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The Company: Terrestrial Energy
HQ: Oakville, Ontario
Leadership: Canon Bryan, CFO
Describe your company in 30 words or less:
Terrestrial Energy is developing commercial advanced nuclear power plants. The plants will provide clean, low-cost electric and heat power, and will be deployed broadly and rapidly beginning in the 2020s.
Terrestrial Energy is pleased to introduce the GLOBE Capital audience to the newest emerging cleantech sector: nuclear innovation.
Your take on the biggest opportunity in the clean economy:
Nuclear energy represents the second largest source of clean energy in the world, with 400 nuclear power plants operating in 31 countries. Nuclear plants have delivered emissions-free dispatchable electricity for over six decades and achieve low and stable operating costs. Now, nuclear innovation offers exciting improvements on existing nuclear technologies that can help meet 21st century market needs.
Nuclear innovation makes clean, reliable and affordable energy even more accessible across global economies, large and small. With robust modular construction potential, it can be deployed broadly and very rapidly, at low cost. These small designs can also be built virtually anywhere, with most new designs not requiring water for cooling. They can also provide heat for industry, thereby making a significant contribution to decarbonizing the global energy system before 2050.
Nuclear innovation represents an immense opportunity for investors to participate in the just energy transition. The small size of advanced reactors means many small units can be deployed in low-cost increments. This makes the capital cost appropriate for even small economies, and for private sector investment.
Nuclear innovation will be cost-competitive with the lowest-cost energy sources in the market today, including natural gas and solar. Construction times will be comparable to renewable energy parks or natural gas plants.
In 2018, the IPCC released their SR1.5 report. In it, they modeled 89 emissions scenarios, with growth in nuclear capacity in 85 of those scenarios. Growth of two to six times over today’s capacity by 2050 was projected. Nuclear innovation will play a major role in this growth.
What clean solution are you most excited about?
In order to decarbonize, transportation and industry will require immense quantities of heat for manufacturing, as well as sustainable fuels. Advanced nuclear reactors can produce high-temperature heat suitable for use in industrial manufacturing. This high-temperature heat can also be used to produce low-cost hydrogen at massive scale, as well as carbon-neutral synthetic fuels to seamlessly substitute for GHG-emitting fuels. Reactors can be installed in the production facility to facilitate the production of these fuels.