They discovered a math error in their fundamental assumptions and it turned out to not work after all.
http://www.transatomicpower.com/wp-content/uploads/2015/04/TAP-White-Paper-v2.1.pdf
Specifically, we have realized that our initial analyses of spent nuclear fuel (SNF) core loadings were centered around inaccurate assumptions about reactor behavior that, upon detailed review, had to be corrected. This led to the conclusion that while the reactor can achieve criticality on an SNF fuel load and an SNF fuel feed, it cannot maintain criticality for sufficient lengths of time to produce a sustainable net-negative waste profile.
The results have prompted a shift in focus to reducing the rate at which waste is produced while simultaneously utilizing the current commercial 5% LEU supply chain. Our new work has shown significant reductions in waste generation compared to large LWRs, and the TAP reactor is one of the only advanced reactor designs to accomplish this using 5% enriched fuel.
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