Terrestrial Energy Announces Completion of CAD$10 Million Series A Funding
Terrestrial Energy, an advanced nuclear technology company bringing its Integral Molten Salt Reactor (IMSR) technology to industrial markets in the 2020s, has raised CAD$10 million in Series A funding
NEW YORK, NY / OAKVILLE, ON – January 8, 2016 – Terrestrial Energy, an advanced nuclear technology company bringing its Integral Molten Salt Reactor (IMSR) technology to industrial markets in the 2020s, has raised CAD$10 million in Series A funding.
James Reinsch, Terrestrial Energy shareholder, former President of Bechtel Nuclear and member of the Board of Directors of two large nuclear power utilities said, “Market need has never been greater for true gamechanging energy innovation. Nuclear power is recognized as probably the only energy technology today that has the scale to displace polluting energy sources without sacrificing cost-competitiveness and perpetuating energy poverty for billions. As this drives the emerging ground-swell of support for advanced nuclear technology,
Terrestrial Energy is at the forefront with its IMSR technology and its dedicated and capable management team.” “Funds will be used to support the Company’s pre-construction and pre-licensing engineering, and to support further engagement with industry and nuclear regulators,” said Simon Irish, CEO, Terrestrial Energy. “These programs allow the Company to demonstrate to industry the commercial merits of the IMSR design.”
Terrestrial Energy recently announced that Caterpillar Inc. has joined its International Advisory Board (IAB) which also includes among its members former senior executives of Fortune 500 companies:
- Paul Blanchard: Strategic Communications Consultant who is retired from NASA;
- James Cameron: founder and former Chairman of Climate Change Capital and Member of HM Treasury's Infrastructure UK advisory council;
- Thomas Drolet: former President and CEO of Ontario Hydro International;
- J. R. (Dick) Engel: former Oak Ridge National Laboratory (ORNL) scientist and Chief Engineer of ORNL’s Molten Salt Reactor Experiment;
- Ben Heard: Principal of Think Climate Consulting and Decarbonise SA;
- Ray O. Johnson: former CTO of Lockheed Martin;
- Julian Kelly: CTO of Thor Energy;
- Jeffrey Merrifield: former Commissioner of the U.S. Nuclear Regulatory Commission (Legal Counsel to
- the IAB);
- James Reinsch: former President of Bechtel Nuclear;
- Christine Todd Whitman: former Administrator of the U.S. Environmental Protection Agency and twoterm
- Governor of New Jersey; and,
- Nabila Yousef: former Director of Pickering Engineering for Ontario Power Group.
With the completion of this main round financing, Terrestrial Energy continues to advance its business case to commercialize the IMSR, at a time when Canada and the United States are re-defining their climate change commitments following COP21.
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 cost and functionality. It will offer reliable power solutions for electricity production, both on- and off-grid, and also energy for industrial process heat generation. Together, the IMSR energy and heat capabilities have the potential to significantly 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. Additionally, the IMSR is complementary to renewable power sources and is ideal for distributed power systems on existing grids. Using an innovative design and proven Molten Salt Reactor technology, the IMSR can be deployed to global markets in the next decade. Terrestrial Energy is currently developing its IMSR commercial demonstration power plant for deployment in Canada as the first step toward broader adoption of the IMSR technology in North America and beyond.