ARC Clean Energy Canada has signed a strategic Memorandum of Understanding (MOU) with Cross River Infrastructure Partners to develop sustainable industrial projects globally that employ ARC Canada’s advanced Small Modular Reactor (aSMR) technology.
Cross River Infrastructure Partners is a leading developer of sustainable infrastructure, developing and financing next-generation clean fuels, clean power, large scale carbon-capture and alternative protein projects in North America.
Cross River will be responsible for project origination and financing for projects requiring carbon-free power and/or heat using ARC’s proprietary advanced technology.
ARC Canada is developing its technology in New Brunswick with the support of the Government of New Brunswick andNB Power.
“Not only will ARC’s advanced technology provide 24/7 low-cost carbon-free power, but also high-quality process heat as a co-product that can lead to globally leading production costs for high-demand industrial uses,” said Andrew Wilder, CEO of Cross River. He added: “We believe that the hydrogen economy is firmly upon us and sectors such as transportation will require immense levels of low-cost hydrogen, and hydrogen carriers such as ammonia to effectively decarbonise.”
The partnership will focus on developing world-scale energy hubs to produce clean, base-load power and clean fuels, all powered by ARC technology. “With the development of new sustainable investment strategies, in combination with government policies, such as Canada’s Clean Fuel Standard, the financial sector is poised to support grid scale carbon-free power and industrial heat sources that will have a meaningful impact on reversing climate change,” said William “Bill” Labbe, ARC Canada president and CEO. “Combining ARC’s simplicity of design with Cross River’s integrated project delivery model is fundamental to ensuring the project can be financed and delivered.”