Soo Green Hvdc Link and One Nuclear Sign Letter of Intent to Explore Delivering Firm Nuclear Energy and Capacity to Pjm

ONE Nuclear and SOO Green sign LOI for a 2,100 MW HVDC nuclear transmission plan.

What the company is saying

ONE Nuclear Energy Inc. (NASDAQ:ONEN) and SOO Green HVDC Link have announced a Letter of Intent to collaborate on integrating up to 1,000 MW of nuclear generation into the PJM Interconnection via SOO Green’s 2,100 MW underground HVDC line. The companies frame this as a technology-neutral, high-capacity solution for delivering firm, carbon-free power to markets facing supply shortfalls. SOO Green CEO David Pacyna emphasizes the line’s open-access design and its ability to unlock diverse, reliable supply options for PJM customers. ONE Nuclear’s Chief Investment Officer, Coen Weddepohl, highlights the inclusion of their planned Iowa project in SOO Green’s power supply menu, targeting Illinois and the wider PJM market. The announcement stresses bipartisan support for HVDC lines in existing rights-of-way and references federal permitting legislation that aligns with SOO Green’s model. Both companies stress that any commercial arrangements remain subject to negotiation, regulatory approvals, and financing, and that the LOI includes exclusivity provisions for nuclear generation development.

What the data suggests

The LOI is non-binding and sets a framework for potential collaboration, not a final commercial agreement. SOO Green’s project is a 2,100 MW, 350-mile underground HVDC line connecting Mason City, Iowa, to Yorkville, Illinois, primarily along existing Canadian Pacific Railway corridors. The project aims to deliver power to approximately 1.5 million Illinois homes and add 2,100 MW of controllable transfer capability into the ComEd service territory in northern Illinois. ONE Nuclear’s Iowa project targets up to 1,000 MW of nuclear generation. SOO Green expects to complete permitting by the end of 2026, with construction possibly starting in 2028 and commercial operations targeted for 2032. The project is projected to boost the regional economy by $3.2 billion during construction and support thousands of skilled union jobs, though no job count is specified. PJM capacity prices are forecast to reach $732/MW-day in 2033 and $872/MW-day in 2034, reflecting anticipated supply shortfalls. All financial and operational benefits are forward-looking and contingent on future agreements, regulatory approvals, and financing.

Analysis

The announcement is upbeat, highlighting a major infrastructure collaboration and citing large projected benefits (e.g., $3.2 billion economic boost, 1.5 million homes served). However, the only realised milestone is the signing of a non-binding Letter of Intent (LOI) to explore potential collaboration; all commercial arrangements remain subject to future negotiation, regulatory, and financing hurdles. Most key claims—including construction start (2028), commercial operations (2032), and economic/job impacts—are forward-looking and contingent on multiple approvals and agreements. No profitability, revenue, or cash flow data is disclosed, and the capital outlay is substantial with benefits not expected for at least six years. The language inflates the signal by presenting aspirational outcomes as likely, despite the early stage and conditional nature of the agreement. The data supports only the existence of the LOI and project scope, not the realisation of benefits.

Risk flags

• ●The LOI is non-binding and subject to negotiation, regulatory approvals, and financing, so there is no guarantee that a definitive agreement or project execution will occur. This exposes investors to significant execution risk.
• ●The timeline to value is long, with construction not expected before 2028 and commercial operations targeted for 2032, meaning investors face an extended period before any potential returns or operational impact.
• ●The projected $3.2 billion economic boost and thousands of union jobs are forward-looking statements without a supporting breakdown or methodology, raising questions about the reliability of these figures.
• ●Permitting, regulatory, and financing hurdles remain, and the project’s success depends on favorable legislative and regulatory developments, which are inherently uncertain and outside the companies’ control.
• ●Capacity price projections ($732/MW-day in 2033 and $872/MW-day in 2034) are based on external market forecasts and may not materialize as expected, affecting the project's economic rationale.

Bottom line

This announcement signals early-stage collaboration between ONE Nuclear and SOO Green to potentially deliver up to 1,000 MW of nuclear power via a 2,100 MW HVDC line into the PJM market, addressing anticipated supply shortfalls and rising capacity prices. The only realised milestone is the signing of a non-binding LOI; all commercial, operational, and economic benefits are contingent on future agreements, regulatory approvals, and financing. The projected $3.2 billion economic impact and job creation are aspirational, with no supporting detail. Investors should treat this as a long-term, high-capital-intensity infrastructure concept with substantial execution risk and no near-term cash flow or earnings impact. The most important takeaway is that this is a strategic positioning move, not a revenue-generating contract or construction start.

Announcement summary

(NASDAQ:ONEN) ONE Nuclear Energy Inc. and SOO Green HVDC Link have signed a Letter of Intent (LOI) to collaborate on exploring the potential for sourcing nuclear energy and capacity into the PJM Interconnection via SOO Green's 2,100-megawatt underground High Voltage Direct Current (HVDC) transmission line. The LOI establishes a framework for both parties to work together on potential nuclear generation and transmission opportunities, with any future commercial arrangements subject to negotiation, definitive agreements, and applicable development, regulatory, and financing requirements. SOO Green anticipates completing its permitting by the end of this year. The SOO Green project is a 2,100 MW HVDC underground transmission line that will run 350 miles from Mason City, Iowa, to Yorkville, Illinois, primarily along existing Canadian Pacific Railway corridors, thereby avoiding new overhead corridors and the use of eminent domain. The project is designed to connect the MISO and PJM grids and deliver affordable, reliable power to approximately 1.5 million Illinois homes. Construction could begin as early as 2028, with commercial operations targeted for 2032. The project is expected to boost the regional economy by $3.2 billion during construction and support thousands of skilled union jobs. Project partners include Siemens Energy, Jingoli Power, PPL Corporation, and Prysmian Group. ONE Nuclear's planned Iowa project has a development target of up to 1,000 MW and is included in SOO Green's menu of power supply options for prospective transmission customers. A December 2025 resource adequacy report from Illinois agencies warns of potential power shortfalls beginning in northern Illinois by 2029 and statewide by 2031 if action is not taken. PJM capacity prices are projected to reach $732/MW-day in 2033 and $872/MW-day in 2034. SOO Green adds 2,100 MW of controllable transfer capability directly into the ComEd service territory in northern Illinois, where the earliest shortfall risk is projected. The LOI includes certain exclusivity provisions relating to nuclear generation development. SOO Green and ONE Nuclear remain separate and independent projects, and SOO Green will continue to operate as an open-access transmission facility available to a broad range of generation resources and offtakers.

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