Moltex Energy Gets US$7.5 Million in Crowdfunding for Molten Salt Nuclear Reactor

Moltex Energy has raised 6 million british pounds (USD7.5 million) in funding through online investment platform Shadow Foundr. Their design is a Stable Salt Reactors that builds on the fundamental safety and simplicity breakthrough of molten salt fuel in essentially standard nuclear fuel tubes. The funding will support the company through the pre-licensing process in Canada and will allow the further development of the business in the UK.

NB Power President and CEO Gaëtan Thomas says he is pleased with the progress made to date by Advanced Reactor Concepts (ARC) Nuclear and Moltex Energy, the two companies carrying out research and development of small modular reactors at offices in Saint John, New Brunswick.

“NB Power is encouraged with the progress and remains convinced of the significant need and market potential for both of these types of advanced reactor technologies,” said Thomas. “We see these technologies addressing different yet complementary markets in Canada and around the world.”

Small modular reactors are the next generation of nuclear technology, and the technology can be scaled for designs with an output of between five and 300 megawatts. The units can be constructed and shipped to locations where they are assembled on site.

ARC Nuclear and Moltex Energy have achieved major milestones and continue their progress on a number of key initiatives, including

*established offices in Saint John, New Brunswick
* met their financial obligations
* working with the University of New Brunswick (UNB) in order to establish chair positions, curriculum, and plans for research and development to be performed at UNB and the Centre for Nuclear Energy Research
* progressing their conceptual designs
* progressing through Phase 1 of the Canadian Nuclear Safety Commission’s (CNSC) Vendor Design Review process
* pursuing the possibility of establishing a potential supply chain in New Brunswick
having discussions within the province to increase the understanding of advanced Small Modular Reactor technologies
exploring various investor possibilities

* In order to move to commercial demonstration, these technologies would need to successfully complete Phase 2 of the CNSC Vendor Design review and their financial and project planning predictions would need to continue to show promise. If these conditions are met then NB Power envisions commercial demonstrations of both reactor types at the Point Lepreau site with an in-service date of approximately 2030.

New Brunswick Energy Solutions Corporation, a provincial Crown corporation, committed $10 million last year toward the establishment of an advanced Small Modular Reactor Research Cluster in New Brunswick. ARC and Moltex also each invested $5 million to progress research and development of their advanced technologies.

SOURCES- Moltex, NB Energy, World Nuclear News
Written By Brian Wang, Nextbigfuture.com

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