Virginia governor launches Virginia Power Innovation Fund
Virginia Gov. Glenn Youngkin is allocating $10 million to create the new Virginia Power Innovation Fund for research and development of innovative energy technologies.
The fund will focus on R&D for nuclear, hydrogen, carbon capture and utilization, and battery storage innovations, among others. Approximately $5 million of this funding will go toward nuclear energy innovation through the Virginia Nuclear Innovation Hub. The funds will also be put toward grants for higher education institutions to study Small Modular Nuclear Reactor (SMR) technology, funding for nuclear workforce development, and additional money for SMR site exploration, including in Southwest Virginia.
“Today I am pleased to propose a $10 million investment in the upcoming budget to turn Virginia into a leader in energy innovation,” Youngkin said. “With technologies like carbon capture and utilization, and resources like critical minerals, hydrogen, and nuclear, we will make Virginia the epicenter for reliable and affordable energy innovation.”
The announcement was made at a reclaimed mine site in Norton, in the heart of Southwest Virginia’s coalfield region. The site is a possible location for an SMR or other energy facility.
Abandoned underground mines contain billions of gallons of water and naturally seep methane which can be captured and used to create hydrogen to heat homes, fuel industrial processes, and generate electricity. Thus, carbon capture and utilization technologies offer a chance to capture CO2, store it in abandoned mines and coal seams, and use it in industrial and chemical processes like concrete and paint manufacturing.
The Virginia Nuclear Energy Consortium Authority (VNECA) will facilitate the innovation hub and its activities.
“This is a proud day for the Virginia Nuclear Energy Consortium. The nuclear industry here in Virginia has always led the way in energy innovation. The Virginia nuclear innovation hub will unite academic research and the public and private sectors to leverage the Commonwealth’s tremendous nuclear capability in pursuit of next-generation advanced nuclear technologies,” VNECA Co-Chair and Founder Alireza Haghighat said.
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