Core Insights - First Hydrogen Corp. is advancing clean energy technologies aimed at creating a zero-emission ecosystem [1] - The company has launched a technical research program with the University of Alberta focused on molten salt fuel for Small Modular Reactors (SMRs) [2][3] - The long-term vision includes integrating stable clean energy from SMRs with green hydrogen production to support data centers and hydrogen-powered vehicles [4][6] Research and Development - The objective of the research program is to identify non-radioactive "surrogate" molten salt fuel mixtures that replicate the properties of uranium-bearing fuel salts [3] - This initial phase is essential for lab-scale experimentation and prototype development, allowing research without the complexities of radioactive materials [3] - The outcomes will inform future R&D activities, including lab setup and collaboration with material suppliers [4] Clean Energy Focus - First Hydrogen is focused on a vertically integrated green energy ecosystem, including hydrogen energy and production facilities [5] - The company has developed hydrogen-fuel-cell-powered light commercial vehicles (FCEVs) that have been successfully trialed in the UK [7] - The integration of SMRs is seen as a key strategy due to their safety features and ability to provide consistent power for green hydrogen production [6][8]

Core Thesis - NuScale Power Corporation is positioned as a leading player in the small modular reactor (SMR) nuclear sector, with significant potential for growth as it targets commercial deployment in the late 2020s [2][4]. Regulatory and Market Position - The company has received the first NRC-approved SMR design, which is expected to facilitate its entry into the market and meet the increasing demand for reliable on-site baseload generation, particularly from data centers [2][5]. - The AI Action Plan is anticipated to expedite nuclear permitting processes, providing a favorable regulatory environment for NuScale's deployment efforts [2][5]. Financial Outlook - Currently, NuScale remains pre-revenue, but its Department of Energy (DOE) design certification has reduced regulatory risks, thereby enhancing investor confidence in its technology [3][5]. - Although no direct agreements with hyperscale data centers have been announced, the company is well-positioned to capture demand for low-carbon energy solutions in the tech sector [3][5]. Investment Potential - The first-mover advantage in the SMR market could lead to substantial upside if commercial deployment is successful, making NuScale an attractive long-term investment opportunity [4][5]. - The combination of regulatory support, market potential in critical infrastructure, and the inherent advantages of SMR technology contribute to a compelling growth narrative for the company [5]. Competitive Landscape - Despite the promising outlook, NuScale faces execution risks associated with pioneering technology, potential regulatory delays, and competition from alternative energy solutions [4][5].