BWX Technologies has agreed to license its mPower small modular reactor design following a sustained campaign by activist investor Ananym Capital. This strategic pivot resurrects a nuclear project shelved nearly a decade ago, aligning with renewed Wall Street interest in clean power for AI infrastructure.
Ananym Capital, which holds approximately 9% of BWXT, argued the 180-megawatt pressurized water reactor is now commercially viable. Originally developed in the early 2010s, the mPower project was suspended in 2017 due to insufficient demand and high licensing costs. Current market conditions have shifted dramatically as tech giants seek reliable nuclear energy sources.
The activist firm projects that commercializing mPower could double BWXT’s valuation by 2028. Even without full deployment, Ananym estimates a 45% upside through expanded nuclear component supply. BWXT already serves as a critical supplier to the U.S. Navy and maintains partnerships within the SMR supply chain.
While licensing represents a significant milestone, it differs from operational deployment. The path forward requires regulatory approvals, manufacturing scale-up, and site selection. However, BWXT leverages institutional credibility and an existing manufacturing base to compete against rivals like NuScale Power in the evolving advanced nuclear sector.