Terrestrial Energy Welcomes U.K. Nuclear Sector Deal; Appoints Member of U.K. House of Lords to its Advisory Board
OAKVILLE, ON – July 10, 2018 – Terrestrial Energy Chief Executive Officer Simon Irish welcomed the United Kingdom’s Nuclear Sector Deal, a government policy direction unveiled by U.K. Business and Energy Secretary Greg Clark in late June.
“The £200 million package of policy measures shows the U.K. government’s clear support for private-sector driven nuclear innovation. The government’s objective is clear: to drive cost savings for the consumer and clean energy advancements to achieve decarbonization goals – which represents an exceptional commercial opportunity for nuclear innovators today,” said Mr. Irish. “Given the enormity of clean energy challenges, the U.K. government’s policy is bold and timely.”
Mr. Irish also welcomed news that the United Kingdom has joined Canada, Japan, the United States and other countries in the Nuclear Innovation: Clean Energy Future (NICE Future) initiative; this is a nuclear innovation partnership launched by the Clean Energy Ministerial at its annual meeting in May. “NICE Future is proof that a growing group of advanced industrial nations recognize the strategic importance and economic potential of advanced nuclear for the world’s clean energy economy,” said Mr. Irish. “The U.K. government is now taking a lead in accelerating the development and deployment of advanced nuclear technologies such as Terrestrial Energy’s Integral Molten Salt Reactor.”
In recognition of the growing commercial opportunity in the U.K., Terrestrial Energy is announcing the appointment of Olivia, Baroness Bloomfield of Hinton Waldrist, to the company’s Advisory Board. Baroness Bloomfield joins climate change expert James Cameron, Chairman of the Overseas Development Institute, as the second British representative on Terrestrial Energy’s Advisory Board.
“We are delighted that Olivia has joined Terrestrial Energy’s Advisory Board,” said Mr. Irish. “She brings unique perspectives and considerable policy experience to Terrestrial Energy at a time when we are exploring U.K. partnerships to support deployment of transformative IMSR® technology.”
Baroness Bloomfield, a Conservative Life Peer in the U.K. House of Lords, has a strong interest in energy and has made contributions to that chamber’s business relating to Wales and its regional nuclear aspirations. She was also a founding partner in the Atlantic Superconnection Corporation LLP, a project to bring 1.2 GW of power from Iceland to the United Kingdom. Baroness Bloomfield was formerly a partner in an investment management firm; an executive director of a global recruitment agency; chief of staff to the Conservative Party treasurer; as well as an advisor to the board of the London Pension Fund Authority.
“Cutting-edge, small Generation-IV advanced reactors are potentially world-leading technologies,” said Baroness Bloomfield. “The Nuclear Sector Deal shows the government’s commitment to support these important technologies, which promise to lower the cost of nuclear energy and spearhead Britain’s move towards cleaner economic growth. The IMSR® is a world-leading advanced reactor power plant design, and I am pleased to support Terrestrial Energy’s efforts in the United Kingdom and advise the company on its British and Canadian relationships.”
About Terrestrial Energy
Terrestrial Energy is a developer of Generation IV advanced nuclear power plants that use its proprietary Integral Molten Salt Reactor (IMSR®) technology. IMSR® technology represents true innovation in cost reduction, versatility and functionality of nuclear power plants. IMSR® power plants will provide zero-carbon, reliable, dispatchable, cost-competitive electric power and high grade industrial heat for use in many industrial applications, such as chemical synthesis and desalination, and in so doing extend the application of nuclear energy far beyond electric power markets. They have the potential to make important contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system by displacing fossil fuel combustion across a broad spectrum. Using an innovative design, and proven and demonstrated molten salt reactor technology, Terrestrial Energy is engaged with regulators and industrial partners to complete IMSR® engineering and to commission first IMSR® power plants in the late 2020s.
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