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Ottawa invests $50.5M in Moltex Energy Canada to develop nuclear reactor technology

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Ottawa is investing $50.5 million in Moltex Energy Canada Inc. to help in the development of the company’s stable salt nuclear reactor and spent fuel recycling technology.

The money includes $47.5 million from the Strategic Innovation Fund and $3 million from the Regional Economic Growth through Innovation program.

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As part of the SIF investment, the company has committed to creating and maintaining 48 full-time jobs.

Moltex wants to build a stable salt reactor that uses a process that recycles existing used nuclear fuel at the Point Lepreau Generating Station site in Saint John and hopes to be providing power to the grid by the early 2030s.

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The stable salt reactor and spent fuel recycling technology has the potential to reduce storage needs for existing used nuclear fuel.

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Ottawa also announced $5 million to help NB Power Corp. prepare the Point Lepreau site and $561,750 to help the University of New Brunswick’s Centre for Nuclear Energy Research.

This report by The Canadian Press was first published March 18, 2021.

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