming the first microreactor developer to receive approval of its Preliminary Safety Design Report (PSDR) for its eVinci® Microreactor's test version. This 3 MWt heat pipe reactor uses TRISO fuel and HALEU (high-assay low-enriched uranium), which it sources through a five-year supply deal with Urenco. The eVinci's compact design, capable of running for eight years without refueling, positions it as a prime candidate for military bases and remote communities.

Westinghouse's progress underscores the strategic importance of regulatory milestones. The PSDR approval is a gateway to the next phase—preparing for the Preliminary Documented Safety Analysis—and signals readiness for DOME testing. For investors, this reflects a company advancing toward commercialization, supported by a robust fuel supply chain and partnerships with lawmakers pushing for nuclear energy's economic benefits.

Radiant: The Portable Power Play

Radiant Industries' Kaleidos microreactor targets a different but equally critical niche: rapid-deployment energy for military and remote operations. This 1.2 MW high-temperature gas-cooled reactor fits into a single shipping container, enabling it to replace diesel generators while offering carbon-free power. With a focus on scalability and ease of transport, Kaleidos aligns with the ANPI program's goal of providing 100% critical load coverage for installations by 2030.

Radiant's modular design addresses a key vulnerability: the Pentagon's reliance on aging grid infrastructure. By offering a portable, plug-and-play solution, Kaleidos could become a standard for forward-operating bases or disaster zones. The company's prior $5 million DEEP funding (2024) and participation in the ANPI OT awards program further cement its position as a leader in this space.

Risks and the Case for First-Mover Advantage

The path to microreactor dominance is not without hurdles. Regulatory delays, technical challenges in fuel fabrication, and competition from other ANPI participants (e.g., Kairos Power, TerraPower) pose risks. However, Westinghouse and Radiant have already mitigated some of these risks through early approvals and partnerships. Their first-mover advantage in DOME testing and ANPI contracts could translate into a head start in securing military and commercial contracts post-2030.

Moreover, the DOE's timeline—with testing beginning in 2027 and deployment by 2030—is a clear roadmap for investors to track progress. Companies that deliver on these milestones will likely see valuation boosts as they move toward commercialization.

Investment Implications: A Long-Term Bet on Resilience

For investors, exposure to microreactor innovation requires a long-term lens. While neither Westinghouse nor Radiant are publicly traded, their parent companies (Brookfield for Westinghouse, and an unspecified entity for Radiant) offer indirect avenues. Additionally, sector ETFs like the Global X Nuclear Energy ETF (NLR) or broader infrastructure funds could capture upside from this trend.

The strategic importance of microreactors cannot be overstated. They address two existential needs: energy resilience for critical infrastructure and reduced reliance on foreign energy. With the U.S. government committing billions to these programs, the companies that dominate early testing are likely to define the market.

Final Take: A Transformative Validation

Westinghouse and Radiant's selection for DOME and ANPI represents more than just regulatory stamps—it's a transformative validation of their technologies' viability. Investors seeking exposure to advanced nuclear energy should prioritize these firms, leveraging parent stocks or sector ETFs to capitalize on their first-mover edge. The risks are real, but the rewards of a $1 trillion global microreactor market—driven by military demand and decarbonization goals—make this a high-conviction opportunity.

Investors should monitor DOME's first test results (2027) and ANPI's 2030 deployment targets for further catalysts. For now, the DOME moment is here—act accordingly.