Moltex receives funding from Canada’s Strategic Innovation Fund and Atlantic Canada Opportunities Agency to advance the company’s molten salt reactor and spent fuel recycling technology in New Brunswick
Moltex Energy has received $50.5 million from the Government of Canada’s Strategic Innovation Fund (SIF) and Atlantic Canada Opportunities Agency (ACOA)to advance its project to design and commercialise a molten salt reactor and spent fuel recycling facility.
“The future of energy in Atlantic Canada is carbon-free. Today’s investment to develop innovative SMR technology in New Brunswick will support the deployment of the Atlantic Loop, help us build a more resilient economy and bring us one step closer to our climate goal of net-zero emissions by 2050,” said the Honourable Dominic LeBlanc, President of the Queen’s Privy Council for Canada and Minister of Intergovernmental Affairs and Member of Parliament for Beauséjour.
Moltex plans to build the world’s first 300MW Stable Salt Reactor – Wasteburner (SSR-W) and WAste To Stable Salt (WATSS) facility at the Point Lepreau Generating Station site in Saint John, New Brunswick and provide carbon-free electricity to the grid by the early 2030s.
As it proceeds rapidly towards commercial development, Moltex will draw on Canada’s world-class nuclear supply chain, creating hundreds of high-value jobs. In the next 15 years, these jobs will contribute approximately $1 billion to Gross Domestic Product and result in about $100 million in federal government revenue.
The SIF is investing $47.5 million, which Moltex will match, this will be used to progress the SSR-W and WATSS designs and validate key assumptions to support the Canadian Nuclear Safety Commission’s Pre-Licensing Vendor Design Review Phase 2. The ACOA is investing $3 million which will be used for further WATSS research.
In addition to Moltex, ACOA provided $4,999,568 to NB Power and $561,750 to the University of New Brunswick to strengthen the small modular reactor (SMR) cluster in New Brunswick.