A shortage of plutonium is frustrating nuclear start-ups trying to secure the radioactive material for new projects. Plutonium, a byproduct of spent uranium fuel, cannot be mined and has highly restricted usage due to its explosive capacity for nuclear warheads. Industry executives warn that a lack of nuclear fuel recycling facilities globally, driven by high costs and lengthy development times, is creating a bottleneck.

France, home to 57 large reactors, plans to spend roughly €40 billion over a decade to update the La Hague reprocessing site. The official noted plutonium reserves are as rare as diamonds worldwide, estimating current global stocks at 571 tonnes, largely from past defense programs and usually off-limits to power companies. At La Hague, state-owned Orano processed 1,200 tonnes of spent fuel last year, primarily serving EDF and other European plants.

While some new reactor designs require plutonium for mixed oxide fuel, most ventures are seeking conventional fuel or highly enriched uranium. However, the enrichment sector faces supply challenges as Russia dominates production. Analysts suggest that while demonstrators may find sufficient material, deploying full fleets will require significant investment in expanding current fuel cycle infrastructure.