Nuclear & Fusion

Electricity demand is accelerating at a pace not seen in decades – driven by artificial intelligence, hyperscale data centers, advanced manufacturing, electrification and national security priorities. In this era, reliable, scalable, zero-carbon power is not optional infrastructure. It is economic strategy.

Operating nuclear fleets are being revalued as indispensable sources of clean, firm, always-on energy.

At the same time, next-generation fission technologies are advancing on aggressive deployment schedules globally – including large-scale reactors, small modular and advanced reactors, and microreactors serving applications from hyperscale data centers and industrial facilities to maritime propulsion and space missions.

Across the fuel cycle, enrichment, conversion, advanced fuel fabrication, recycling, and storage solutions are being developed and financed to support a new generation of reactor technologies.

In parallel, commercial fusion is moving decisively beyond the laboratory, entering early-stage commercialization through long-term offtake agreements, substantial venture capital investment and strategic partnerships with global industrial and government leaders.

This is not a resurgence. It is a structural transformation of the energy system.

Orrick stands at the center of this shift.

We advise the companies, investors, utilities, fuel suppliers, technology developers and large energy users redefining nuclear and fusion energy – from operators of the nation’s largest existing fleets to venture-backed pioneers commercializing first-of-a-kind reactors, fuel cycle facilities and fusion platforms.

Our team bridges legacy infrastructure and first-of-a-kind deployment, pairing decades of regulatory depth with market-shaping transactional leadership across fission and fusion.

We help clients move from concept to construction to commercialization.

Experience That Moves the Market

We deliver fully integrated counsel across the lifecycle of nuclear and fusion innovation – financing, licensing, commercialization, development, deployment, enforcement and dispute resolution.

We regularly advise on first-of-a-kind deployments, where regulatory uncertainty, technology risk, capital intensity and policy considerations converge.

Financing & Capital Formation

We structure and execute the capital stacks that make nuclear and fusion projects possible.

We have:

• Financed the new era of U.S. nuclear generation, supporting all three nuclear plants brought online in the United States this century, including advising on complex DOE-guaranteed loan financings from conditional commitment through closing.
• Structured project financings, tax equity investments, joint ventures and strategic capital raises for first-of-a-kind advanced reactor and fuel cycle deployments.
• Represented leading venture-backed fission, SMR, microreactor, fusion and advanced fuel companies – and the funds investing in them – in growth financings, governance structuring, strategic partnerships and exit transactions.
• Advised on commercialization strategies for novel nuclear technologies, including long-term offtake structures, capacity-backed revenue models and co-location arrangements with hyperscale and industrial customers.
• Counseled clients on Inflation Reduction Act incentives, advanced nuclear production tax credits, transferability structures, compliance frameworks and emerging federal financing mechanisms.

We understand how to align policy support, regulatory pathways and private capital to move first-of-a-kind technologies into bankable projects.

Licensing, Regulatory Strategy & the Full Fuel Cycle

We guide clients through the most complex regulatory environments in the energy sector.

Our experience spans:

• NRC licensing under Parts 50, 52 and emerging Part 53/57 frameworks, including design certifications, combined licenses, early site permits, subsequent license renewals and novel licensing strategies for advanced and microreactors.
• Regulatory strategy for first-of-a-kind reactor deployments, including engagement with senior agency leadership, development of rulemakings, exemptions and license amendments to establish clear pathways for emerging technologies.
• Development, licensing and commercialization of HALEU supply chains, enrichment and conversion facilities, advanced fuel fabrication, recycling initiatives and long-term storage and disposal strategies.
• Regulatory and commercial frameworks for the use of radioactive materials in medical isotopes, space exploration, defense applications and industrial technologies.
• DOE demonstration programs, Defense initiatives, national laboratory partnerships and public-private cost-share arrangements.
• Export controls, Part 810 authorizations, 123 Agreements, national security reviews and CFIUS considerations in cross-border nuclear transactions.
• Decommissioning funding assurance, license transfers, NEPA compliance and adjudicatory proceedings before the NRC.

We do not simply navigate regulation. We help shape it.

Commercialization & Market Structuring

Commercializing nuclear and fusion technologies requires more than licensing – it requires market design.

We advise on:

• Negotiation and enforcement of long-term nuclear and fusion power purchase agreements, including innovative structures tailored to hyperscale data centers and energy-intensive industrial customers.
• Co-location models pairing reactors with data centers, hydrogen facilities, advanced manufacturing and defense installations.
• Capacity market participation, grid interconnection, transmission constraints and reliability-driven procurement frameworks.
• Fuel supply, tolling, services and technology licensing agreements for advanced reactors and fusion systems.
• Allocation of technology, regulatory and performance risk in early-stage deployments.
• Strategic M&A, joint ventures, consortiums and other commercial partnerships.

We help clients translate breakthrough technologies into durable revenue models.

Disputes & Risk Management

First-of-a-kind nuclear and fusion projects involve high stakes and complex risk allocation.

We:

• Litigate and arbitrate disputes involving nuclear generation offtake agreements and commercial arrangements.
• Represent clients in NRC hearings – both contested and mandatory.
• Defend and prosecute NRC enforcement actions and regulatory challenges.
• Advise on contractual remedies, project distress and restructuring scenarios involving nuclear and fuel cycle assets.

Recognitions & Market Leadership

Practice & Market Leadership

• Band 1 – Energy Transition & Power – Chambers USA (2025)
• Top 5 Energy Transition Transactions Worldwide (by volume) – Inspiratia (2025)
• #1 PPA Legal Advisor – Globally, North America and Asia – Inspiratia (2024)
• Market-leading advisor in U.S. nuclear venture financing in 2025, representing one-third of all transactions and approximately half of total capital raised.
• Law360 Energy Practice Group of the Year in 2025, for advising Microsoft on a PPA with Constellation Energy supporting the restart of Three Mile Island Unit 1, among other innovative deals.