Today's episode explores three ideas that caught my attention:
AI is Transforming Nuclear Too - The possibility of applying AI tools to parse 4,500-page regulatory documents represents a breakthrough in addressing one of nuclear's biggest bottlenecks - regulatory compliance.
Falling Demand Drove Nuclear's Decline in the Late 1970s, Not 3 Mile Island - Rod's point about nuclear orders stopping in 1974—five years before Three Mile Island—due to falling electricity demand growth challenges the standard narrative. Reduced energy consumption, not safety concerns, actually killed the first nuclear boom.
Don't Call It a Comeback - When Rod pointed out that historians can't agree within 50 years when the actual Renaissance began, it reframed today's "nuclear renaissance" conversation. Perhaps 2005-2008 was not the “false start” that many consider it to be, but rather the early stages of a much longer transition.
I explore these ideas and more with Rod Adams, Managing Partner at Nucleation Capital.
Rod Adams brings over three decades of nuclear industry experience spanning military operations, entrepreneurship, and investment. As a former submarine engineer who lived alongside an operational reactor for years, he gained firsthand experience with nuclear technology's remarkable potential and safety record. In 1993, well ahead of current market trends, he founded Adams Atomic Engines—one of the first companies focused on small modular reactor development. His deep technical background extends beyond operations to the complex regulatory and financial landscape of nuclear energy, having served as a requirements officer working on Navy nuclear power program budgeting and financing.
Today, as managing partner at Nucleation Capital, Rod combines his operational expertise with investment acumen to shape the next generation of nuclear technology companies. He's also the publisher of Atomic Insights and host of the Atomic Show podcast, platforms he's used for nearly 30 years to explore the intersection of nuclear technology, policy, and market dynamics. This combination of hands-on experience, entrepreneurial vision, and investment perspective gives him unique insight into both the technical and commercial challenges facing advanced nuclear innovation.
During our conversation, Rod shares:
Why the oil and gas talent migration to nuclear matters, including specific examples of how drilling expertise is revolutionizing the possibilities for waste storage
Why Texas and many other states aim to become a global nuclear leader, and what this means for the future of energy infrastructure development
A practical framework for evaluating nuclear technology investments, including key metrics for assessing both technical and market risk
⚛️ The Nuclear Energy Investing Playbook
Coming March 2025
This episode is part of a special 5-part season on nuclear energy investing. Want to go deeper? Pre-order The Nuclear Energy Investing Playbook: An Angel's Guide.
After analyzing Pitchbook data, interviewing industry leaders, and mapping the entire ecosystem, I've created the comprehensive resource I wish existed when I started researching this space, including:
Insights from 5 expert interviews
50+ hours of intensive market research
Analysis of 80+ nuclear startups and investors
Clear framework for evaluating opportunities
Pre-Order Special: $79 (Regular Price: $99)
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What We Cover:
00:00 Introduction
02:45 Rod's Background in Nuclear Energy
04:35 Challenges and Innovations in Nuclear Energy
14:47 Nucleation Capital's Investment Strategy
19:19 Recent Developments in Nuclear Investments
21:20 The Nuclear Renaissance
31:25 Nuclear Accidents: A Historical Perspective
34:44 Personal Experiences in the Nuclear Industry
37:15 Major Players in the Nuclear Energy Sector
42:16 Innovations and Startups in Nuclear Energy
45:18 Addressing Nuclear Waste and Safety
48:58 The Role of AI in Nuclear Energy
50:20 Future Prospects and Clean Energy
Listen now on Spotify, Apple Podcasts, and YouTube.
Connect with Rod
LinkedIn: https://www.linkedin.com/in/atomicrod/
Website: https://atomicinsights.com/
Nucleation Capital: https://nucleationcapital.com/
Connect with Andrew
Newsletter: https://thediligentobserver.substack.com
Website: https://pitchfact.com/
Stuff We Reference
Adams Atomic Engines: https://atomicinsights.com/adams-engines-design-concepts/
Atomic Insights: https://atomicinsights.com/
Constellation Energy: https://www.constellation.com/
NuScale: https://www.nuscalepower.com/
Nano Nuclear: https://nanonuclearenergy.com/
X-Energy: https://x-energy.com/
TerraPower: https://www.terrapower.com/
Breakthrough Energy Institute: https://thebreakthrough.org/
GE Vernova: https://www.gevernova.com/
Westinghouse: https://westinghouse.com/
Babcock & Wilcox (BWXT): https://www.bwxt.com/
Deep Isolation: https://www.deepisolation.com/
X-energy's TRISO-X Fuel: https://x-energy.com/fuel/triso-x
Admiral Rickover: https://www.usni.org/archives/memoirs/admiral-rickover-personal-memoir
Jose Reyes: https://www.linkedin.com/in/drjosereyes/
Bill Gates & Nathan Myhrvold, Investors in TerraPower: https://www.terrapower.com/about/
Edward Bernays: https://www.britannica.com/biography/Edward-Bernays
Ontario Power Generation: https://www.opg.com/
TBA Group: https://tba.group/
Three Mile Island Incident (1979): https://www.nrc.gov/reading-rm/doc-collections/fact-sheets/3mile-isle.html
Chernobyl Disaster (1986): https://www.nrc.gov/reading-rm/doc-collections/fact-sheets/chernobyl-bg.html
Fukushima Daiichi Nuclear Disaster (2011): https://world-nuclear.org/information-library/safety-and-security/safety-of-plants/fukushima-daiichi-accident
Arab Oil Embargo (1973-74): https://history.state.gov/milestones/1969-1976/oil-embargo
Gulf War (1990s): https://history.state.gov/milestones/1989-1992/gulf-war
Nuclear Renaissance: https://www.iaea.org/sites/default/files/publications/magazines/bulletin/bull49-1/49104792223.pdf
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All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice.
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