Terrestrial Energy Announces Letter of Intent with Canadian Nuclear Laboratories
MISSISSAUGA, ON – December 10, 2014 – The Company and the Canadian Nuclear Laboratories (CNL) have entered into a Letter of Intent. The subject of the Letter of Intent is for the provision of R&D services on commercial terms to Terrestrial Energy by CNL on various areas of research and development for the Company’s IMSR®. CNL’s Chalk River Laboratories is the home of one of the world’s most versatile research reactors, the National Research Universal (NRU) reactor and many other unique R&D facilities.
Employing over 3,400 highly-trained employees, researchers and engineers, it has been at the forefront of innovation since its creation over 60-years ago. It was here that Canada developed the CANDU heavy water power reactors in the 1950s, and the first operating reactor outside of the USA. Today, there are 48 heavy water power reactors operating around the world in various design configurations.
Today, Canadian Nuclear Laboratories is a world leader in nuclear science and technology offering unique capabilities and solutions across a wide range of industries. Actively involved with industry-driven research and development in nuclear, transportation, clean technology, energy, defence, security and life sciences, the organization provides solutions to keep these sectors competitive internationally.
Simon Irish, CEO of Terrestrial Energy, made this comment about the development: “Canadian Nuclear Laboratories is Canada’s premier nuclear science and technology organization and has a rich history at the cutting edge of nuclear science and technology internationally. Terrestrial Energy’s Integral Molten Salt Reactor development can benefit greatly from CNL’s deep expertise. As Terrestrial Energy commences the next phase of IMSR® development, this Letter of Intent expresses the Company’s intent to engage contractually with the world’s top nuclear laboratories.”