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General News

Catsimatidis’ Red Apple Group Picks Exec to Lead Small Nuclear Reactor Rollout

NEW YORK – In an article published by the New York Post on April 17, Greek-American billionaire John Catsimatidis shared that his company, Red Apple Group, is advancing efforts to make nuclear energy more accessible by developing innovative small nuclear reactors. The company has brought on board a seasoned energy veteran to spearhead this initiative.

Red Apple Group, a $7 billion entity that owns grocery chains Gristedes and D’Agostino’s, WABC 770 radio, and has interests in fossil fuels and real estate, also operates United Nuclear Group. This subsidiary announced its plan to deploy small modular reactors across the U.S. and internationally. For this ambitious project, Bob Percopo, previously with American International Group’s Global Marine and Energy Division, has been appointed as the new chief operating officer.

Catsimatidis highlighted in a press release that Percopo’s extensive background in infrastructure and energy projects globally makes him an ideal choice to lead their nuclear energy endeavors. According to the Department of Energy, these compact reactors are touted as a safe, clean, and cost-effective nuclear power solution, particularly suited for remote or space-limited locations. The reactors designed by United Nuclear Group will provide a standard output frequency of 60 Hertz and can produce up to 300 megawatts, sufficient to power an average American home for about 1.2 months.

At the time of the report, UNG and Red Apple had not yet responded to comments regarding the announcement, which is part of Red Apple’s strategic move deeper into the nuclear energy sector.

Catsimatidis expressed earlier this year his belief that the future of U.S. energy lies in small modular reactors, similar to those used in military submarines and aircraft carriers, rather than in windmills and solar panels. He also mentioned that Red Apple is already engaging with two states interested in these nuclear reactors, with potential deals estimated between $10 billion and $20 billion, which would likely involve bringing in additional investors.

In a related development, Catsimatidis earlier promoted his son, John Catsimatidis Jr., to president and chief operating officer of Red Apple. John Jr., who has been involved with the company for 12 years, previously held the position of chief investment officer. Despite the promotion, Catsimatidis Sr. remains the CEO and chairman of Red Apple, which he founded 56 years ago starting with a supermarket on the Upper West Side of Manhattan. He also acquired 77 WABC radio in 2019 for $12.5 million.

Recently, the 75-year-old billionaire, whose net worth is reported at $4.1 billion, considered purchasing the struggling network CNN from Warner Bros. Discovery, though details of the potential offer were not disclosed.

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