Terrestrial Energy Awards Major Component Design Contracts to BWXT Canada

Oakville, Ontario – October 26, 2021 – Terrestrial Energy has awarded BWXT Canada Ltd. engineering design contracts for steam generators and heat exchangers for use in the Integral Molten Salt Reactor (IMSR®), a Generation IV nuclear power plant. These awards are a continuation of the multi-year collaboration between Terrestrial Energy and BWXT Canada for steam-supply systems and follows an engineering services agreement initially signed by the two companies for design of steam generators in December 2018.

The IMSR® steam-supply system comprises a series of heat exchangers, which transfer the zero-emissions thermal energy from the reactor’s heat exchangers to a steam generator for turbine operation, and high-efficiency electric power generation, which is a unique benefit of the IMSR® design. Steam supply is a critical element of electrical power plant operation and BWXT Canada excels in this field. It is a global leader in the design and manufacturing of steam-supply systems for the nuclear industry, and it is qualified to nuclear industry codes and standards.

“After three years of close engagement with Terrestrial Energy, we have developed innovative and manufacturable technology for the IMSR® that will support its deployment domestically and internationally,” said John MacQuarrie, President of BWXT Canada. “Our relationship with Oakville-based Terrestrial Energy positions BWXT Canada and its Ontario operations to share in the benefits of successful IMSR® deployment.”

“These awards with BWXT Canada are another important milestone in our program of major component procurement, and we are excited by the prospect of BWXT Canada designing and manufacturing these components for the IMSR®. We are fortunate to be located in Oakville with excellent access to the Ontario nuclear supply chain, which has a long history of major component development and of specialist nuclear equipment supply and services,” said Simon Irish, CEO of Terrestrial Energy. “The Canadian IMSR® supply chain we have been assembling systematically over several years maintains our schedule for first IMSR® power plant operation in Canada as early as 2028 and underscores our leadership position in the Small Modular Reactor market.”

The Terrestrial Energy IMSR® power plant is one of three Small Modular Reactor (SMR) power plant designs under consideration for deployment at Ontario Power Generation’s Darlington Nuclear Generating Station. It is one of two Generation IV SMR technology candidates under consideration by OPG, and the IMSR® is the only Canadian SMR technology candidate.

Terrestrial Energy’s Oakville operation represents the largest SMR power plant technology development project in Canada. Terrestrial Energy announced on September 14 its upgraded IMSR®400 power plant, which consists of twin IMSR®s and generators to produce 390 MW of clean electricity from one facility.

About Terrestrial Energy

Terrestrial Energy is a developer of small and modular nuclear power plants that use its proprietary Integral Molten Salt Reactor (IMSR®) technology. IMSR® is non-Light Water Reactor and Generation IV technology and will generate electricity 50 percent more efficiently than conventional nuclear reactor technology. The IMSR® represents a step-change improvement in economics, versatility and functionality of nuclear power plants that is possible only through Generation IV technology. IMSR® power plants will provide resilient, reliable, dispatchable, zero-carbon and cost-competitive electric power, as well as high-grade industrial heat for use in many industrial applications, such as chemical synthesis, hydrogen production and

desalination, and in so doing extend the application of nuclear energy far beyond electric power markets. IMSR® power plants 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 and can scale to meet net-zero policy goals of major industrial economies. 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 the first IMSR® power plants in the late 2020s.

About BWXT Canada Ltd.

BWXT Canada Ltd. has over 60 years of expertise and experience in the design, manufacturing, commissioning and service of nuclear power generation equipment. This includes steam generators, nuclear fuel and fuel components, critical plant components, parts and related plant services. BWXT Canada’s sister company, BWXT Medical Ltd. provides its customers, who conduct life-saving medical procedures for patients around the world, the benefit of decades of experience in the development, manufacturing, packaging and delivery of medical isotopes and radiopharmaceuticals. Headquartered in Cambridge, Ontario, BWXT in Canada has approximately 1,500 employees at locations in Cambridge, Dundas, Peterborough, Toronto, Arnprior, Pickering, Port Elgin, Owen Sound, Kanata and Oakville, Ontario and Vancouver, British Columbia. BWXT Canada Ltd. is a subsidiary of BWX Technologies, Inc. Follow us on Twitter @BWXT and learn more at www.bwxt.com.

Learn More About Terrestrial Energy

Terrestrial Energy is an industry-leading technology company committed to delivering reliable, emission-free, and cost-competitive nuclear energy with a truly innovative advanced reactor design, the Integral Molten Salt Reactor (IMSR®).