As Small Modular Reactor (SMR) developers move toward first-of-a-kind (FOAK) deployment, defining the appropriate industrial and partnership model becomes a key strategic consideration. These decisions influence project financing, risk allocation, and the ability to scale toward nth-of-a-kind (NOAK) deployment.

Damona supported a European SMR developer in evaluating potential joint venture and partnership structures for its FOAK deployment. The client was assessing different industrial configurations to balance control, financing requirements, and long-term scalability, while aligning with expectations from utilities, investors, and public stakeholders.

The objective of the engagement was to identify, evaluate, and prioritise a set of viable industrial and partnership models, and to provide a structured, decision-ready framework to support internal alignment and external partner engagement.

To meet this objective, Damona conducted the following activities:

• Diagnostic and model development: Assessment of the client’s business model, funding logic, and stakeholder landscape, followed by the definition of relevant industrial and JV archetypes (including EPC-led, BOO/IPP, EaaS, and platform-based structures), covering ownership, governance, and financing approaches.
• Structured evaluation and benchmarking: Comparative assessment of each model across key criteria such as risk allocation, control, scalability, financing attractiveness, and regulatory alignment, supported by benchmarking from nuclear and other capital-intensive sectors.
• Decision framework and stakeholder alignment: Development of a structured evaluation matrix and facilitation of a leadership workshop to assess trade-offs across models and converge on a shortlist of preferred configurations.

Damona’s engagement provided the client with a clear and structured view of its strategic options, enabling alignment across leadership and establishing a robust foundation for discussions with potential partners and investors.