Elementl Proposes Nuclear Partnership Worth Up to $750 Million to Fund Three U.S. Projects
Key Facts
Elementl Power announced on October 26, 2026, a preliminary agreement to form a development and financing partnership that could be worth up to $750 million. The proposed consortium is led by South Korean investor DS Investment Partners, according to a company statement published via PR Newswire. Samsung C&T is participating as a potential strategic investor. The agreement concerns the formation of the partnership and is not a contract to purchase reactors from GE Vernova Hitachi. Elementl says the proposed financing could help its advanced nuclear projects complete development work and reach investment milestones. The announcement sets out an initial framework for raising capital before financing decisions are made for the projects themselves. The $750 million ceiling does not mean the money has already been deployed or that a final investment in any plant has been approved.
The agreement comprises a letter of intent and a term sheet setting out the proposed terms, according to the statement. The consortium is expected to contribute part of the capital and receive a substantial minority stake in the partnership. The structure could accommodate more investors: Elementl has engaged Macquarie Capital as financial adviser to assess bringing in additional strategic and financial investors. This indicates that the financing structure has not been finalized and that the ultimate level of participation and allocation of stakes remain subject to the proposed terms. Elementl Chief Executive Chris Colbert described the arrangement as "a new model for capital formation in the U.S. nuclear sector focused exclusively on developing multiple utility-scale projects." The chief executive of DS Investment Partners said his company believes "new nuclear power is essential to keep pace with rising energy demand."
The proposed financing could fund part of the capital needed for up to three advanced nuclear projects, supporting them through to final investment decisions, according to Elementl. Potentially financeable work includes pre-construction activities such as completing permits, project grid-connection procedures and purchasing long-lead equipment. Reaching a final investment decision means moving from development and preparation to a decision to finance the project, but it does not establish that all three projects will be built or that the proposed financing will cover their full cost. The company stresses that the proposed partnership does not constitute a final investment decision for any project. Its completion also remains subject to definitive documents, regulatory approvals and customary closing conditions.
The most clearly identified project that could benefit from the partnership is Elementl's project in Meigs County in southeastern Ohio, with planned capacity of up to 1.5 gigawatts. The proposed plant is located in Letart Township on about 700 acres along the Ohio River, roughly 100 miles southeast of Columbus, according to company information. The project is planned to use GE Vernova Hitachi Nuclear Energy's BWRX-300 small modular reactors; the announcement does not say that Elementl's other projects will use the same technology. Elementl announced in June 2026 that it had selected these reactors for the Ohio project and signed an early works agreement with the manufacturer. Each reactor has an approximate capacity of 300 megawatts electric, according to the U.S. Nuclear Regulatory Commission, which said its review includes pre-application activities.
Ohio's plans come amid PJM, the regional grid operator, forecasting long-term growth in electricity demand. In an update issued in January 2026, PJM projected average annual growth of 3.6% in summer peak demand over the following 10 years, compared with an estimate of 0.3% in its 2021 forecast. PJM also said that improved scrutiny of large-load requests had lowered its near-term forecast through 2032 compared with the previous year's report. These projections provide market context for Elementl's work, while DS Investment Partners said new nuclear power is essential to keep pace with demand growth. The statement does not quantify Ohio's share of the projected growth or link the financing to a power-sale contract.
On grid connection, Elementl applied to PJM in April 2026 to connect the plant's first potential 600 megawatts of output. The company said at the time that PJM would review the request and was expected to respond later in 2026. This process remains separate from a final investment decision, and the requested connection capacity represents the first phase of a project with planned capacity of up to 1.5 gigawatts. The latest statement did not announce the outcome of PJM's review or a new response date. Securing grid connection, along with regulatory approvals and final financing, therefore remains among the steps required before construction.
Elementl plans to begin construction of the first unit in 2030 and is targeting completion in 2034, according to estimates the company announced in June 2026. Both dates are explicitly contingent on a final investment decision and regulatory approvals, making them conditional targets rather than a confirmed commercial operating schedule. The proposed partnership announcement adds a potential financing channel for pre-construction work, but does not change the announced dates or confirm that the conditions for starting construction have been met. EL7 data show that GEV closed at $815 and HTHIY at $35.57 on October 23, 2026, before the October 26 announcement; these are dated price context, not a market reaction to the news.