Terrestrial Energy Announces Appointment of Hugh MacDiarmid as Chairman of the Board; Financing Oversubscribed.
OTTAWA, ON – March 31, 2014 – Terrestrial Energy inc. (“TEI” or the “Company”) is pleased to announce the appointment of Hugh MacDiarmid as the Chairman of the Board of Directors. Mr. MacDiarmid brings highly relevant industrial experience to the Company’s project – particularly his service as President and CEO of Atomic Energy of Canada Ltd.
Hugh MacDiarmid has accumulated a broad range of executive and professional experience over a 30+ year career. His focus has been on technology-intensive businesses and transportation-related industries, with extensive exposure to international commerce. Mr. MacDiarmid has operating executive experience in large corporations such as Atomic Energy of Canada Limited, where he served as President and CEO from 2008 to 2011, Canadian Pacific Railway, where he served as Executive Vice-President, Commercial, and Laidlaw International Inc., where he served as President and CEO of their student transportation business unit. He has also worked in smaller and mid-sized enterprises, serving as President and CEO of Lumonics Inc., a Canadian manufacturer of laser systems. Earlier in his career, Mr. MacDiarmid was a partner with McKinsey & Company, a leading international management-consulting firm.
Mr. MacDiarmid currently serves on the boards of SeaCube Container Leasing Limited and ALH Holding Inc., both of which are portfolio companies of a leading Canadian pension plan. In the public sector, he served as Chairman of the Board of the Public Policy Forum and Chairman of the Board of Trustees of the Ottawa General Hospital. He was also an appointee of both the Government of Canada, as Chairman of the External Advisory Committee on Smart Regulation, and the Government of Ontario, as a governor of Ortech International.
Mr. MacDiarmid obtained his Honours Business Administration degree from the Ivey Business School at Western University and currently sits on the Ivey Advisory Board. He also obtained his Masters of Business Administration degree from Stanford Graduate School of Business, where he graduated as a Miller Scholar.
Mr. MacDiarmid commented on his appointment: “I have been investigating the long-term future of Canada’s nuclear sector for several years. Terrestrial Energy Inc.’s Integral Molten Salt Reactor technology could well be not only Canada’s but also the world’s most promising nuclear technology. It is for this reason that I am joining with this very talented group, and contributing my skills, experience and network. I look forward to being very active, helping to build capital and strategic industrial relationships for TEI.”
TEI chief executive, Simon Irish, commented: “TEI continues to build its team of world class executives. Hugh MacDiarmid’s highly relevant experience and skill set, most notably in the nuclear and industrial sectors, are a great complement to our growing technical team of global experts in Molten Salt Reactor technology, as well as our existing management.”
The Company also wishes to announce that it has successfully closed its final seed round of financing. The round was oversubscribed, and the Company wishes to thank all of its investors for their support. The Company has more than sufficient funds in its treasury to carry it forward to the Conceptual Design stage, as planned.