NEW YORK, NEW YORK--(Marketwired - Sept. 13, 2016) - Terrestrial Energy USA has been notified by the US Department of Energy (USDOE) that its Loan Programs Office (LPO) has evaluated Part I of Terrestrial Energy USA's application for a loan guarantee, and invited the Company to submit Part II of the application. The Company plans on submitting Part II of the application.
The USDOE Loan Guarantee Program was established under Title XVII of the Energy Policy Act of 2005, as amended, to support the financing of projects located in the United States that employ innovative advanced energy technologies that avoid, reduce, or sequester anthropogenic emission of greenhouse gases. In 2014, DOE issued a solicitation making available $12.5 billion in loan guarantees for the deployment of Advanced Nuclear Energy Projects.
The Company is applying for a loan guarantee of between $800 million to $1.2 billion to support financing of a project to license, construct and commission the first US IMSR™ Advanced Nuclear power plant, a 190 MWe commercial facility.
The Integral Molten Salt Reactor (IMSR™) represents true innovation in safety, cost and functionality. It offers safe and reliable power solutions for electricity production, and energy for industrial process heat generation. Together, these extend the applicability of nuclear energy far beyond its current footprint. The IMSR™'s modular design for factory fabrication, ideal for the Small Modular Reactor market, dramatically reduces project scope and project financing. Such advantages could move zero-emission nuclear energy into other important sectors, such as desalination, industrial processing, and electrification of transport for large urban areas. With this profile, the IMSR is capable of driving rapid decarbonization of the primary energy system by displacing fossil fuel combustion across a broad front. The IMSR™ is advanced reactor technology, also called GenIV, that is vital to upgrading US industrial competitiveness through the expansion of both the domestic and global clean energy, nuclear power sector.
Terrestrial Energy USA has identified a number of potential sites suitable for the first commercial IMSR™ power plant deployment. Idaho National Laboratory is a lead candidate site, and also a center of research excellence for the integration of nuclear reactor systems into industrial heat applications and hybrid energy systems. The IMSR™ will deliver 600 °C heat to industry in the form of a molten salt, making it a reactor system of strong merit for inclusion in such applications and systems. The Company is working with Idaho National Laboratory to develop one of several IMSR™ siting plans.