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.