Business models for lead-cooled fast reactors

A business model defines how an organization creates value (develops a product or a service), deliv-ers value (reaches customers through distribution channels and marketing), and captures value (gen-erates revenues through sales, licensing, or subscriptions). In the nuclear industry, this concept has traditionally resulted in construction- and operation-focused companies in regulated or semi-regulated energy markets, often overlooking the needs of customers and market dynamics. However, for emerging nuclear technologies, this approach is evolving towards more market-driven models that can address diverse demands, distinct from conventional nuclear power plants (NPPs). This paper exam-ines the business models for commercializing Generation IV Lead-Cooled Fast Reactors (LFRs). It explores value propositions, market strategies, and customer segments relevant to organizations involved in LFR development. Three distinct business archetypes are analyzed: a single-product start-up, a state-owned entity, and an engineering firm. Using the Business Model Canvas framework, the paper evaluates these models and compares them analyzing growth potential, key strengths, areas of improvement, and potential obstacles. LFRs offer value beyond electricity generation, creating oppor-tunities in various markets, such as hydrogen production and other cogeneration applications. The analysis highlights differences in customer needs, proposed value, and potential revenue streams, showing that LFRs could play a significant role in markets beyond traditional electricity supply.