At StarCore, we share the commitment of our peers to providing safe nuclear power. What sets us apart is that we are equally dedicated to minimizing the financial risks of kickstarting the Small Modular Reactor industry.
As StarCore’s Chief Financial Officer Matias Campiani explains, our confidence in building according to plan is based on using proven components and experienced contractors, being attentive to market shifts, and staying focused on bringing our demonstration reactor online.
Not Really a First of a Kind
One of the great challenges in making SMRs a common component of how electricity is generated is known as the “First of a Kind” hump. This refers to the monumental challenge of bringing a brand new technology design from paper to producing power, especially in a manner that is safe, on time, and within budget.
There is a growing graveyard of SMR projects that have broken ground but never become operational. Argentina’s CAREM-25 is one especially ominous example of how no amount of engineering can overcome the real world challenges of shifting politics and stakeholder relations.
“We want to show that new designs of SMRs can be built and operated safely and within expected budgets to make electricity affordable,” explains Campiani. “A fundamental part of how we are doing this is with our design.”
While StarCore’s SMR is unique, it is made up of components commonly used in other power plants that are assembled by experienced contractors.
“We’re reducing risk by relying on standard, off-the-shelf components that have been tested and proven in real-world applications,” explains Campiani. “We are introducing significant advancements, especially in the realm of remote management and communication, while simplifying the planning, construction and maintenance of our SMRs by keeping our design as standard as possible and minimizing uncertainties about its performance.”
Realistic Economics
“Fundamentally, the challenges of building an SMR are similar to those of any major infrastructure project,” explains Campiani. “When you are planning a construction project that spans five to ten years, you almost need a crystal ball to account for uncertainties like inflation, tariffs, material shortages and more.”
Campiani brings decades of experience in overseeing finances for major industrial projects, managing distressed assets, and bringing new technology products to market. Most recently he founded a company that uses simple technology to diagnose breast cancer earlier. Its device brings better health outcomes by identifying threats before they have an opportunity to inflict significant damage.
Now, Campiani leads StarCore in anticipating economic challenges by updating his financial models annually and incorporating a significant buffer on the project cost.
“The standard contingency for infrastructure projects is 10 to 15%. We are being very conservative and have a contingency of around 35%. It is very high, but also gives us confidence to overcome unknowns. We don’t want to have to delay our construction just because we have to spend time raising more money.”
Focused on the First
StarCore has committed to partnering with the Local Government District of Pinawa in Manitoba, Canada to build its first Demonstration Reactor, and is humbled by the great support we have received from surrounding First Nations, local government, community organizations and the University of Manitoba.
“We are relentless in making the Pinawa project a success,” explains Campiani.
“SMRs are suddenly in very high demand, and companies like ours are receiving interest from all over the world. We are glad to be learning about the great many locations that would welcome and benefit from a StarCore reactor, but we are focusing our capacity and our capital on showing that our first SMR can be built safely and as expected.”
The Pinawa Demonstration Reactor will not only allow StarCore to provide electricity, heat, internet and more to local communities but also to further reduce uncertainties for future projects.
As Campiani says, “the second one is going to be a lot simpler and should have much smaller risk of deviation from the numbers.”
StarCore’s approach reflects a disciplined balance between innovation and practicality — advancing nuclear technology while maintaining financial and operational realism. By combining proven components, conservative financial planning, and a clear focus on delivering its first project in Pinawa, the company is laying the groundwork for a new generation of reliable, economically viable small modular reactors.
