Cameco Signs MOU with Terrestrial Energy

Cameco has announced the signing of another Memorandum of Understanding (MOU) – this time with Oakville, Ont.-based Terrestrial Energy.

The two companies will work together to look for partnership opportunities to “deploy Terrestrial Energy’s Integrated Molten Salt Reactor (IMSR) Generation IV nuclear power plants in North America and worldwide” and examine opportunities for supplying uranium and services. This agreement will also see the companies examine Cameco’s uranium conversion facility in Port Hope, Ont. for IMSR fuel salt supply.

“Nuclear energy is a proven, reliable source of carbon-free power and a critical tool in achieving a net-zero emissions future in North America and worldwide,” said Cameco president and CEO Tim Gitzel. “Cameco plans to be a key fuel supplier for the emerging small modular reactor and advanced reactor market. We look forward to investigating with Terrestrial Energy opportunities to partner for possible future deployments of its next-generation nuclear power plant technology.”

The Terrestrial Energy IMSR power plant is one of three Small Modular Reactor (SMR) power plant designs being considered for deployment at the Ontario Power Generation (OPG) Darlington Nuclear Generating Station.

Cameco is a Canadian and global leader in uranium supply and other fuel services, and we welcome this opportunity to investigate with them opportunities around the deployment of IMSR power plants and to supply nuclear fuel to our plants in Canada and worldwide,” said Simon Irish, CEO of Terrestrial Energy. “IMSR power plants use Generation IV nuclear technology for a 50 percent improvement in the efficiency of nuclear power generation and are a carbon-free alternative to burning fossil fuels.”

Cameco has signed numerous agreement in the last several months, including an MOU with GE Hitachi Nuclear Energy and Global Nuclear Fuel-Americas in July, another with X-energy in September, and a third with GE Hitachi Nuclear Energy, GEH SMR Technologies Canada and Synthos Green Energy on September 23, 2021.

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