ARC Clean Technology receives $7M funding award from Government of Canada for small modular reactor

    SAINT JOHN, NB, October 26, 2023 /24-7PressRelease/ -- ARC Clean Technology, Canada (ARC) is pleased to announce it has received a funding award of $7M from the Government of Canada's Electricity Predevelopment Program to advance activities that support the future development of a fleet of ARC- 100 small modular reactors (SMRs), beginning with the siting and deployment of a commercial demonstration unit at the Point Lepreau Nuclear Generating Station in New Brunswick.

The ARC-100 is an advanced small modular reactor designed to generate 100 MW of clean energy for a wide range of electrical grid and industrial applications.

The announcement was made in Ottawa by the Honorable Jonathan Wilkinson, Minister of Energy and Natural Resources, as an example of funding that will further the objectives of a Joint Policy Statement, released that same day, on developing and transmitting clean, reliable, and affordable power in Nova Scotia and New Brunswick.

QUOTES

"The Government of Canada is helping to bring clean, reliable and affordable power to every region in Canada, very much including New Brunswick. Last week, I, along with the Premiers of New Brunswick and Nova Scotia, MP Wayne Long and others announced a Joint Policy Statement on Developing and Transmitting Clean, Reliable and Affordable Power in Nova Scotia and New Brunswick that will support the phase-out of coal-fired electricity generation by 2030, drive to net-zero electricity by 2035 and a net-zero economy by 2050. Concurrently we announced a $7 million federal investment in pre-development funding for the Saint John based ARC Clean Technology. This investment will support predevelopment regulatory processes for the Canadian Nuclear Safety Commission to enable licensing, namely vendor design review (VDR), site environmental studies, collaboration with Indigenous partners and stakeholder engagement to support the future development of non-emitting, affordable energy for New Brunswickers."
- The Honorable Jonathan Wilkinson, Minister of Energy and Natural Resources

"The Government of Canada is investing in the development of clean technologies right here in New Brunswick. This investment in ARC Clean Technology will expedite clean energy development across New Brunswick and help the province become a leader in SMR technologies to create good, sustainable jobs for generations to come."
- Wayne Long, Member of Parliament, Saint John-Rothesay, New Brunswick

"This announcement is validation of the progress we are making in New Brunswick and builds upon recent milestones including NB Power's license to prepare site application and environmental assessment registration for the ARC-100 unit at Point Lepreau Nuclear Generating Station, and the equity agreement with North Shore Mi'kmaq Tribal Council and its seven member communities. This funding will be put to good use to support the continuation of our work to bring advanced energy solutions to Canadians."
- Bill Labbe, President and CEO, ARC Clean Technology, Canada

QUICK FACTS

• ARC Clean Technology is one of only three small modular reactor companies in Canada that have submitted a license to prepare site application to the Canadian Nuclear Safety Commission.
• According to a global market study by management consultancy Roland Berger released in June 2022, advanced small modular reactors (aSMRs) may contribute 353 GW of additional global electricity production by the year 2050 with substantial additional demand for industrial process heat.
• As a sodium cooled fast reactor, the technical readiness of the ARC-100 is further advanced than other advanced SMR technologies and benefits from over 400 years of combined operating experience in various deployments around the world.

MEDIA CONTACT FOR ARC:
Sandra Donnelly
[email protected]

MEDIA CONTACT FOR Natural Resources Canada:
Carolyn Svonkin
Press Secretary
Office of the Minister of Energy and Natural Resources
343-597-1725
[email protected]

About ARC Clean Technology Canada, Inc

ARC Clean Technology Canada, Inc. (ARC) is a clean energy technology company developing the ARC-100, an advanced small modular reactor (aSMR) offering inherently safe, reliable, and economical carbon free power. Leveraging proven technology from the 30-year performance of its prototype, the ARC-100's simple, modular design provides 100 megawatts of electricity and industrial heat that will be cost competitive with fossil fuels. Important applications include the decarbonization of heavy industry, the fueling of low-carbon hydrogen projects, and the creation of life-saving medical isotopes. The ARC-100 has been selected by New Brunswick Power for implementation on their Point Lepreau site with completion by the end of this decade. ARC Clean Technology Canada, Inc. has offices in Saint John, New Brunswick and is a subsidiary of ARC Clean Technology Inc. based in Washington, DC.

For more information: www.arc-cleantech.com

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