Saint John, New Brunswick (Tuesday, November 17, 2020) – Moltex Energy today signed a Memorandum of Understanding (MOU) with NB Power and ARC Canada to work collaboratively to find synergies by establishing a small modular reactor vendor cluster in New Brunswick.
“This MOU formalizes and strengthens the existing relationship between us, NB Power and ARC Nuclear,” said Rory O’Sullivan, Chief Executive Officer, North America, Moltex Energy. “We look forward to continuing to seek opportunities to collaborate in the interest of advancing the nuclear industry in New Brunswick. We are committed to developing solutions to fight climate change, spur economic development, and improve the lives of New Brunswickers.”
According to the MOU, the parties will assess working together on communications initiatives; shared technology education and trades initiatives; supply chain development activities; and common research and development activities.
In July 2018, Moltex and ARC Canada were selected by NB Power and the Government of New Brunswick from among 90 applicants to develop their reactor technologies in New Brunswick, with the goal of commercial operation as early as 2030.
Moltex is developing a 300 MW reactor that is fueled by recycled nuclear waste, contributing to clean energy targets and reducing legacy waste. In tandem, it is developing energy storage technology so its reactor can be used as a 900 MW peaking plant, to complement intermittent renewable energy sources.
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Moltex is a privately held company striving to solve the world’s most critical challenge: providing sufficient clean, reliable and affordable energy. In collaboration with innovators and energy experts, the company is developing a small modular reactor that will help keep fossil fuels in the ground. Moltex was selected by NB Power and the Government of New Brunswick to progress development of its reactor technology in New Brunswick, Canada, with the aim of deploying its first reactor at the Point Lepreau site as early as 2030.