Copenhagen Atomics has signed a Letter of Intent (LOI) with Rare Earths Norway to secure future access to thorium extracted from the Fensfeltet deposit in Norway. This is a step towards establishing a long-term, European supply chain for thorium, the key fertile material in Copenhagen Atomics’ molten salt reactor technology.
Copenhagen Atomics is developing a modular 100 MWt thorium molten salt reactor (MSR) with an ambitious timeline targeting a critical, nuclear-fission test reactor by 2027 and commercial deployment by 2028-2030. The company is making rapid progress, having achieved milestones with non-nuclear, high-temperature molten salt prototypes (2024) targeting eventual assembly-line production of modular units.
The LOI outlines the intention of the parties to collaborate on the responsible utilisation of thorium resources associated with Rare Earths Norway’s planned rare earth element (REE) production. Thorium occurs naturally in the Fensfeltet deposit and has historically been treated as a byproduct but may now become a valuable energy resource.
“Securing access to thorium is a natural next step in preparing for commercial deployment,” said Thomas Jam Pedersen, CEO and Co-Founder of Copenhagen Atomics. “Our long-term goal is to mass manufacture reactors on assembly lines. That requires a predictable and scalable supply chain for critical materials, including thorium. Norway represents a stable and strategically important source.”
Thorium is significantly more abundant than uranium and is widely distributed globally. However, developing reliable commercial supply chains will be important for the development of future reactor technologies. As regulatory frameworks evolve and nuclear innovation accelerates, establishing transparent, responsible and regionally anchored supply chains will be essential for scaling new reactor technologies.
Rare Earths Norway is advancing the development of the Fensfeltet deposit, one of Europe’s largest known rare earth deposits. As Europe seeks to strengthen domestic production of critical raw materials, integrating thorium management and utilisation into the value chain presents both an environmental and strategic opportunity. According to Rare Earths Norway, the agreement also represents a milestone in responsible management of naturally occurring radioactive materials (NORM) associated with the mining operations.
“Through extensive R&D work, we have developed processes for the safe handling of radioactivity in mining operations, said Alf Reistad, Managing Director of Rare Earths Norway. “With our new agreements, we also resolve the issue of commercialisation and final management of thorium. This is a decisive breakthrough for the responsible development of Fensfeltet and for realising the full value potential of the deposit.
The collaboration aims to explore how thorium separated during rare earth production can be safely processed and potentially qualified for future use in molten salt reactors. By defining a potential end-use pathway for thorium, the collaboration addresses both regulatory handling and long-term material stewardship, aligning mining practices with future energy applications.
By securing upstream thorium supply early, Copenhagen Atomics is reducing future project risk and strengthening its ability to deliver competitive, low-cost clean energy for industrial applications such as ammonia, hydrogen, desalination and process heat. The LOI does not constitute a binding offtake agreement but establishes the framework for technical, commercial and regulatory collaboration as both companies advance their respective projects.
Copenhagen Atomics has developed a new thorium reactor design that is refuelled with Thorium 232(Th232). This fuel is not fissile to start with, but which can be converted to fissile materials via irradiation in the reactor. The triple fluid molten salt reactor core operates in the thermal spectrum, having a molten thorium salt as blanket, heavy water as moderator and a molten uranium salt as fuel salt. Ideally, fission only happens in the fuel salt, neutrons are absorbed by the blanket where Th232 is converted into Uranium 233 (U233) Trace amounts of U232 and U234 are also generated in the blanket. A proprietary system is used to transfer all species of uranium from the blanket to the fuel salt periodically several times per operational hour.
Copenhagen Atomics has been developing its modular molten salt reactor based on thorium since 2014. The company is building and testing full-scale non-nuclear prototypes of the reactor in Denmark and is collaborating with the Paul Scherrer Institute (PSI) in Switzerland. Commercial deployment is targeted in the early 2030s.The company achieved milestones with non-nuclear, high-temperature molten salt prototypes in 2024. LEU (Low Enriched Uranium) subcritical prototype testing is planned for 2026, with the e first nuclear critical experiment planned at PSI in 2027.
The company has validated core, pump, and salt loop technologies with thousands of hours of operation. They use a patented “Onion Core” design and plan to replace reactor cores every five years to manage material corrosion. Key remaining tasks involve finalising material approvals for high-temperature/radioactive environments, licensing for the 2027 test reactor, and scaling up manufacturing, with plans to establish a “Giga-factory” to eventually produce one reactor per day.
