Moltex Energy Appoints Deloitte to Support their Canadian Deployment Programme
London, 14 July 2017 – Moltex Energy, a leading technology company set up to commercialise its breakthrough molten salt reactor design, has appointed Deloitte to help secure the next round of development funding needed to take the Stable Salt Reactor (SSR) design through the initial pre-licensing review.
Deloitte will work with the Management of Moltex Energy and its technical and legal advisors to run a global funding competition to find a strategic investor by the end of the year.
The SSR technology is a safer, cleaner, and cheaper alternative to conventional nuclear power plants. It is cost competitive with power generation from fossil fuels, delivering a market return without subsidies, and can be fuelled using reprocessed spent nuclear fuel. The first reactor could be online as early as 2026.
Moltex Energy announced in June that it has decided to pursue Phase 1 and Phase 2 of the Canadian Vendor Design Review process as a first step to building a first commercial reactor within the next 10 years. This process provides feedback to Moltex on how their design is demonstrating that Canadian requirements for design and safety analysis will be met. In the second phase of the process, CNSC will identify where fundamental barriers to licensing may exist if regulatory issues are not addressed prior to a project being initiated to build and operate an SSR within the next 10 years. This feedback can be used by Moltex to engage with utility partners and to reduce key regulatory risks the design may present before a project’s licensing process begins.
Daniel Grosvenor, Head of Nuclear at Deloitte, said: “We are delighted to be appointed by Moltex Energy to assist with their plans to pursue the pre-licensing review in Canada. The technology has been endorsed by a number of highly experienced nuclear engineering firms and respected industry figures, and we are pleased to be joining the team. SSR technology has a strong potential to make a radical difference to how nuclear power is perceived – as a safe, reliable and cheap form of low carbon generation. Perhaps an even bigger prize, however, may be its potential to substantially reduce the global inventories of spent nuclear fuel and its financial burden on future generations”.
Stephen Haighton, Chief Executive of Moltex Energy, said: “We are delighted to be working with Deloitte, whose specialist knowledge in nuclear energy, early stage technology development and corporate finance advisory skills will complement the experience and capabilities of the team at Moltex Energy. Together we will drive the licensing programme and look forward to bring on board a strategic investor with the vision and conviction to take SSR technology forward”.