Terrestrial Energy to use Series A proceeds on IMSR design

Nuclear technology company Terrestrial Energy said late last week that it has raised approximately $7 million in Series A funding.

The company, based in Ontario, Canada, said these funds will be used to develop pre-construction and licensing engineering processes and to engage with nuclear industry leaders and officials.

The company is currently developing its integral molten-salt reactor (IMSR) design. Company CEO Simon Irish said this will allow Terrestrial to demonstrate the viability of this reactor design in the energy sector.

"Market need has never been greater for true game-changing energy innovation,” Terrestrial shareholder James Reinsch said. “Nuclear power is recognized as probably the only energy technology today that has the scale to displace polluting energy sources without sacrificing cost-competitiveness and perpetuating energy poverty for billions. As this drives the emerging ground-swell of support for advanced nuclear technology, Terrestrial Energy is at the forefront with its IMSR technology and its dedicated and capable management team."

Terrestrial said Caterpillar Inc. has been added to the company’s International Advisory Board, which includes representatives from NASA, Ontario Hydro International, Lockheed Martin, and other companies and government organizations.

Terrestrial Energy is currently focused on the development of its IMSR technology, which it said is expected to be ready for the industrial market by 2020.

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