DENVER--(BUSINESS WIRE)--Hyperion Power Generation Inc. CEO Robert Prince announced today the company will change its name to Gen4 Energy, Inc.
According to Prince, “As a natural follow through to the evolution of the company over the last year, the name Gen4 Energy more accurately describes the focus of the company, the first product being developed, and the needs of the market we intend to address.”
Gen4 Energy’s product is a small next generation nuclear power reactor. Sealed at the factory, including fuel for its 10-year operational lifetime, the Gen4 Module (previously the Hyperion Power Module) will require no refueling and no on-site access to nuclear fuel (vastly reducing safety and proliferation concerns).
The market for Gen4 Energy’s product is anywhere that electricity is currently produced by diesel generators. This market includes:
- Remote and Island Communities that are off-grid and reliant on expensive and regular supply of diesel fuel.
- Mining and Oil & Gas Production projects that are off-grid, energy-intensive, and increasingly sensitive to the environmental concerns of burning fossil fuels.
- Government Facilities that need reliable, off-grid power for sensitive or strategic missions.
According to the International Energy Agency, 5% of global electricity generation is produced from petroleum liquids, at a typical cost of over 30 cents per kilowatt/hour. At approximately half that cost, Gen4 Energy’s technology has a significant economic advantage in this market.
Gen4 Energy intends to license and demonstrate its first Gen4 Module (G4M) in the U.S. or Canada, and then address the global market. G4M technology has the potential to provide power to underserved regions, to demonstrate unmatched nuclear safety, and to emit no greenhouse gasses.
Gen4 Energy, Inc. based in Denver, Colorado, is working with Los Alamos National Laboratory and nuclear industry partners to develop a next-generation nuclear power source. The G4M will produce 25 MW of safe and reliable electric power that is available 24/7, and will operate for 10 years without refueling. It will be manufactured in a factory, transported to the installation site completely sealed, and after its useful life replaced with an entirely new power module.