Great Lakes Atomic
Bridgman Units 1 and 2 Completion
Senior notes on 2,260 MWe of gigawatt-scale capacity where the containment concrete was poured in 1982.
Two units were 62% and 41% complete when the program was canceled in 1982. The containment structures, cooling water intake and switchyard already exist, and the site has an operating history and a community that wants the jobs back. Completing abandoned construction is the cheapest gigawatt anyone can buy, provided the concrete passes inspection, which is what the first tranche paid to establish.
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.
$52,875,000 committed of $75,000,000
$37,012,500 released · 71% subscribed
- Minimum
- $1,000
- Target coupon
- 6.95%
- Term
- 10 yr
- Investors
- 5,741
$100 per unit
Annual, fixed
Closes March 31, 2027 · 199 days remaining
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TRL assessment
7
Technology readiness level, 1 to 9
Confidence band 6.4 – 7.5
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.
| Source | Document | Date | Weight |
|---|---|---|---|
| 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, 2026 | 33% |
| 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, 2025 | 29% |
| 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, 2026 | 24% |
| Supplier contract | Power purchase agreements, three midwestern utilities Executed 25-year contracts Contracted output covers 88% of expected net generation. | Jan 19, 2026 | 14% |
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.