Wilmington, Delaware (Monday, December 6, 2021) – Moltex Energy is delighted to join the United States Nuclear Industry Council (USNIC), the leading U.S. business advocate for advanced nuclear energy. Moltex is equally pleased to share its crowdfunding success story during USNIC’s New Nuclear Capital event on December 8 (NNC2021).
“We are excited to have Moltex join USNIC and contribute to the advancement of the U.S. nuclear industry,” said Bud Albright, President and Chief Executive Officer, USNIC. “Moltex’s innovative nuclear reactor, which can use recycled LWR waste as fuel, would be a tremendous asset for the country in its efforts to minimize nuclear waste, decarbonize the grid and meet net-zero goals.”
Moltex is developing a Stable Salt Reactor – Wasteburner (SSR-W) that runs on recycled nuclear waste, as well as a WAste To Stable Salt (WATSS) nuclear waste recycling facility. In the U.S., by the time the current fleet of nuclear reactors reaches end of life, there will be enough nuclear waste to power approximately 20 GW of SSR-W units.
The New Nuclear Capital event is in its third year. NNC2021 will focus on new nuclear project financing, including how global financial markets view investments in nuclear; how industry can make financing more attractive to investors; the most appealing and alternative sources of capital; the role of government in supporting and stimulating investment; market-specific tactics; and end-user perspectives. To learn more or register for the event, visit https://www.newnuclearcapital.org/.
Moltex Chief Financial Officer Paddy Aling will be making a presentation about the company’s successful crowdfunding campaign during NNC2021 at 1:50 p.m. EST.
In 2019, Moltex became the first-ever nuclear reactor design company to raise money through a crowdfunding campaign, securing £5M ($7M USD) in less than a month. The campaign was significantly over-subscribed and achieved a valuation more than five times the previous post-money valuation.
“Our crowdfunding campaign demonstrated investors’ understanding of Moltex’s progression and potential,” said Aling. “The campaign significantly enhanced the company’s profile and resulted in key introductions and other productive relationships. Given the long lead time to first commercial revenue in this sector, crowdfunding represents a fantastic avenue for SMR vendors to build their early-stage equity base in a way that spreads the shareholders’ risk across a large group.”
IDOM, a multi-billion euro Spanish engineering firm, acted as the lead investor, allowing others to rely on IDOM’s technical expertise for the due diligence, and thus minimizing the transaction costs for all parties. The campaign also allowed qualifying investors to take advantage of the U.K.’s Enterprise Investment Scheme (EIS) for venture capital investments, increasing the campaign’s attractiveness, especially among high-net-worth individuals.
By joining USNIC, Moltex is reaffirming its interest in identifying opportunities for reactor development and deployment in the U.S.
Just a few months earlier, Moltex joined the Nuclear Energy Institute (NEI), the largest and most prominent nuclear trade association representing the current U.S. operating fleet of reactors.
In addition, considerable research and development is already ongoing in the U.S. With a combined $7M USD in funding from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E), Moltex is working on validation experiments with Argonne National Laboratory, Oak Ridge National Laboratory, Electric Power Research Institute, Purdue University and Vanderbilt University.
“Our technology is very well-suited to the U.S. market, given the significant and growing stockpiles of nuclear waste,” said Rory O’Sullivan, Chief Executive Officer, North America, Moltex Energy. “With our technology, we can turn nuclear waste that would otherwise be destined for expensive, long-term storage into more clean energy.”
Moltex also recently received $50.5M CAD from the Government of Canada to progress the development of its technology.
Moltex is building the first-of-a-kind SSR-W and WATSS facility in New Brunswick, Canada. In 2018, it was selected by NB Power and the Government of New Brunswick to develop its technology in the region, with the goal of commercial operation next to the Point Lepreau Nuclear Generating Station.
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United States Nuclear Industry Council
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 next to the Point Lepreau Nuclear Generating Station.
The United States Nuclear Industry Council (USNIC) is the leading U.S. business advocate for advanced nuclear energy and promotion of the American supply chain globally. USNIC represents approximately 80 companies engaged in nuclear innovation and supply chain development, including technology developers, manufacturers, construction engineers, key utility movers, and service providers. USNIC’s educational programs, industry insights, and market intelligence brings together bi-partisan Federal and State legislators to create a successful clean energy paradigm that includes nuclear.