ARC Clean Energy Canada (ARC Canada), an advanced small modular reactor (aSMR) technology provider, announced today the completion of its Series A financing in the amount of $30 million (CAD) from private sector investment and the Province of New Brunswick. This financing will progress the deployment of Canada’s first commercial grid-scale aSMR at the Point Lepreau Nuclear Generating Station (PLNGS) site, owned by the provincial utility, New Brunswick Power (NB Power). It also sets the stage for further milestone achievements which will unlock additional funding from the province.
“Canada has taken the lead in the development of aSMR technology,” said ARC Canada President & CEO, Mr. William P. Labbe, Jr. “With the recent closing of our Series A financing, the investment community is demonstrating clear confidence in ARC Canada’s ability to deliver an energy solution that will produce carbon free, low cost, baseload power with a high-quality heat supply ideal for clean fuels production and industrial decarbonization.”
“The Government of New Brunswick’s partnership with ARC Canada will see the launch of its safe and proven technology at the PLNGS site,” said New Brunswick Minister of Natural Resources and Energy Development, Mike Holland. “It is encouraging, but not surprising, that private sector investors share our confidence in the clean energy provided by ARC Canada’s advanced SMR technology.”
ARC Canada will deploy its technology for both electrical and industrial applications to customers including utilities, governments, and corporations. The launch customer, NB Power, is an experienced nuclear operator with a proven track record for safety, reliable operations and has a strategically positioned electrical grid able to supply Atlantic Canada and the New England states with a clean and reliable source of generation.
The ARC Canada technology is a modular 100MW fast reactor that improves upon existing nuclear with its enhanced field-proven safety…
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