(1) The Kentucky Nuclear Energy Development Authority established in KRS 164.2802 shall create and implement the Nuclear Energy Development Grant Program for the advancement and location of nuclear energy-related projects to support the entire nuclear energy ecosystem in the Commonwealth, including utility and private sector economic development activities. The nuclear energy ecosystem includes but is not limited to:
(a) The nuclear fuel cycle, which includes fuel conversion, enrichment, and fabrication, as well as potential future spent fuel recycling and reprocessing;
(b) Reactor design and component manufacturing;
(c) Component supply chain manufacturing and distribution;
(d) Facility siting and development;
(e) Radioisotope production;
(f) Facility operation and maintenance;
(g) Decommissioning waste storage, transport, and management; and (h) End uses of nuclear energy and co-products.
(2) The membership of the Kentucky Nuclear Energy Development Authority shall select five (5) of its voting members to serve on the nuclear energy development grant administration subcommittee. A majority of the members of the grant administration subcommittee shall constitute a quorum for the purposes of doing business. The subcommittee shall:
(a) Create grant applications;
(b) Establish grant applicant eligibility requirements;
(c) Establish objective scoring criteria to evaluate grant applications, including but not limited to:
1. The likelihood that the proposed project funded by the grant will precipitate further investment in the nuclear energy ecosystem;
2. The economic impact of the grant funding on the community and region where the proposed project will be located;
3. The readiness of the community where the proposed project will be located to host nuclear-related investments, including whether the community has been awarded a nuclear-ready community designation under KRS 164.2804; and 4. The amount of additional investment that would be made in the proposed project by the grant applicant and other sources; and (d) Make determinations on grant eligibility and funding and make grant awards based on those determinations, not to exceed two million dollars ($2,000,000) per individual grant.