Canadian nuclear power innovator Terrestrial Energy said Friday that it had raised $10 million Canadian ($7.1 million) in Series A funding that will help advance its mission of creating Integral Molten Salt Reactors for use in small to modest energy markets.
Terrestrial, which recently announced that Caterpillar Inc. had joined its International Advisory Board, believes it can build and license its first IMSR technology sometime in the 2020s.
The Series A funding is designated for pre-construction and pre-licensing engineering, said Chief Executive Officer Simon Irish. “These programs allow the company to demonstrate to industry the commerical merits of the IMSR design,” Irish said.
Terrestrial is developing the Generation IV reactors with an eye on a variety of markets. First-of-a-kind models in development range from 29 MWe to 290 MWe – “ideally suited for remote communities and industrial operations, and to permit on- and off-grid power and heat provision,” the company says.
Scalable designs may be the holy grail for the industry that can supply the globe with carbon-emissions-free electricity. “Market need has never been greater for true game-changing energy innovation,” said Terrestrial Energy shareholder and former president of Bechtel Nuclear James Reinsch, who is a member of Terrestrial's Board of Directors.
Terrestrial sees the market as varied. “For example: in remote communities, such as those in the far north of Canada, in desert regions or island nations; at factory gate for ammonia, fertilizer and hydrogen production; at mine-head for mining and milling of metals; for SAGD oil sands production; for petroleum refining; and for desalination, to name a few," their Web site says.
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I personally find this to be a very positive development, and from an engineering viewpoint, very exciting.
However, I remain pessimistic. While the "global warming (AKA climate change" scam continues, it will be impossible to develop any kind of serious energy technology.
The religion of "renewables" will ensure that any alternatives will die at the gate.
As Einstein more or less said: "Human stupidity is infinite."