Nuclear energy is gaining traction, according to VanEck CEO's assertion

In a significant development for the nuclear energy industry, the Three Mile Island Nuclear Plant in Pennsylvania is set to restart, marking the first such event in the US in over 30 years. This news comes as nuclear energy experiences a global revival, garnering bipartisan support.

Jan VanEck, CEO of VanEck, has publicly stated the need for nuclear energy, and his company's strategy reflects this sentiment. The VanEck Uranium and Nuclear ETF, a fund that has advanced 40% this year, is investing in nuclear power utilities, SMR companies, and uranium miners.

One of the top holdings in the VanEck Uranium and Nuclear ETF is SMR NuScale, a company that could benefit from the Three Mile Island reactor's restart. Another beneficiary could be Constellation Energy Corp., a nuclear power utility that is involved in the project to bring the previously dormant reactor back into operation.

The Three Mile Island Nuclear Plant's Unit 1 reactor, currently offline, is expected to restart in 2027, a year earlier than initially planned. This early restart is supported by a power purchase agreement with Microsoft, which is also involved in the project.

The Trump administration aims to quadruple domestic nuclear power production over the next 25 years, and the Three Mile Island reactor's restart aligns with this goal. The rise of artificial intelligence and the popularity of cryptocurrency are expected to push electricity consumption to record highs by 2025 and 2026, according to the U.S. Energy Information Administration (EIA), further emphasizing the need for reliable energy sources like nuclear power.

The VanEck Uranium and Nuclear ETF, with total assets of $2.8 billion, stands out due to its diversification. Other specific companies directly linked to the new construction at Three Mile Island were not mentioned in the search results, but the ETF's holdings suggest a broad investment in the nuclear energy sector.

In addition to Microsoft, other companies may also be involved in the project, contributing to the growth of nuclear power and the continued success of the VanEck Uranium and Nuclear ETF. As the nuclear energy industry continues to evolve, it's clear that VanEck is positioning itself as a key player in this revival.