RWT Growth and StarCore Nuclear Canada have announced a partnership to bring low cost, clean nuclear energy to remote locations and industries that rely on less environmentally friendly sources power, such as diesel generators.
StarCore said the deal represents a benchmark investment both in terms of scale and innovation.
StarCore Nuclear Canada utilises technology similar to that which has long been used aboard nuclear submarines or large warships. In 50 years, it has seen no major incidents, making this a safe and clean choice of, the company said.
For remote towns, such as those in Canada currently relying on damaging diesel generators to power their communities, using this technology is a highly beneficial, more sustainable option.
StarCore Nuclear Canada is a Generation IV High Temperature Gas Reactor technology that has been designed, optimised and patented for the purpose of providing small-scale, safe, low cost and low CO2-emission power production in remote locations.
The StarCore says its nuclear technology can significantly reduce reliance on diesel to produce power and by doing so reduce greenhouse gasses and lower the cost of energy production, which is critical for remote communities, mines, island communities and large industry.
Compared with usual nuclear reactor costs of around £18 billion – StarCore’s reactors will cost considerably less, with only few members of staff required to maintain the reactors.
StarCore Nuclear Canada has engaged RWT Growth as the exclusive corporate and capital advisor for its global operations and StarCore’s imminent small modular nuclear reactor power project(s) in Canada.
RWT Growth is a boutique corporate advisory and investment banking advisory banking firm with offices in Canada and London UK. StarCore and RWT have been working together since June 2019.
“StarCore represents a technology that can change the way we provide power to some of the world’s most remote locations and provide economic power solutions while dramatically lowering CO2,” said RWT Growth CEO Reece Tomlinson.
David Dabney, CEO of StarCore Nuclear, said: “RWT and Reece have been working with StarCore for several years and have become an integral part of our team. They brought a Canadian centric view to our investment structure that has opened a lot more doors and expanded the range of investment options. We want to build a team of individuals committed to the success of StarCore, and RWT has not only done that as our financial advisor but also by supporting the critical benefits StarCore can bring to the communities we serve. So our work with RWT has been very rewarding on many levels.”
Photo: StarCore nuclear power plant (Photo credit: StarCore)