Saint John, New Brunswick-based ARC Clean Energy Canada, an advanced small modular reactor technology provider, has raised C$30 million in Series A financing. The round was backed by unidentified private investors and the New Brunswick government. The proceeds will support deployment of the company’s commercial grid-scale aSMR at the Point Lepreau Nuclear Generating Station site.
ARC Canada Closes $30 Million Series A Financing
April 04, 2022
SAINT JOHN, New Brunswick–(BUSINESS WIRE)–ARC Clean Energy Canada (ARC Canada), an advanced small modular reactor (aSMR) technology provider, announced today the completion of its Series A financing in the amount of $30 million (CAD) from private sector investment and the Province of New Brunswick. This financing will progress the deployment of Canada’s first commercial grid-scale aSMR at the Point Lepreau Nuclear Generating Station (PLNGS) site, owned by the provincial utility, New Brunswick Power (NB Power). It also sets the stage for further milestone achievements which will unlock additional funding from the province.
“Canada has taken the lead in the development of aSMR technology,” said ARC Canada President & CEO, Mr. William P. Labbe, Jr. “With the recent closing of our Series A financing, the investment community is demonstrating clear confidence in ARC Canada’s ability to deliver an energy solution that will produce carbon free, low cost, baseload power with a high-quality heat supply ideal for clean fuels production and industrial decarbonization.”
“The Government of New Brunswick’s partnership with ARC Canada will see the launch of its safe and proven technology at the PLNGS site,” said New Brunswick Minister of Natural Resources and Energy Development, Mike Holland. “It is encouraging, but not surprising, that private sector investors share our confidence in the clean energy provided by ARC Canada’s advanced SMR technology.”
ARC Canada will deploy its technology for both electrical and industrial applications to customers including utilities, governments, and corporations. The launch customer, NB Power, is an experienced nuclear operator with a proven track record for safety, reliable operations and has a strategically positioned electrical grid able to supply Atlantic Canada and the New England states with a clean and reliable source of generation.
The ARC Canada technology is a modular 100MW fast reactor that improves upon existing nuclear with its enhanced field-proven safety features and operates with a 20-year refueling cycle. Its simple modular design and factory assembly yields low-cost energy and allows for broader supply chain participation, resulting in a significant economic opportunity for the region.
“NB Power congratulates ARC Canada on completing this important milestone. We are pleased to partner with ARC Canada to progress the deployment of advanced SMR technology at PLNGS, which is key for providing safe, reliable, and competitive generation to New Brunswickers,” said NB Power CEO, Mr. Keith Cronkhite. “The versatility of the technology is unique in that it partners well with both electrical and industrial applications due to its high-quality heat, a key differentiator.”
ARC Canada’s technology is supported by strategic world-class engineering partners. The company successfully entered Phase 2 of the Canadian Nuclear Safety Commission’s (CNSC) vendor design review process as part of the design oversight from the world-class regulator.
About ARC Clean Energy Canada Inc.
ARC Clean Energy Canada Inc. (ARC Canada) is a clean energy technology company developing an advanced small modular reactor (SMR) offering inherently safe, reliable, and economical carbon free power that deals with waste for both on-grid and industrial applications. ARC Canada has established its Head Office in Saint John, New Brunswick with a goal of promoting business and economic development within Canada. ARC Canada envisions the creation of a sustainable supply chain delivering economic growth, well-paying supply chain jobs and the opportunity for New Brunswick and Canada to take a lead in the advanced small modular reactor technology field.