March 2026  

Letter to Key Stakeholders of Pioneer Nuclear Inc.

It was recently brought up by one of our key stakeholders (some are also shareholders) that they desire an increase in transparency in our progress. We agreed that this can be done without disclosing proprietary information, and this letter (which is long overdue and will be the first of many) shall address that.

Pioneer Nuclear was effectively created based on my vision in 2022/2023 that the U.S. nuclear energy industry needs a specialized project development firm to execute complex and unique developments. I knew basically nothing, looking back then, about the nuclear industry. But I had a background in commercial real estate and high-tech venture capital investing. And I became very passionate about nuclear technology’s role in humanity. My business sense said, why not get into an industry many are afraid of; has the highest barrier to entry; is understood by an eclectic few; which laws don’t even exist yet to make a business case; requires ample capital; creates a pre-revenue situation for years; requires the creation of business models that don’t exist yet; requires me to hire people who knew me not and who I can barely afford; and have to convince outside investors they will get an adequate return on equity without spinning a fairytale story most founders love to do. I used to be an angel investor in the high-tech industry and I know the impossible hurdles founders must go through.  Most investors want to see a MVP (minimal viable product). But nuclear is not a software industry. This is hardtech. MVPs take millions of dollars, if even, much more. Most multi-billion dollar advanced reactor firms are in between pre-revenue and revenue. Profit is not on their mind. FOAK means “first-of-a-kind” in the industry.  The only thing real is their cash (some investors believed in their fairytale), expenses, and contracts to various levels of enforceability and commercial rationale. Investors are sold on a theory of FLEET. Multiple reactors deployed on a continual rolling basis. Unit economics will decrease dramatically for nuclear power plants. Microreactors modular will be deployed in the thousands, like Toyota vehicles. But none of this has ever happened before.

Affordability and nuclear power are oxymorons. So why do we have it? Governments need to think long-term. Nuclear power lasts decades. Refueling is infrequent compared to other forms of energy. Microreactors can be installed directly at points of highest demand, next to factories, refineries, and datacenters.

Pioneer Nuclear approached the U.S. federal government and the State of Connecticut for help as its nuclear energy business is primarily government enabled, highly regulated, and requires sophistication and fundamental understanding of safety to an extreme. Hence why there were then only a handful of non-utility nuclear energy specialist project developers in the USA, not tens of thousands like the solar, wind, and other renewables industries. Current Department of Energy has phased out many subsidies and renewable project economics have evaporated. Billions in subsidized loans have been clawed back. Projects like offshore wind have been ordered to stop-work.

Back then (which means 2-3 years ago) there were also only a dozen or so commercial nuclear reactor technology vendors. Now in each area, tech vendors and project developers alike, there are many times more. And some tech vendors are developing their own projects. God bless them. This is confusing for governments, municipal leaders, and even industry players themselves. 

But Pioneer Nuclear has always held true to its core belief and monitored the ever-changing landscape. And for heaven’s sake, nuclear energy is safe!  Statistically, someone has a higher chance to die working in a bookstore than they do in a nuclear power plant. Annually, more than 200 people die in airplane accidents, which is more people than in the entire 70-year history of nuclear energy. Yet people get on airplanes thinking, no problem, I’m safe! They are safe. Yet not near a nuclear reactor? To me, it’s one of the craziest things. But I have faith in humanity so I knew perceptions would change. Today, in the United States, we enjoy the highest support of nuclear energy ever! Japan too. Below, I am with a group of international experts from India, Britain, France, Singapore, Japan, Ireland, Philippines, and America (U–S–A!) standing a few hundred feet from the reactors that blew–caused by 100% human error, particularly arrogance (courtesy of Tokyo Electric Power and U.S. Department of State, February 2025)