CALGARY, Alberta, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Terrestrial Energy, an industry-leading nuclear technology company, and Invest Alberta, the Government of Alberta's crown corporation promoting high-value investments, have signed a Memorandum of Understanding (MOU) to support commercialization of Terrestrial Energy's Integral Molten Salt Reactor (IMSR) Generation IV small modular reactor (SMR) plant in Western Canada.
Terrestrial Energy's IMSR plant has unique potential to supply the heat and power (cogeneration) needs of many industrial activities, including those in the Alberta oil and gas, and petrochemical sectors. The Company looks forward to expanding its Alberta operations in partnership with industry, academic institutions, Indigenous communities, Invest Alberta and the Government of Alberta, which has been an ongoing supporter of SMR technology and development. Terrestrial Energy anticipates supporting high-quality jobs as it expands its activities in western Canada. Terrestrial Energy has previously invested over $100 million in its Ontario operation, where it employs more than 100 personnel.
Under the terms of the Terrestrial Energy MOU, Invest Alberta will work with Terrestrial Energy on federal and provincial policies, and industrial incentives supporting transformative energy innovation in the province. Alberta is one of four provinces working to advance SMR technologies through an interprovincial memorandum of understanding.
Terrestrial Energy's IMSR plant is designed for industrial cogeneration as well as high-efficiency, grid-based power generation. The IMSR plant uses Generation IV molten salt reactor technology in an innovative plant design for cost-competitive, high-temperature thermal energy with zero greenhouse gas emissions. It is ideally suited for natural resource extraction, low-carbon hydrogen and ammonia production, as well as many other energy-intensive industrial activities.
Sonya Savage, the Government of Alberta's Minister of Energy, said: "I'm very pleased to see this agreement to move forward private industry's development of SMR technology right here in Alberta. There is great potential for SMRs to provide zero-emission energy for industrial operations in remote areas and further reduce emissions from Alberta's oil sands. We're proud of our industry's ongoing history of responsible energy development and innovation, and grateful to Terrestrial Energy for supporting job creation and economic growth in Alberta."
Simon Irish, CEO of Terrestrial Energy, said: "Terrestrial Energy's IMSR cogeneration plant with its Generation IV SMR technology provides a clear pathway for Alberta industry to achieve net zero, and develop production capabilities for industrial leadership in a net-zero energy economy of the future. We are encouraged by the Government of Alberta's support for the sector and are attracted to Alberta because of the province's continued policies supporting industrial innovation and economic growth."
About Terrestrial Energy
Terrestrial Energy is developing for near-term commercial operation a zero-emissions cogeneration plant for global industry using its proprietary Integral Molten Salt Reactor (IMSR) fission technology in an innovative, small and modular plant design. The IMSR is a non-Light Water Reactor of the Generation IV class that operates at the high temperature required for broad industrial relevance with transformative economic potential. The IMSR plant is capable of grid-based electric power generation and industrial cogeneration in many energy-intensive industries, including petrochemical and chemical synthesis for hydrogen and ammonia production. The IMSR plant offers a near 50 percent improvement in efficiency of electric power generation compared to Light Water Reactor nuclear plants. Its industrial cogeneration capability delivers to today's markets industrial competitiveness, security of energy, and zero-emissions industrial production. The IMSR plant's use of existing industrial materials, components, and fuels supports its near-term deployment, setting the stage for a rapid global decarbonization of the primary energy system.
About Invest Alberta
Invest Alberta is dedicated to investment attraction, with a mandate to engage the world and provide high-end tailored support to companies, investors, and major new projects. Alberta, Canada has the lowest corporate payroll and sales taxes; the youngest and highly educated workforce in Canada, and the most livable and affordable cities. Invest Alberta works to break down barriers so investors and businesses can start up, scale up, and succeed without limits.