Nuclear Energy Insider: Canada edges closer to SMR build after VC funding deal
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Terrestrial Energy’s Venture Capital deal marks the latest advancement towards SMR deployment in a market backed by a supportive regulatory body and off grid opportunities in the icy north.
Ontario-based Terrestrial Energy announced January 8 it had raised CA$10 million ($7.1 million) in Venture Capital for the development of its Integral Molten Salt Reactor (IMSR®) technology and it would use the funds to support engineering towards pre-construction and pre-licensing applications.
Potential SMR supply markets in Canada include remote off grid applications, where diesel-fired power prices are high due to challenging access, as well as higher consumption markets in more densely-populated areas. Older nuclear power plants remain a key power generation source in the south-east provinces of Ontario and New Brunswick.