DENVER, CO, USA, March 13, 2012- Hyperion Power Generation Inc. CEO Robert Prince announced today the company will change its name to Gen4 Energy, Inc.
According to Prince, “As a natural follow through to the evolution of the company over the last year, the name Gen4 Energy more accurately describes the focus of the company, the first product being developed, and the needs of the market we intend to address.”
Gen4 Energy’s product is a small next generation nuclear power reactor. Sealed at the factory, including fuel for its 10 year operational lifetime, the Gen4 Module (previously the Hyperion Power Module) will require no refueling and no on-site access to nuclear fuel (vastly reducing safety and proliferation concerns).
The market for Gen4 Energy’s product is anywhere that electricity is currently produced by diesel generators. This market includes:
- Remote and Island Communities that are off-grid and reliant on expensive and regular supply of diesel fuel.
- Mining and Oil & Gas Production projects that are off-grid, energy-intensive, and increasingly sensitive to the environmental concerns of burning fossil fuels.
- Government Facilities that need reliable, off-grid power for sensitive or strategic missions.
According to the International Energy Agency, 5% of global electricity generation is produced from petroleum liquids, at a typical cost of over 30 cents per kilowatt/hour. At approximately half that cost, Gen4 Energy’s technology has a significant economic advantage in this market.
Gen4 Energy intends to license and demonstrate its first Gen4 Module (G4M) in the U.S. or Canada, and then address the global market. G4M technology has the potential to provide power to underserved regions, to demonstrate unmatched nuclear safety, and to emit no greenhouse gasses.
Gen4 Energy, Inc. based in Denver, Colorado, is working with Los Alamos National Laboratory and nuclear industry partners to develop a next-generation nuclear power source. The G4M will produce 25 MW of safe and reliable electric power that is available 24/7, and will operate for 10 years without refueling. It will be manufactured in a factory, transported to the installation site completely sealed, and after its useful life replaced with an entirely new power module.
Gen4 Energy, formerly Hyperion Power Generation, Plans to Deploy Advanced Hyperion Reactor at DOE Savannah River Site
DOE Savannah River Site agreement establishes the next steps toward deployment
DENVER, CO March 5, 2012 – Hyperion Power Generation Inc. (HPG), the Department of Energy – Savannah River (DOE-SR), and Savannah River National Laboratory (SRNL) have announced their commitment to deploy a privately-funded first-of-a-kind Hyperion reactor at the DOE Savannah River Site.
“This is an important value-creating event for the company,” said Hyperion Power Generation’s CEO, Bob Prince, “Securing a first site is a key contributor toward our continued forward progress.” Prince also stated “The Savannah River Site and the Southeast region have the skilled workforce and an optimal site to support the next generation of advanced nuclear power technology.”
“We have a unique combination of nuclear knowledge and laboratory expertise, infrastructure, location and much more to make the Site a natural fit for advancing the small modular reactor technology,” said Dr. Dave Moody, DOE-SR Manager. “I am extremely pleased to announce this exciting and promising new initiative for Savannah River Site.”
The recent DOE announcement of the partnership is based on an executed Memorandum of Agreement between the parties that establishes next steps towards deployment. These steps include working toward target dates for Land Use, Site Services, and Technical Assistance agreements, with licensing to be accomplished under the authority of the US Nuclear Regulatory Commission (NRC).
“It is important that we achieve NRC licensing to provide worldwide confidence in the technology and design of our advanced Generation 4 reactor” said Dave Carlson, COO and Chief Nuclear Officer with HPG.
Hyperion Power Generation Inc., based in Denver, Colorado, was founded in 2007, and is working with Los Alamos National Laboratory to design a nuclear reactor referred to as the Hyperion Power Module (HPM). The HPM is designed to power remote mining or oil and gas operations, large government complexes, and isolated or remote communities and islands. The HPM design intent is to produce 25 megawatts (MW) electric and to use uranium nitride fuel and lead-bismuth eutectic (LBE) coolant. The reactor vessel is to be sealed at the factory, sited underground, and replaced with a new module after a designed core life of ten years. The reactor vessel, including internals, will be transportable by truck, ship, and rail. The HPM will provide safe and reliable power that is available 24/7, emitting no greenhouse gasses, and operate without on-site refueling.
Contact: Forrest Rudin
Hyperion Power Generation Inc.