Canadian company Terrestrial Energy has secured CAD$10 million ($7 million) in Series A funding to support its program to bring its Integral Molten Salt Reactor (IMSR) technology to industrial markets in the 2020s.
Terrestrial Energy CEO Simon Irish said that the funds will be used to support pre-construction and pre-licensing engineering, and to support further engagement with industry and nuclear regulators. "These programs allow the Company to demonstrate to industry the commercial merits of the IMSR design," he said.
Series A funding is a term used to describe a company's first round of funding secured by selling preferred stock to investors, typically venture capitalists. Details on the source of Terrestrial Energy's funding have not been revealed.
Terrestrial Energy in January 2015 announced a collaboration with ORNL to develop its IMSR design to the engineering blueprint stage.
The conceptual design stage is anticipated to be completed in 2017.
Canadian David LeBlanc is developing the Integral Molten Salt Reactor, or IMSR. The goal is to commercialize the Terrestrial reactor by 2021.
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Render by Terrestrial Energy of their IMSR plant.