'Innovative technology': Oakville company gets $20M from federal government to bring smaller, clean nuclear reactors to market

Source: David Lea · INSIDE HALTON · | October 24, 2020

Source: Inside Halton

An Oakville nuclear technology company has received a $20-million investment from the federal government to make a smaller and more versatile nuclear reactor a reality.

Minister of Innovation, Science and Industry Navdeep Bains announced the investment in Terrestrial Energy, which is located at 2275 Upper Middle Rd., E., on Thursday, Oct. 15.

The investment is intended to help the company finish development of small modular nuclear reactors (SMRs) and bring them to market.

Officials with Terrestrial Energy said the money will also allow them to create and maintain 186 jobs and create 52 co-op positions.

Bains said SMRs are being designed at a range of scales and have the potential to replace conventional coal and fossil generation and help remote sites move off diesel with a non-emitting source of energy.

“The Government of Canada supports the use of this innovative technology to help deliver cleaner energy sources and build on Canada’s global leadership in SMRs,” said Bains in a media release.

“By helping to bring these small reactors to market, we are supporting significant environmental and economic benefits, including generating energy and reducing emissions, highly skilled job creation and Canadian intellectual property development.”