NEW YORK, NEW YORK and OAKVILLE, ONTARIO--(Marketwired - Sept. 7, 2016) - Terrestrial Energy, a developer of Advanced Nuclear power plants, today announced that it has secured CAD $22.5 million (USD $17.2 million) of financing since inception, of which $5.3 million (USD $4.0 million) was raised in August 2016 to close its Series A funding. Today's announcement follows the Company's January report that it had raised CAD $10 million in its Series A funding.
"This level of funding commitment is a milestone for advanced fission technology development," said Mr. Irish. "It clearly shows that public and private market investors are moving strongly in support of Advanced Nuclear innovation.
"The market need has never been greater for true game-changing energy innovation. Advanced Nuclear energy is recognized as the energy technology with the best prospects for massive displacement of polluting energy sources without sacrificing cost-competitiveness or perpetuating energy poverty for billions," added Irish.
"These funds we have raised enable the Company to demonstrate to industry and to governments, the commercial merits of the IMSR design, and its prospects for playing a lead role in clean energy provision starting in the 2020s," Mr. Irish said.
In March 2016, Terrestrial Energy announced a grant award of CAD $5.7 million from the Canadian Federal Government's Sustainable Development Technology Canada's (SDTC) SD Tech Fund.
With the completion of its Series A funding, Terrestrial Energy will continue to develop the IMSR for deployment, at a time when nations are busy ratifying and implementing strategies to meet their climate change commitments. Funds are being used to support the Company's pre-construction and pre-licensing engineering, and further engagement with industry, governments and nuclear regulators.
About Terrestrial Energy
Terrestrial Energy is developing an Advanced Reactor power plant based on its Integral Molten Salt Reactor (IMSR) technology. The IMSR represents true innovation in safety, cost and functionality. It will offer safe and reliable power solutions for electricity production, both on- and off-grid, and also energy for industrial process heat generation, including for hydrogen and methanol production. These together 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. It is complementary to renewable power sources and ideal for distributed power systems on existing grids. Using an innovative design and proven Molten Salt Reactor technology, the IMSR can be brought to global markets in the 2020s.
Terrestrial Energy is speaking at the UNEP Sustainable Investment Forum 2016 on September 20 in New York. The Sustainable Investment Forum will unite 300 stakeholders from national and regional government, international finance, private industry and carbon management sectors for a day of high level discussion and debate during New York Climate Week. The Sustainable Investment Forum will progress the dialogue on the development of effective public-private funding mechanisms for scaling low carbon innovation and the way in which they can come together to achieve the aims of the Paris agreement.
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