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Rule 147ATRL76.47.5Tier IIOpenMI residents only

Bridgman Community Tranche

The same senior notes in $250 denominations, reserved for Michigan residents.

Bridgman lost roughly nine hundred construction jobs in 1982 and the village never recovered its tax base. This tranche is restricted to Michigan residents under Rule 147A and runs concurrently with the Reg A+ offering under Rule 152. Same seniority, same collateral, a 25 basis point premium and a $250 minimum.

Bridgman Generating Station · Bridgman, MIConstruction permit issuedEscrow: Meridian Trust, N.A.
TRL 7 of 9, band 6.4 to 7.5, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Jun 10, 2026.See the evidence it rests on

Running concurrently over the same project

Rule 152 permits an issuer to run more than one offering at the same time. The same reactor backs both, on different rails, with different eligibility.

$4,128,000 committed of $6,000,000

$2,889,600 released · 69% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$250

$250 per unit

Target coupon
7.20%

Annual, fixed

Term
10 yr
Investors
3,204

Closes March 31, 2027 · 199 days remaining

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7

Technology readiness level, 1 to 9

Confidence band 6.47.5

The reactor design is a proven operating technology, so the TRL question here is not about physics but about forty-year-old concrete. An independent structural assessment has found the containment and basemat sound, which is what supports a level 7 rather than something lower. The band is wider than a normal operating asset because degradation findings during completion remain possible, and gigawatt-scale construction cost risk remains whatever the engineering confidence, which is a commercial question this scale does not answer.

At TRL 7, the ladder permits Senior note and releases up to 70% of committed capital. This offering is structured as a senior note, which is consistent with that band.

Signed and published

Reviewer
Dr. Helena Vargas-Mbeki
Credential
PE, Nuclear; former NRC senior reactor analyst
Signed
June 10, 2026
Published
June 11, 2026
Methodology
v1.4
Model
ci-trl-2026.06
Generated
Jun 5, 2026

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

SourceDocumentDateWeight
Independent test report

Independent structural and materials assessment, containment and basemat

Third-party engineering assessment, core sampling and ultrasonic survey

Concrete compressive strength and rebar condition within original design specification at all sampled locations.

Apr 8, 202633%
NRC docket

Construction permit reinstated on amended docket

NRC docket amendment, original construction permit 50-xxx

Permit reinstated subject to updated seismic and aging management analysis.

Dec 16, 202529%
Supplier contract

Reactor vessel and steam generator supply agreements

Two suppliers, firm fixed price with delivery windows

Long-lead components ordered with liquidated damages for late delivery.

Feb 25, 202624%
Supplier contract

Power purchase agreements, three midwestern utilities

Executed 25-year contracts

Contracted output covers 88% of expected net generation.

Jan 19, 202614%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.

13579Mar 2024Dec 2025Jun 2026