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Youngkin proposes Virginia Power Innovation Fund

Governor Glenn Youngkin announced his proposal of $10 million in the upcoming budget to create the Virginia Power Innovation Fund.

The goal of the fund is to develop and innovate energy technologies including nuclear, hydrogen, carbon capture and utilization, and battery storage.

An additional $5 million will be used to grow Virginia’s nuclear energy industry by creating a Virginia nuclear innovation hub.

Educational institutions will use grants from these funds for nuclear workforce development and studying and exploring potential sites for Small Modular Nuclear Reactors in Southwest Virginia.

That location holds a lot of promise due to the dozens of reclaimed coal mines in the area.

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