Ultra Safe Nuclear announces the conclusion of two agreements to contribute to the development of micro-modular reactors.
A university partnership
Seattle-based Ultra Safe Nuclear signs a protocol with Lappeenranta University of Technology (LUT) in Finland. The American company signs a second protocol with Portland Holdings. For these three partners, the aim is to support the deployment of the advanced MMR (Micro-Modular Reactor ).
LUT University in Finland plans to use the reactor as a training, research and testing facility. It will benefit from a connection to the district heating infrastructure that provides carbon-free heating to the city. The MMR research reactor will test new technologies to decarbonize energy production.
It will also help train the future workforce. Francesco Venneri, CEO and founder of Ultra Safe Nuclear, states:
“The work that LUT is doing to support the transition to a carbon neutral world is important and MMR is the ideal research and training center to advance their knowledge and experience, particularly with respect to decarbonizing district heating systems.”
In Finland there is a strong preference for district heating, especially with fossil fuels such as peat and coal.
These fuels are being phased out by 2029. The MMR produces between 15MW and 30MW of thermal energy, in complete safety. Indeed, its microencapsulated fuel entirely in ceramic, allows a secure installation.
A financial partner
Portland Holdings Investco Limited, a private equity firm located in Burlington, Ontario, Canada. The Canadian company will invest up to $350 million to bring secure solutions to the Middle East and North Africa. Michael Lee-Chin, President and Chairman of Portland Holdings, said:
“I am delighted to have the opportunity to collaborate with Ultra Safe Nuclear in delivering its MMR technology solutions to countries in the MENA and Caribbean regions and contribute to their efforts to achieve net zero greenhouse gas emissions, ultimately providing sustainable alternatives to reduce the global carbon footprint. Our investment in Ultra Safe Nuclear will also contribute to significant milestones in advancing the initial MMR deployment sites at Chalk River, Canada, and the University of Illinois Urbana-Champaign in the United States. This partnership represents our commitment to investing in innovative solutions and addressing humanity’s most unmet need – climate change.”
These MMR units are inherently safe and compact. For the Canadian company, these units will provide governments and remote communities with access to cleaner energy. Ultra Safe Nuclear is seeing a high and growing interest in its micro-reactor solutions.
Ultra Safe Nuclear hopes to meet the market demand through this global financial leader, Portland. This micro-reactor technology will be able to address many carbon-free energy and heat applications. Finally, it is about fostering sustainable growth for the United States, Canada and countless other countries.
Ultra Safe Nuclear is a global leader in nuclear technologies and services. It is the only private company producing TRISO and FCM fuel. Thanks to this fuel encapsulation process, nuclear power is a safe and reliable carbon-free energy.
