Note: This story was updated at 8:12 p.m.
Four small nuclear reactors could be built on the Clinch River in west Oak Ridge in about a decade under a federal award announced Tuesday.
In its announcement, the U.S. Department of Energy said it will invest up to half of the total cost of the project to design, license, and help commercialize the new small modular reactors, or SMRs. The investment will come through a five-year cost-sharing agreement.
The project will be led by The Babcock & Wilcox Co, which is headquartered in Charlotte, N.C., and has a business unit that oversees the Y-12 National Security Complex in Oak Ridge. The company’s partners on the SMR project are Bechtel and the Tennessee Valley Authority.