Great news for one of companies soon to be raising via the platform, Moltex Energy, which this week took in a multi-million pound investment from multinational engineering, architecture and consulting company, IDOM.
The investment further validates Moltex’s technology and valuation, as the company works towards implementing its patented nuclear energy technology to ultimately provide an alternative for fossil fuels. You can read about the investment below…
Moltex Energy secures multi-million dollar funding from leading global
consulting firm IDOM
Investment enables Moltex to expand Canadian operations and brings first commercial
Molten Salt Reactor closer to reality
Saint John, 3 April 2019: Moltex Energy has secured a substantial investment from IDOM Consulting, Engineering, Architecture SAU, a prestigious and innovative global consulting & engineering company with a large, experienced and successful nuclear engineering practice worldwide.
The multi-million dollar (USD) investment allows Moltex to expand its New Brunswick office and accelerate its pre-licensing progress through Vendor Design Review (VDR). IDOM will be joining the New Brunswick Modular Reactor cluster led by New Brunswick Power, announced last summer. IDOM’s extensive experience in the design of molten salt facilities for the Concentrated Solar Power industry will help Moltex take a massive step towards the construction of the first of a kind Stable Salt Reactor (SSR), including GridReserve® energy storage that allows SSR equipped nuclear power plants to have variable output.
“This is a very important, strategic deal for Moltex Energy,” said its Canadian CEO Rory O’Sullivan. “To have such a highly respected company as IDOM choose to invest in Moltex, from all the nuclear technologies out there, is a real seal of approval for our technology. This follows the selection of Moltex eight months ago by New Brunswick Power, from a field of 90 possibilities.
IDOM’s investment brings the first commercial Molten Salt Reactor, with its intrinsic safety and clean, low cost electricity, closer to reality. Carbon-free generation of abundant, cheap electricity is our aim and, with IDOM’s investment and expertise, we are much closer to achieving it.”
“We are delighted to be investing in Moltex Energy,” said Xabier Ruiz Morín, Nuclear Services Director at IDOM. “We know this market very well, and see their molten salt technology as the future of nuclear globally. This is the best solution for delivering electricity at a lower cost than fossil fuels. IDOM is focused on carbon-free energy and is committed to the fight against global warming. We recognize that solar and wind power can’t do it all; the world needs a safe, cheap, flexible nuclear technology and Moltex Energy has the answer.”
IDOM will also be working closely with Moltex Energy both in Canada and in Spain, with particular emphasis on mechanical engineering, thermal hydraulics and the use of molten salts.
New Brunswick Power have expressed their delight that this investment has taken place. Gaetan Thomas, CEO, said, “Since the announcement of the NB SMR cluster in 2018, the program has built great momentum. IDOM’s investment in Moltex and New Brunswick demonstrates the otential the SSR can have for New Brunswick and Canada. Their extensive international experience in nuclear and molten salt energy storage will be a great addition to Moltex’s team and we look forward to working with them.”
Ian Scott, the founder of Moltex Energy and originator of the key designs and patents added, “We can’t overstate the importance of this step for our business. It’s a double endorsement of our conviction that we have the best new nuclear technology in the market. This investment,along with the funding from the Government of New Brunswick, sets us firmly on the road to getting the first plants operating. Our next challenge is to do the same in the UK.”
About Moltex Energy: Moltex Energy is a nuclear technology development company. Moltex’s aim is to deliver electricity at lower costs than today’s fossil fuel sources, and at scale globally, thereby having a meaningful impact on climate change. The breakthrough Stable Salt Reactor (SSR) is an advanced modular reactor that generates cheap, clean and safe electricity. Existing stockpiles of spent nuclear fuel can be used as the fuel source, and the energy can be stored with our patented GridReserve® technology, to enable a larger expansion of renewables in a carbon-free grid. Moltex is part of the UK government’s Advanced Modular Reactor initiative and through a collaboration with NB Power, Moltex is progressing with plans to demonstrate the first operational 300MWe Stable Salt Reactor in New Brunswick, Canada.
About IDOM Nuclear: IDOM Group is an employee-owned company developing projects in more than 125 countries. IDOM takes part in the most advanced and innovative projects in the world in power generation, infrastructures, architecture, consulting and nuclear fields providing clear added value to their clients. IDOM Nuclear Services is present in more than 15 countries through the complete nuclear energy & research life cycle. IDOM participates in commercial nuclear projects, research reactor and nuclear medicine projects with a considerable number of fusion projects in ITER.
IDOM NS professional services cover the majority of the technological and industrial engineering activities inherent in a nuclear facility ranging from initial site studies, basic and conceptual engineering to detailed projects, construction and decommissioning. Throughout the life cycle stages of a nuclear facility IDOM provides the client with expertise on the regulatory procedures and more demanding operational, technological and licensing requirements focused on the development of nuclear safety, environmental protection and risk mitigation.
About New Brunswick Power: NB Power is the primary electric utility in New Brunswick and was established in 1920. It serves over 400,000 customers with safe, reliable and efficient electricity. The utility is focused on promoting the efficient use of energy in customers’ homes and businesses by enabling and providing new, value-added energy efficient solutions in order to help reduce carbon, better integrate renewable energy and stimulate the economy.
Based on the current generation mix, NB Power is well positioned to provide its customers with electricity generated with consideration for the environment. Currently, 37 per cent of its energy is from renewable sources and 74 per cent is non-emitting when Point Lepreau is added. The utility is on track to contribute to the provincial goal of having as much as 75 per cent of the electricity used in New Brunswick coming from clean, renewable or non-emitting sources by 2020.
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