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« Rob Chang: Nuclear Power Growth Is Inevitable | Main | Gold Trading Vehicles: SK Options Outperform »
Monday
Feb282011

Robert Prince Joins Hyperion Power Generation Inc. as New CEO

Hyperion plant.JPG
 
Company moving into next phase of development for its mini power reactor
 
DENVER, CO, February 28, 2011 - Robert Prince has been named Chief Executive Officer of Hyperion Power Generation Inc. Prince augments John R. Grizz Deal, one of the company's co-founders, who remains President.
 
Before joining Hyperion Power, Prince was CEO of Duratek, Inc. (NASDAQ:DRTK) and its predecessor company (GTS) for 22 years. He led the companies from zero revenue to approximately $300 million, at which time Duratek was acquired by EnergySolutions, Inc. in 2006. Duratek was a leader in transportation, processing, and disposition of radioactive materials. Under Prince's leadership, Duratek commercialized several technologies to better handle radioactive materials.
 
Prince was awarded an honorary PhD in 2004 for his role in commercializing a radioactive vitrification (glass-making) technology developed at The Catholic University of America. This technology is now being installed at the world's largest radioactive glass-making plant at the Department of Energy's (DOE) Hanford site and has been successfully retrofitted into the DOE's Savannah River Site Defense Waste Processing Facility.
 
"I spent significant time exploring the opportunity and the science behind the Hyperion Power Module before making the decision to join the company," said Prince. "I am convinced that we have a compelling and appealing technology with broad and growing application potential. The science comes from the Los Alamos National Laboratory and is based on years of research and testing. Now, we must properly transition it out of the lab to the people who can use it. It will take a few more years of effort to complete the remaining engineering, licensing, and manufacturing activities. Consistent with safety and quality, we will work to get it commercialized as quickly as we can."
 
"We are excited to have Bob join us," said Grizz Deal. "His experience and knowledge will be of great assistance to us as we move into this new phase of product development for the Hyperion Power Module."
 
Hyperion Power is developing a "mini" nuclear power reactor referred to as the Hyperion Power Module (HPM), which is being designed to produce 70 megawatts (MW) of thermal energy. When this small module is connected to an electricity generating system, the thermal energy produces up to 25 MWe - enough electricity to power a military base, a university, a government complex, remote islands, remote oil and gas drilling operations, desalination plants, or remote towns without reasonable access to electricity or clean water.
 
"The Hyperion Power Module will provide safe, clean, consistent power that is available 24/7 while emitting no green house gasses," said Prince. "The Hyperion Power Module will be manufactured in a factory. It is being designed to be small, transportable, and completely sealed.  The design intent is to require no maintenance or refueling on the sealed module during its 8-10 year life. The company intends to deliver, install, and replace the modules when their useful life is completed. The guiding concept is to make the Hyperion Power Module as close to being like a maintenance-free battery as we possibly can. Hyperion Power has and will create green jobs and clean energy by exporting American technology where it is needed throughout the world."

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