Fanco, also known as First American Nuclear, announced plans to move its headquarters from Washington to Carmel, Indiana, to develop what it says will be the nation’s first closed-fuel cycle Small Modular Reactor (SMR).
The $4 billion project, expected to create about 5,000 jobs, will combine natural gas and nuclear power generation, with construction planned to begin by 2028.
Fanco’s EAGL-1 SMR uses a liquid metal bismuth coolant and will be built alongside a facility designed to reprocess and reuse spent fuel, eliminating 97% of long-term nuclear waste.
Indiana officials have offered major incentives, including a 20% tax credit and rate recovery options to support SMR development.
These developments position Indiana as an early test case for next-generation nuclear manufacturing and regulatory frameworks in the United States.
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Reference
Indianapolis Business Journal. (2025, November 5). Energy startup looks to develop first-in-nation nuclear reactor in Indiana. Daily Journal. https://dailyjournal.net/2025/11/05/energy-startup-looks-to-develop-first-in-nation-nuclear-reactor-in-indiana/
