Moltex Energy receives $50.5m for small modular reactor

Moltex Energy has received $ 50.5 million in funding from the Canadian government to advance the molten salt reactor and spent fuel recycling technology.

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Funding was offered by the Government of Canada’s Strategic Innovation Fund (SIF) and the Atlantic Canada Opportunities Agency (ACOA).

Moltex plans to build the world’s first stable 300 MW salt reactor – Wasteburner (SSR-W) and Waste-to-Stable-Salt (WATSS) – at the Point Lepreau Power Plant site in Saint John, New Brunswick, and intends to generate electricity for the power grid generating the early 2030s.

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The aim of the SSR-W is to generate emission-free energy through the WATSS process, with which existing used nuclear fuel can be recycled. The Canadian government said the technology has the potential to reduce storage needs for existing used nuclear fuel and could create a “first of its kind” zero-emission energy system.

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“Our government supports the use of this innovative technology to provide cleaner energy sources and expand Canada’s global leadership in small nuclear reactors,” said Minister for Innovation, Science and Industry, François-Philippe Champagne. “The investment announced today will play a critical role in combating climate change and helping Canada’s post-pandemic economic stabilization.”

The SIF funding represents $ 47.5 million of the total federal government investment, and Moltex will match the funding. The full amount will be used to advance the SSR-W and WATSS drafts and validate key assumptions to support Phase 2 of the Canadian Nuclear Safety Commission review of the draft pre-licensing suppliers.

ACOA funds represent $ 3 million of the total and will be used to advance WATSS research. ACAO provided nearly $ 5 million to NB Power and $ 561,750 to the University of New Brunwick to strengthen the region’s SMR (Small Modular Reactor) cluster.

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