DS Investment Partners consortium to fund Elementl nuclear partnership

Elementl Power signed a letter of intent and term sheet with a consortium led by DS Investment Partners to form and fund a development partnership of up to $750 million. Samsung C&T Engineering & Construction Group would participate as a potential strategic investor. The consortium would hold a significant minority interest in the partnership.

The proposed partnership would provide capital for up to three Elementl advanced nuclear projects to reach final investment decision, including a 1.5 GW Ohio project using GE Vernova Hitachi BWRX-300 reactors. It would support permitting, interconnection and long-lead procurement.

The agreement is preliminary and subject to definitive documentation, regulatory approvals and closing conditions. Elementl has engaged Macquarie Capital to evaluate adding more strategic and financial investors. Elementl is backed by Energy Impact Partners, T. Rowe Price-advised accounts, Prelude Ventures, Breakwater North and Alumni Ventures.