Canada’s North Shore Mi’kmaq Tribal Council (NSMTC) and its seven First Nation member communities have signed equity agreements with Moltex Energy Canada and ARC Clean Technology Canada related to small modular reactor (SMR) technology. These will enable NSMTC and its member communities (Oinpegitjoig, Ugpi’Ganjig, Natoaganeg, L’nui Menikuk, Tjipogtotjg, Metepenagiag, Amlamgog) to share in Moltex and ARC’s planned development and deployment of advanced nuclear technology in New Brunswick and globally.
NSMTC and its member communities are investing financially in both Moltex and ARC, through separate agreements. These will result in them receiving CAD2m ($1.47m) in share value from Moltex and CAD1m in share value from ARC. The number of shares received will depend on future company valuations at the close of later funding rounds.
Since establishing their businesses in New Brunswick, ARC and Moltex have prioritised engaging with and including First Nation communities. Beyond offering equity ownership opportunities, the companies are dedicated to creating additional avenues for the advancement and prosperity of First Nation people in New Brunswick, including opportunities in training, employment, procurement, and business development.
With the help of Saa Dene, a company focused on Indigenous inclusion through economic and social participation in the global economy, NSMTC conducted thorough due diligence to ensure that Moltex and ARC’s technologies and values harmonised with Indigenous teachings of honouring and respecting the Earth and its resources.
The agreements precede ARC and Moltex’s participation and sponsorship of the Indigenous-Led Energy Symposium, an NSMTC-organised event taking place in October. The symposium will bring together leaders from First Nation communities, utilities, government, and industry for two days of conversation and collaboration regarding opportunities for Indigenous participation in the New Brunswick energy sector.
Mike Holland, New Brunswick Minister of Natural Resources & Energy Development noted: “Small modular reactors are shaping an important part of Canada’s energy future. New Brunswick is leading the charge as the headquarters for both ARC Clean Technology and Moltex. This investment is a critical step in securing energy independence for my community and many others.”
Moltex is developing three technologies: a Stable Salt Reactor – Wasteburner (SSR-W) that uses recycled nuclear waste as fuel; a WAste To Stable Salt (WATSS) process for recycling nuclear waste to produce SSR-W fuel; and GridReserve thermal energy storage tanks, enabling the SSR-W to act as a peaking plant. Moltex was selected by NB Power to progress development of its reactor technology in New Brunswickwith the goal of deploying first-of-a-kind SSR-W, WATSS and GridReserve units at the Point Lepreau site.
ARC is developing the ARC-100, a 100 MWe integrated sodium-cooled fast reactor with a metallic uranium alloy core. The design is based on the Experimental Breeder Reactor-II (EBR-II) fast reactor prototype which operated at the USA's Argonne National Laboratory from 1961 to 1994. The ARC-100 has been selected by New Brunswick Power for implementation on their Point Lepreau site with the aim of completing it by the end of this decade.
Image courtesy of Moltex