Moltex Signs MOU With N.B. First Nation, Port Authority

Moltex Energy, with offices in Saint John, is looking at pursuing opportunities related to small modular reactors in northern New Brunswick.

The company has signed a memorandum of understanding (MOU) with Pabineau First Nation and the Belledune Port Authority (BPA).

It will allow them to work on “mutually beneficial initiatives” at the Port and surrounding areas, specifically related to SMR Canadian domestic use and exports.

“We are pleased to be entering into an MOU with Moltex and BPA to identify and pursue opportunities related to SMRs,” Pabineau First Nation Chief Terry Richardson said in a news release.

“Our community is eager to benefit from the jobs and economic prosperity this new industry will bring to the province.”

Moltex said access to a deep-water, all-weather port such as Belledune will be essential for exporting components and modules if they are successful in selling reactors worldwide.

The MOU will remain in force and effect for one year and will continue to renew year-to-year unless terminated by any of the parties.

“Developing partnerships with First Nation communities and other stakeholders in New Brunswick is a top priority for us,” Moltex Energy CEO Rory O’Sullivan said in the release.

“We recognize the importance of early and frequent engagement, not just to build trust, but so communities can build the necessary capacity to support and benefit from our operations.”

Moltex was selected by NB Power and the provincial government to progress development of its reactor technology in New Brunswick. The company hopes to deploy its first reactor at Point Lepreau by the early 2030s.

In March, the federal government invested over $50-million in Moltex Energy. Another $5-million was split between various partners in the province including the University of New Brunswick’s Centre for Nuclear Energy Research and NB Power to prepare for SMR deployment at Point Lepreau.