Terrestrial Energy and Cameco to Examine Partnerships for Deploying IMSR Generation IV Nuclear Power Plants
October 13 2021 - 10:00AM
Terrestrial Energy and Cameco Corporation (TSX: CCO; NYSE: CCJ),
both leading Canadian companies in their fields, have signed a
Memorandum of Understanding (MOU) to examine potential partnership
opportunities to deploy Terrestrial Energy’s Integrated Molten Salt
Reactor (IMSR) Generation IV nuclear power plants in North America
and worldwide, and to evaluate possible opportunities for the
supply of uranium supply, fuel and other services. As part of these
activities, the companies are investigating the potential of
Cameco’s Port Hope uranium conversion facility in southern Ontario
for IMSR fuel salt supply.
This MOU is non-binding and non-exclusive. It
follows Terrestrial Energy’s prior agreements with Cameco to supply
uranium products for its ongoing fuel testing programs.
“Nuclear energy is a proven, reliable source of
carbon-free power and a critical tool in achieving a net-zero
emissions future in North America and worldwide,” said Tim Gitzel,
Cameco’s president and CEO. “Cameco plans to be a key fuel supplier
for the emerging small modular reactor and advanced reactor market.
We look forward to investigating with Terrestrial Energy
opportunities to partner for possible future deployments of its
next-generation nuclear power plant technology.”
Cameco is a leading provider of uranium,
refining, conversion, fuel fabrication and component manufacturing
services for the global nuclear energy industry. The company is one
of the world’s largest producers of uranium fuel for carbon-free
nuclear power generation, including supplying fuel and fuel
assemblies for CANDU reactors in Canada and abroad.
“Cameco is a Canadian and global leader in
uranium supply and other fuel services, and we welcome this
opportunity to investigate with them opportunities around the
deployment of IMSR power plants and to supply nuclear fuel to our
plants in Canada and worldwide,” said Simon Irish, CEO of
Terrestrial Energy. “IMSR power plants use Generation IV nuclear
technology for a 50 percent improvement in the efficiency of
nuclear power generation and are a carbon-free alternative to
burning fossil fuels.”
The Terrestrial Energy IMSR power plant is one
of three Small Modular Reactor (SMR) power plant designs under
consideration for deployment at Ontario Power Generation’s
Darlington Nuclear Generating Station. It is one of two Generation
IV technology candidates under consideration by OPG, and the IMSR
is the only Canadian technology candidate.
Terrestrial Energy’s Oakville operation
represents the largest SMR power plant technology development
project in Canada. Terrestrial Energy announced on September 14 its
upgraded IMSR400 power plant, which consists of twin IMSRs and
generators to produce 390 MW of clean electricity from one
facility.
About Terrestrial Energy
Terrestrial Energy is a developer of small and
modular nuclear power plants that use its proprietary Integral
Molten Salt Reactor (IMSR) technology. IMSR technology is non-Light
Water Reactor and Generation IV technology and will generate
electricity 50 percent more efficiently than conventional nuclear
reactor technolgy. The IMSR represents a step-change improvement in
economics, versatility and functionality of nuclear power plants
that is possible only through Generation IV technology. IMSR power
plants will provide resilient, reliable, dispatchable, zero-carbon
and cost-competitive electric power, as well as high-grade
industrial heat for use in many industrial applications, such as
chemical synthesis, hydrogen production and desalination, and in so
doing extend the application of nuclear energy far beyond electric
power markets. IMSR power plants have the potential to make
important contributions to industrial competitiveness, energy
security, and economic growth. Their deployment will support rapid
global decarbonization of the primary energy system by displacing
fossil fuel combustion across a broad spectrum and can scale to
meet net-zero policy goals of major industrial economies. Using an
innovative design, and proven and demonstrated molten salt reactor
technology, Terrestrial Energy is engaged with regulators and
industrial partners to complete IMSR engineering and to commission
first IMSR power plants in the late 2020s.
Website: www.terrestrialenergy.com |
E-mail: info@terrestrialenergy.com |
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Contact:
Brian Smith
Terrestrial Energy
Phone: (416) 822-3130
Email: bsmith@the-lanes.ca
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