North Shore Mi'kmaq Tribal Council and member communities announce historic equity agreements with Moltex and ARC Clean Technology
SAINT JOHN, NB, Sept. 25, 2023 /CNW/ - North Shore Mi'kmaq Tribal Council (NSMTC) and its seven First Nation member communities are thrilled to announce that they have signed equity agreements with Moltex Energy Canada Inc. (Moltex) and ARC Clean Technology Canada, Inc. (ARC).
These first-of-a-kind agreements in the field of small modular reactor (SMR) technology will enable NSMTC and its member communities (Oinpegitjoig, Ugpi'Ganjig, Natoaganeg, L'nui Menikuk, Tjipogtotjg, Metepenagiag, Amlamgog) to share in Moltex and ARC's success in developing and deploying advanced nuclear technology in New Brunswick and around the world.
NSMTC and its member communities are making financial investments in both Moltex and ARC, via separate agreements, that result in them receiving $2 million in share value from Moltex and $1 million in share value from ARC. While details are confidential, both deals have been structured in recognition of the key role First Nations play in New Brunswick's energy future. The number of shares received will depend on future company valuations at the close of later funding rounds.
Since establishing their businesses in New Brunswick, ARC and Moltex have prioritized engaging with and including First Nation communities. Beyond offering equity ownership opportunities, the companies are dedicated to creating additional avenues for the advancement and prosperity of First Nation people in New Brunswick, including opportunities in training, employment, procurement, and business development.
With the help of Saa Dene, a company focused on Indigenous inclusion through economic and social participation in the global economy, NSMTC conducted thorough due diligence to ensure that Moltex and ARC's technologies and values harmonized with Indigenous teachings of honouring and respecting the Earth and its resources.
The agreements precede ARC and Moltex's participation and sponsorship of the Indigenous-Led Energy Symposium, an NSMTC-organized event taking place October 24-26 in Moncton. The symposium will bring together leaders from First Nation communities, utilities, government, and industry for two days of conversation and collaboration regarding opportunities for Indigenous participation in the New Brunswick energy sector.
Details of the equity agreements were announced at the Saint John Arts Centre at a news conference attended by Indigenous leaders, government representatives, industry partners, and the media.
"Ukjit ula'tinew msit No'kmaq (for the betterment of our people). The North Shore Mi'kmaq Tribal Council (NSMTC) was formed in 1987 to serve the communities of Oinpegitjoig (Pabineau), Ugpi'Ganjig (Eel River Bar), Natoaganeg (Eel Ground), L'nui Menikuk (Indian Island), Tjipogtotjg (Buctouche), Metepenagiag (Red Bank), and Amlamgog (Fort Folly) First Nations. NSMTC's mission is to provide service delivery for its communities' interests and well-being while preserving their cultural heritage and traditional way of life. NSMTC's priorities include land and resource management, economic development and job creation, health and social services, education and language preservation and cultural and community events. NSMTC works collaboratively with its community members, other Indigenous organizations, and government agencies to address issues and opportunities that affect its communities. It is committed to transparency, accountability, and meaningful engagement with its community members.
Moltex Energy Canada Inc. (Moltex) is a Canadian IP company and nuclear technology leader that has caught the attention of governments, utilities and investors worldwide. It is developing three unique technologies: a Stable Salt Reactor – Wasteburner (SSR-W) that uses recycled nuclear waste as fuel; a WAste To Stable Salt (WATSS) process for recycling nuclear waste to produce SSR-W fuel; and GridReserve thermal energy storage tanks, enabling the SSR-W to act as a peaking plant. Moltex was selected by NB Power to progress development of its reactor technology in New Brunswick, Canada, with the goal of deploying first-of-a-kind SSR-W, WATSS and GridReserve units at the Point Lepreau site.
ARC Clean Technology Canada, Inc. (ARC) is a clean energy technology company developing the ARC-100, an advanced small modular reactor (aSMR) offering inherently safe, reliable, and economical carbon free power. Leveraging proven technology from the 30-year performance of its prototype, the ARC-100's simple, modular design provides 100 megawatts of electricity and industrial heat that will be cost competitive with fossil fuels. Important applications include the decarbonization of heavy industry, the fueling of low-carbon hydrogen projects, and the creation of life-saving medical isotopes. The ARC-100 has been selected by New Brunswick Power for implementation on their Point Lepreau site with completion by the end of this decade. This will make it the first grid-scale Generation IV aSMR deployed in Canada. ARC Clean Technology Canada, Inc. has offices in Saint John, New Brunswick and is a subsidiary of ARC Clean Technology Inc. based in Washington, DC.
SOURCE Moltex Energy
Media contacts: Julie Guillemet, North Shore Mi'kmaq Tribal Council, [email protected]; Aleisha Bosch, Moltex, [email protected]; Sandra Donnelly, ARC Clean Technology, [email protected]; Jauvonne Kitto, Saa Dene, [email protected]
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