Natura’s Bold Move: Buys Shepherd Power and Taps NOV to Chase Gigawatts of Molten Salt Reactors

Immediate deal and market impact: a faster, more industrial path toward grid-scale MSRs

Natura Resources has agreed to acquire Shepherd Power and announced a commercial partnership with National Oilwell Varco (NOV) (NOV) to mass-produce modular molten salt small modular reactors, aiming to deliver gigawatts of capacity in the early 2030s. The move bundles technology, project development and heavy manufacturing into a single push to move molten salt reactors from lab prototypes toward factory-made power plants.

The market reaction will be about expectations: this is not a ready-to-build product you can buy tomorrow. But for investors and energy buyers, the deal materially shortens one of the main commercialization gaps — manufacturing scale. Pairing a reactor design with an industrial partner that builds big metal things fast signals that Natura wants to move from engineering demos to repeatable production. Near-term: expect news flow around pilot projects, supply agreements, and funding rounds rather than immediate revenue.

Why molten salt reactors matter and what this specific design brings

Molten salt reactors (MSRs) use liquid fuel dissolved in a salt mixture. They run hot, at low pressure, and have safety features that differ from traditional water-cooled reactors. In plain terms: MSRs can be simpler to cool and less likely to suffer the kinds of pressure-driven accidents that worry regulators and the public.

Natura’s version focuses on modularity and manufacturability. Rather than building everything on site like past nuclear projects, the company aims to factory-build major modules that can be shipped and assembled — the same basic idea that has helped offshore wind and large gas turbines get cheaper. NOV brings experience making big, precision metal structures and industrial systems at scale. Its factories, supply chains and logistics are a big part of turning an experimental reactor into something a utility can order with predictable lead times.

Realistic deployment to commercial gigawatts still runs on a decade-scale clock. Expect demonstration plants and regulatory milestones through the late 2020s, followed by small commercial arrays in the early 2030s if everything goes well. The big advantage of a molten salt approach is that, if the materials and corrosion challenges are solved, a factory-built MSR could scale faster and with fewer on-site surprises than conventional reactors.

What the tie-up means financially and strategically for the players and the sector

For Natura, buying Shepherd Power gives an engineering and licensing pipeline plus any existing intellectual property and project rights. The acquisition accelerates its go-to-market timeline and strengthens its claim to be a developer, not just a lab-stage startup. If Natura can land demonstration projects and offtake contracts, it can move into project finance and long-term revenue from power sales and module manufacturing.

NOV’s role is straightforward: manufacture. The company has the plants, the supply chain relationships and the heavy fabrication expertise to make reactor vessels, heat exchangers and modular containment systems at scale. For NOV, this is a higher-margin diversification bet into low-carbon infrastructure. If the technology wins, NOV could secure long production runs and sizable manufacturing contracts.

Sector incumbents — utilities, EPC firms, and large turbine and engineering companies — should pay close attention. Utilities are the most likely early customers because they can sign long-term offtake deals and work through licensing. EPC firms and heavy suppliers that don’t adapt risk being pushed into subcontractor roles. Revenue pools here are large: module manufacturing, site construction, long-term operations and fuel handling services. But the size of those pools depends completely on whether regulators clear the designs and whether financing is available at scale.

Crucially, the deal reduces one key commercialization risk: the ability to produce identical units repeatedly. That alone could make capital providers and utilities more comfortable signing multi-unit deals — but only if technical and regulatory questions get answered.

Execution, materials and regulation: where investors should expect setbacks

The path to commercial MSRs is littered with hard problems. Licensing is one of the biggest. Regulators will demand thorough proof of safety, materials performance and waste handling. In the U.S., that means multi-year design reviews and demonstration requirements. International rules vary, but no major market will be quick.

Materials and corrosion issues are serious. Molten salts are chemically aggressive at high temperature, so manufacturers need proven alloys and coatings. Supply chains for specialty metals and high-grade fabrication — the same supply chains NOV can help marshal — will be stressed as volumes grow.

Finance is another hurdle. Early demonstration plants will likely need a mix of government grants, utility equity and project debt. Long-lead items and factory tooling require upfront capital. If markets tighten or interest rates remain high, raising the sums needed to build multiple factories and demonstration plants will be slower and more expensive.

Finally, public and political acceptance matters. Even reactors billed as safer face local permitting fights and political opposition that can delay projects for years. Investors must assume timelines will slip and costs can rise in response.

Milestones investors should watch — and a concise bottom-line view

Watchable, measurable milestones include: (1) official regulatory filings and milestone completions for design certification; (2) an announced site and permit for a demonstration plant; (3) a binding manufacturing contract between Natura/Shepherd and NOV for full-scale modules; (4) signed offtake agreements or PPAs with utilities; and (5) capital raises or government support packages that cover early factory and demo costs.

Takeaway: the acquisition plus NOV’s manufacturing muscle meaningfully improves Natura’s odds of scaling molten salt SMRs. This is a constructive, pragmatic step that reduces one major execution risk — repeatable manufacturing — but it does not eliminate the bigger hurdles of licensing, materials and financing. For investors, the story is positive for long-term upside if milestones are hit, but highly speculative in the near term. Expect volatility tied to regulatory updates, demo progress and any large manufacturing contracts that formalize production plans.

Photo: Sean P. Twomey / Pexels

Sources

• prnewswire.com