Sid Fowler

Nuclear sector investments and due diligence

Sid has assisted:

• The holding company of one of the largest South Korean conglomerates in its USD250 million investment in an American advanced reactor developer as part of a USD750 million fundraise, advising on nuclear regulatory due diligence, including evaluation of the reactor developer’s NRC licensing strategy, benchmarking of its licensing timeline against comparable NRC proceedings, and review of material contracts for nuclear liability and regulatory compliance issues
• A publicly traded advanced nuclear technology company with its strategic partnership with a European advanced-reactor developer involving a planned investment of up to USD2 billion in US advanced fuel fabrication and manufacturing infrastructure, advising on regulatory issues applicable to US nuclear fuel fabrication and reprocessing, foreign ownership restrictions under the Atomic Energy Act, and the ADVANCE Act’s Section 301 exception for investors from Organisation for Economic Co-operation and Development (OECD) countries
• A US-based advanced nuclear energy company in connection with its acquisition of a nuclear logistics and transportation company for total consideration of up to USD13 million, advising on nuclear regulatory due diligence for the acquisition of a company licensed to transport radioactive and nuclear materials
• A major US defense company in aspects related to its potential acquisition of a nuclear services company, advising on nuclear regulatory due diligence focused on material contract review and analysis of nuclear liability under the Price-Anderson Act as applied to non-reactor materials processing, transportation, and disposal
• A major Japanese technology and investment conglomerate in its consideration of an investment in a US nuclear power plant owner and operator, advising on restrictions on foreign ownership, control, or domination under the Atomic Energy Act
• A US public pension fund in connection with its investment in an advanced nuclear developer pursuing a novel licensing and development strategy, advising on regulatory due diligence, including evaluation of the target’s Department of Energy (DOE) and NRC licensing pathways, identification of key assumptions underlying its commercialization projections, and assessment of regulatory risks to the project timeline
• A US public pension fund in its investment in a small modular reactor developer, advising on nuclear regulatory due diligence and regulatory contractual risks in the target’s supply chain
• A major US steel producer in its investment in a fusion energy company, advising on regulatory issues related to fusion technologies
• A global insurance brokerage and risk management firm in its investment in a fusion company developing particle accelerator technology for the production of valuable light elements, advising on nuclear regulatory due diligence, and overall feasibility of the company's regulatory pathway
• A foreign investor in its consideration of acquiring a portion of a major US company’s nuclear operations, including a retired nuclear generating plant and an independent spent fuel storage installation, advising on the regulatory issues applicable to both facilities and on foreign ownership issues given the reactor’s continued status as an NRC-licensed utilization facility
• Major Japanese industrial companies with separate investments in a leading US fusion technology company, advising on nuclear regulatory due diligence, including licensing, nuclear liability, and export-control issues applicable to fusion technologies
• A venture-backed technology company focused on laser fusion and directed energy defense in its USD37.8 million seed financing, advising on the then-emerging US regulatory framework for fusion energy including NRC jurisdiction, radioactive materials licensing, and export-control requirements under Part 810, the Export Administration Regulations (EAR), and the International Traffic in Arms Regulations (ITAR), and briefing the company and its investors on the regulatory landscape in advance of closing
• An investment firm in the acquisition of a European-based nuclear medicine company, advising on nuclear regulatory due diligence
• A venture capital firm investing in fusion and advanced energy in the formation of its investment fund, advising on the US regulatory framework for fusion energy and how regulatory conditions may affect its investment thesis and portfolio company operations

US market entry and nuclear supply chain development

Sid has assisted:

• A major Canadian heavy industrial construction company in its strategy for entering the US nuclear market through separate nuclear construction and safety-related component fabrication business lines, advising on the full nuclear regulatory framework including NRC licensing, Appendix B quality assurance, Part 21 reporting, American Society of Mechanical Engineers (ASME) nuclear codes, export controls, foreign ownership considerations, nuclear tax credits, safety-conscious work environment requirements, and Price-Anderson Act liability
• A major Indian engineering and manufacturing conglomerate in its evaluation of establishing a US nuclear component fabrication facility in partnership with an established US nuclear industry participant, advising on applicable NRC supplier and component-manufacturing requirements, quality assurance, and Part 21 compliance, export controls, foreign ownership considerations, Price-Anderson Act liability, and US nuclear market demand conditions
• A major Japanese heavy industrial company in its evaluation of entering the US nuclear module manufacturing market through acquisition of an existing business or development of a greenfield facility, advising on applicable nuclear regulatory requirements, US market conditions, and regional and supply chain considerations
• A US supplier of nuclear safety-related and commercially dedicated components in a distribution agreement with a Korean distributor for resale to Korean nuclear plants, advising on the Korean nuclear liability framework, export-control compliance, and information-sharing requirements necessary to preserve the supplier’s US nuclear regulatory obligations
• A solar energy development company with NRC licensing strategy, regulatory requirements, and NRC engagement to support its entry into the US nuclear development sector

Fusion regulation, export controls, and commercialization

Sid has assisted:

• A US-based nonprofit trade organization in a multi-year regulatory engagement with the NRC to establish the US regulatory framework for commercial fusion energy, advising on the NRC’s statutory authority and applicable regulatory options, developing the industry’s position advocating for the Part 30 byproduct-material framework, and supporting direct engagement with NRC staff and all five commissioners, resulting in a unanimous 5–0 vote adopting the Part 30 approach
• A leading clean energy advocacy organization in the development of its fusion energy engagement strategy, advising on the US policy landscape, the evolving federal regulatory posture toward fusion, and the current state of the fusion industry
• A fusion energy startup developing advanced inertial fusion technology with regulatory issues related to the Committee on Foreign Investment in the United States (CFIUS) review and Department of Commerce export controls applicable to the company’s technology
• A fusion energy company developing compact, magnetic-confinement fusion technology with the development of the company’s export compliance program, including management of tritium-related technology potentially controlled under 10 C.F.R. Part 810
• An early-stage fusion energy startup with broad regulatory advising on the US regulatory framework applicable to a fusion company, and on general structuring strategy for its seed financing round
• A fusion supply chain company developing light element enrichment technologies with nuclear export control and environmental compliance issues applicable to its technology
• A fusion energy company developing advanced laser technologies for inertial fusion with export control issues related to advanced laser technologies
• A magneto-inertial fusion energy developer with an analysis of the US regulatory framework for fusion energy, prepared prior to the NRC’s establishment of the current Part 30-based framework

Advanced reactor advisory

Sid has assisted:

• A developer of transportable micro modular reactors in the development of its reactor, advising on NRC licensing strategy and export controls applicable to a factory-manufactured reactor designed for data center and industrial deployment
• A leading European developer of advanced modular reactors with an analysis of US and international regulatory and export-control issues related to the commercialization of civil nuclear maritime propulsion technology
• An early-stage developer of nuclear space technology with commercial agreements for radioisotope supply and technology development partnerships, including advising on the regulatory requirements applicable to early-stage nuclear space commercialization
• A nuclear medicine startup with the regulatory framework applicable to advanced isotope separation technologies for the development of a novel cancer treatment

NRC licensing, investigations, enforcement, and nuclear safety culture

Sid has assisted:

• A nuclear technology and storage company with the defense of its license application for a first-of-its-kind consolidated interim storage facility for spent nuclear fuel, supporting the NRC licensing process, including safety, environmental, and adjudicatory proceedings before an Atomic Safety and Licensing Board that resulted in denial of all petitions for intervention and issuance of a materials license
• A federally owned electric utility corporation with the challenge of an NRC enforcement action alleging violations of the agency’s employee-protection regulations, resulting in an Atomic Safety and Licensing Board unanimously granting summary disposition on three of four violations and the NRC rescinding the remaining violation
• A nonprofit research organization serving the nuclear power industry in an NRC request for information regarding allegations of safety culture violations, conducting an independent investigation and developing a response to the NRC that resulted in no further agency action
• A nuclear company with an NRC request for information based on anonymous allegations regarding decommissioning trust funds, conducting an independent investigation into the use of trust funds, analyzing the applicable NRC regulations governing decommissioning fund expenditures, and developing a response to the NRC that resulted in no further agency action
• The owner and operator of a single-unit pressurized water reactor with an NRC request for information regarding workplace conditions and a potentially degraded safety-conscious work environment, conducting an internal investigation and developing a response to the NRC that resulted in no further agency action
• A major US nuclear company with multiple NRC requests for information regarding chilled work environment conditions at a nuclear power facility, conducting independent internal investigations across different work groups, and developing responses to the NRC, each resulting in no further agency action
• A nuclear supply chain company developing safety-related components for an advanced nuclear facility in an NRC request for information regarding allegations of retaliation for raising safety concerns (e.g. “whistleblower” violations), conducting an internal investigation and preparing a response to the NRC that resulted in no further agency action
• A major nuclear utility in a Department of Labor claim by an employee alleging discrimination for raising safety concerns and related NRC investigation, conducting an internal investigation and interviews, advising on regulatory defense and preparing a response to DOL and the NRC, which resulted in no further agency action
• A nuclear waste disposal and services company in a Department of Labor claim by an employee alleging discrimination for raising safety concerns, advising on regulatory defense and preparing a response to DOL, which resulted in no further agency action
• A nuclear safety-related valve manufacturer in connection with the discovery of defects in components sold to nuclear plants in the 1980s, advising on regulatory reporting obligations under 10 C.F.R. Part 21, notification duties to affected licensees, and the strategy for managing the regulatory and commercial consequences of the disclosure

Government engagement and international nuclear programs

Sid has assisted:

• The energy ministry of a foreign government with its evaluation of establishing a civil nuclear power program, advising on the US political and policy environment for negotiating a Section 123 cooperation agreement, applicable domestic legislation and regulatory institutions, implications of the Nuclear Non-Proliferation Treaty and Additional Protocol, international nuclear liability frameworks, and US export controls, including restrictions on reexport of US-origin nuclear technology
• The energy ministry of a foreign government of a leading nuclear country with ongoing advice on US nuclear policy developments, regulatory frameworks, and market conditions relevant to the country’s engagement with the US nuclear industry
• A major Japanese industrial and technology conglomerate in connection with the impact of the 2024 US presidential election on its prospects for investment in the US nuclear sector, advising on expected shifts in nuclear energy policy, regulatory priorities, and the political environment for foreign investment in US nuclear projects
• A US regional organization convening energy sector stakeholders in connection with its efforts to obtain funding from the US Government's Economic Development Fund to develop a nuclear technology hub, advising on nuclear regulatory issues related to nuclear fuel, reprocessing, and fuel storage

Nuclear project development and commercial contracting

Sid has assisted:

• A foreign government with an engineering, procurement, and construction (EPC) agreement for a new nuclear reactor project with a major international reactor vendor, advising on principal risk-allocation and nuclear-specific provisions including licensing responsibilities, regulatory compliance obligations, and nuclear liability
• A major Japanese trading and investment company with legal issues related to the uranium trade, advising on US restrictions and limitations on the import of Russian-origin uranium and the implications for the client's commercial activities in the nuclear fuel supply chain