Terrestrial Energy Announces Completion of CAD$10 Million Series A Funding
NEW YORK, NY / OAKVILLE, ON – January 8, 2016 – Terrestrial Energy, an advanced nuclear technology company bringing its Integral Molten Salt Reactor (IMSR®) technology to industrial markets in the 2020s, has raised CAD$10 million in Series A funding.
James Reinsch, Terrestrial Energy investor, former President of Bechtel Nuclear and member of the Board of Directors of two large nuclear power utilities said, “Market need has never been greater for true game-changing energy innovation. Nuclear power is recognized as probably the only energy technology today that has the scale to displace polluting energy sources without sacrificing cost-competitiveness and perpetuating energy poverty for billions. As this drives the emerging ground-swell of support for advanced nuclear technology, Terrestrial Energy is at the forefront with its IMSR® technology and its dedicated and capable management team.”
“Funds will be used to support the Company’s pre-construction and pre-licensing engineering, and to support further engagement with industry and nuclear regulators,” said Simon Irish, CEO, Terrestrial Energy. “These programs allow the Company to demonstrate to industry the commercial merits of the IMSR® design.”
Terrestrial Energy recently announced that Caterpillar Inc. has joined its International Advisory Board (IAB) which also includes among its members former senior executives of Fortune 500 companies:
- Paul Blanchard: Strategic Communications Consultant who is retired from NASA;
- James Cameron: founder and former Chairman of Climate Change Capital and Member of HM Treasury’s Infrastructure UK advisory council;
- Thomas Drolet: former President and CEO of Ontario Hydro International;
- J. R. (Dick) Engel: former Oak Ridge National Laboratory (ORNL) scientist and Chief Engineer of ORNL’s Molten Salt Reactor Experiment;
- Ben Heard: Principal of Think Climate Consulting and Decarbonise SA;
- Ray O. Johnson: former CTO of Lockheed Martin;
- Julian Kelly: CTO of Thor Energy;
- Jeffrey Merrifield: former Commissioner of the U.S. Nuclear Regulatory Commission (Legal Counsel to the IAB);
- James Reinsch: former President of Bechtel Nuclear;
- Christine Todd Whitman: former Administrator of the U.S. Environmental Protection Agency and two-term Governor of New Jersey; and,
- Nabila Yousef: former Director of Pickering Engineering for Ontario Power Group.
With the completion of this main round financing, Terrestrial Energy continues to advance its business case to commercialise the IMSR®, at a time when Canada and the United States are re-defining their climate change commitments following COP21.