New US Legislation Supports Advanced Nuclear Commercialization
NEW YORK, NY – October 10, 2018 – On September 28, the Nuclear Energy Innovation Capabilities Act (NEICA) and the DOE Research and Innovation Act were signed into law. Earlier in the year the NEICA bill moved through the Senate by unanimous consent, the first nuclear bill to do so in 40 years. These acts support the near-term development and commercialization of advanced nuclear technologies such as Terrestrial Energy’s Integral Molten Salt Reactor.
They set into motion a set of key initiatives that include the development of a national reactor innovation center and an advanced reactor licensing grant program. This new program directs the Department of Energy (DOE) to provide financial support to private companies engaging with the Nuclear Regulatory Commission (NRC) for advanced nuclear reactor licensing, including pre-application and license application review activities.
“Support for nuclear innovation is a strong policy theme in Washington,” said Simon Irish, Chief Executive of Terrestrial Energy. “There is broad bipartisan support for nuclear innovation and recognition that this can make a critical contribution to the nation’s needs for clean and reliable power, energy security, industrial competitiveness and economic growth. These policy developments set out the Federal Government’s clear intent to support private-sector led nuclear innovation.”
Further bills that direct federal support to the deployment of advanced nuclear technologies are moving through the legislative pipeline.
On September 26 the House of Representatives passed the Nuclear Utilization of Keynote Energy Act (NUKE Act). This bill aims to modernize NRC fee recovery policies and streamline NRC procedures for Generation-IV advanced technology license applications.
In the Senate, a strong bipartisan group introduced earlier in September the Nuclear Energy Leadership Act (NELA), which covers a range of activities to fund research and development, and to finance the deployment of advanced nuclear technologies. NELA aims to accelerate commercialization of advanced nuclear technologies and calls for a DOE program to establish long-term advanced reactor power purchase agreements to simulate the market adoption of these technologies. Within this bill, the DOE is directed to give special consideration to power purchase agreements for first-of-a-kind or early deployment nuclear technologies.
About Terrestrial Energy USA
Terrestrial Energy USA, an affiliate of Terrestrial Energy Inc., is developing the Integral Molten Salt Reactor (IMSR®) for U.S. market deployment. The IMSR® is an Advanced Reactor and represents true innovation in cost and functionality. It will provide clean, reliable and cost-competitive heat for many industrial applications, including electric power provision and heat for industrial processes, such as chemical synthesis and desalination. The IMSR® extends the applicability of nuclear energy beyond its current footprint in on-grid electric power markets. It promises to increase industrial competitiveness and energy security while concurrently driving deep decarbonization by displacing fossil fuel combustion across a broad industrial front. Using an innovative design based on proven Molten Salt Reactor technology, the IMSR® can be brought to market in the 2020s.
Terrestrial Energy USA, Inc.
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