Terrestrial Energy Awarded $5.7 Million Grant From Canadian Federal Government
OAKVILLE, ON – March 4, 2016 – Terrestrial Energy, a vendor of next-generation nuclear power plants has been awarded a CAD$5.7 million grant from the Sustainable Development Technology Canada’s (SDTC) SD Tech Fund™. SDTC is a foundation funded by the Government of Canada.
Grants funds will be used to support Terrestrial Energy’s pre-commercial activities, which conclude with the construction of an electrically-heated non-nuclear mock-up within 30 months. The mock-up will test and demonstrate many aspects of IMSR operation, and will include the data collection over a wide range of operating scenarios of the performance of the IMSR’s passive cooling systems; this will validate Terrestrial Energy’s safety analysis computer codes, a common industry requirement. The results will support Terrestrial Energy’s regulatory engagement and key aspects of the IMSR’s Safety Case, one built on simple, natural and passive cooling mechanisms.
“Sustainable Development Technology Canada (SDTC) is incredibly proud to support Terrestrial Energy” said Leah Lawrence, President and CEO. “Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. Terrestrial Energy’s Integral Molten Salt Reactor technology is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world.”
“With this award, the SDTC’s engagement shines a bright light on the entire advanced nuclear sector and the enormous industry opportunities offered by nuclear innovation today” said Simon Irish, Terrestrial Energy’s CEO. “The IMSR’s unique Safety Case, one built on simple, natural and passive mechanisms, creates such an opportunity – to out-compete and out-scale coal and natural gas in global industrial markets for heat and power, starting in the 2020s, and starting here in Canada.”
About Sustainable Development Technology Canada
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit http://www.sdtc.ca/ Terrestrial Energy will be presenting at this year’s Fortune Magazine Brainstorm E Conference on May 16-17 in Carlsbad, California. CEO Simon Irish will provide conference participants with the opportunity to learn why next generation nuclear technology is moving to the center stage of cleantech.
About Terrestrial Energy
Terrestrial Energy is developing a next-generation nuclear reactor based on its Integral Molten Salt Reactor (IMSR) technology. The IMSR represents true innovation in safety, cost and functionality. It will offer safe and reliable power solutions for electricity production, both on- and off-grid, and also energy for industrial process heat generation. These together extend the applicability of nuclear energy far beyond its current footprint. With this profile, the IMSR is capable of driving the rapid global decarbonization of the primary energy system by displacing fossil fuel combustion across a broad front. It is complementary to renewable power sources and ideal for distributed power systems on existing grids. Using an innovative design and proven Molten Salt Reactor technology, the IMSR can be brought to global markets in the 2020s. Terrestrial Energy is currently developing its IMSR commercial demonstration power plant for deployment in Canada.