ARC Clean Energy Canada (ARC Canada), an advanced small modular reactor (aSMR) technology provider, announced the completion of its Series A financing totalling CAD30 million ($24m) from private sector investment and the Province of New Brunswick.
The 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).
“Canada has taken the lead in the development of aSMR technology,” said ARC Canada president and CEO 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 decarbonisation.”
“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.ARC Canada’s technology is a 100MW modular fast reactor with enhanced field-proven safety features, which operates with a 20-year refuelling cycle. Its simple modular design and factory assembly yields low-cost energy and allows for broader supply chain participation, resulting in a significant economic opportunity for the region, ARC Canada said.
ARC Canada has entered Phase 2 of the Canadian Nuclear Safety Commission’s (CNSC) vendor design review process as part of the design oversight from the world-class regulator.