Leveraging its extensive experience supporting SMR developers, Damona partnered with an SMR vendor undergoing strategic evaluation by a major nuclear operator considering a substantial investment in the company. The client was seeking to demonstrate its commercial and organisational robustness in preparation for a detailed due diligence process.

The objective of the engagement was to consolidate all critical business components of the SMR vendor in order to provide a clear, structured, and resilient narrative when challenged by an external audit. Damona acted as a strategic advisor to the vendor’s leadership team, helping shape the value proposition and validate the underlying economic, technical, and organisational assumptions.

To meet this objective, Damona focused on several key activities:

• Levelized Cost of Electricity (LCOE) Review: We thoroughly reviewed the vendor’s published LCOE assumptions and applied the AACE uncertainty classifications to understand and communicate the realistic range of possible outcomes.

• LCOE Sensitivity Analyses: Multiple sensitivity analyses were performed on the LCOE, adjusting variables such as operating expenditures (OPEX), learning curve effects (using Wright’s law), weighted average cost of capital (WACC), and capacity factor, to test the resilience of the economic model.

• Benchmarking: The vendor’s LCOE was benchmarked against other SMR vendors to assess its competitiveness and identify key differentiators.

• Organisational Maturity Assessment: We assessed the company’s maturity across six dimensions of a Target Operating Model (TOM) — including Structure & Governance, Processes & Ways of Working, People & Capabilities, Technology & Data, Performance, and Culture.

• Roadmap Definition: Based on this assessment, we defined a forward-looking roadmap highlighting the most critical organisational transitions required in the short to medium term — with a focus on Structure & Governance, Processes, and People.

• Business Model Refinement: Working closely with the management team and key investors, Damona helped clarify the company’s business model, both qualitatively and quantitatively. Through structured workshops, we evaluated multiple scenarios and down-selected the most viable and investor-aligned business model.

• Technology Benchmarking: A targeted analysis of the vendor’s technology offering was conducted, comparing it to other SMR designs in terms of cost, safety, maturity, and deployment pathway.

Damona’s engagement provided the SMR vendor with a structured and defensible business case, tailored for scrutiny by a technically and commercially sophisticated investor. The insights and recommendations helped strengthen internal alignment, clarify the company’s market position, and significantly improve the quality and depth of materials shared during the audit process. This case illustrates Damona’s ability to act as a trusted advisor bridging commercial strategy, organisational development, and nuclear-specific technical analysis.