Calgary, Alberta, March 07, 2023 (GLOBE NEWSWIRE) -- Terrestrial Energy, a Canadian nuclear technology company dedicated to delivering reliable, emission-free nuclear energy, announced today it is investing $18 million to expand its operations into Alberta by establishing an engineering, research and development office in Calgary. The company intends to create 29 jobs over the next two years.
Founded in 2013 and headquartered in Oakville, Ontario, Terrestrial Energy works to commission its zero-emissions Integral Molten Salt Reactor (IMSR®) heat and power plants for industrial consumers. The company is engaged with organizations throughout North America, the United Kingdom and other global jurisdictions to deploy its zero-carbon energy technology, which is also designed to generate high-efficiency, grid-based power. The company’s new office in Calgary will help accelerate its goals.
Terrestrial Energy was attracted to Alberta for its leadership in the energy sector and large industrial base. It was also drawn by the province’s low corporate tax rate, business-friendly environment and the large number of international companies in the region. Invest Alberta assisted the company by creating opportunities to make meaningful connections in Alberta.
In July 2022, Terrestrial Energy and Invest Alberta signed a memorandum of understanding to determine how to best work together to establish the company’s Alberta-based office, and today’s announcement marks the success of that partnership.
Working together with Calgary Economic Development, Terrestrial Energy chose the Western-Canadian city for its business community that collaborates with industry and government to drive growth and innovation. Named a top 30 cleantech ecosystem to watch in North America, Calgary is home to head offices of major companies throughout the energy value-chain.
With the highest concentration of head offices per capita and the highest proportion of post-secondary STEM graduates in Canada, Calgary has the energy expertise and skilled talent to advance a net-zero economy.
Alberta’s willingness to expand into nuclear energy helps diversify its energy market and attract unique investment in cleantech, enabling the province to achieve climate targets and be a leader in Canada’s energy transition. That willingness is evidenced by Alberta’s participation in the interprovincial Strategic Plan for the Deployment of Small Modular Nuclear Reactors (SMRs) to advance SMRs as a source of safe, reliable and clean energy.
As Alberta’s energy landscape continues to evolve, Terrestrial Energy’s proprietary technology has the potential to attract skilled labour to our province and create more new jobs in a rapidly evolving sector.
Terrestrial Energy secured space for its Western Canadian operation in Suncor Energy Centre. The company is actively recruiting regional talent to fill positions to support its Alberta-based commercial operation ambitions.
“Alberta’s economy has momentum, and Terrestrial Energy wants to be apart of that momentum. I am pleased to see Terrestrial Energy choose Alberta as their place to conduct business. With low corporate tax rates, decreased red tape for businesses, and a ready workforce, Alberta has an economic atmosphere that cannot be matched.”
– Minister Rajan Sawhney, Trade, Immigration and Multiculturalism
“Alberta is a global energy hub with a track record of pursuing innovation in energy markets. Today its industries are investigating the potential of nuclear innovation to deliver transformative changes, supported by the provincial government’s continued focus on innovation and growth. We look forward to growing our company in Alberta and delivering the first operating IMSR cogeneration plant, and by doing so demonstrate a solution to the greatest unsolved problem on the global pathway to net-zero: clean thermal energy supply for global industry.”
– Simon Irish, CEO of Terrestrial Energy
“Calgary is a global leader in cleantech innovation and companies like Terrestrial Energy will help power our pathway to a net-zero economy. Our city is home to experts in all things energy and has the companies, capital and talent to achieve Canada’s energy transition goals.”
– Brad Parry, President & CEO, Calgary Economic Development
“Terrestrial Energy’s expansion into Alberta reflects the potential Alberta holds for energy transition and emission reduction. Innovative nuclear technology companies like Terrestrial Energy are paving the way toward a net-zero future – and its investment in Alberta will create 29 more jobs in a sector that is seeing rapid growth in our province.”
– Rick Christiaanse, CEO, Invest Alberta
About Invest Alberta:
Invest Alberta is engaging the world and providing high-end tailored support to companies, investors, and major new projects. With team members strategically positioned in key markets around the world, Invest Alberta works to break down barriers so businesses can start up, scale up, and succeed without limits. Since 2020, Invest Alberta has supported the commitment of nearly $20 billion in investment that created more than 24,000 new high-value jobs for Albertans. For more information, please visit: www.investalberta.ca.
About Calgary Economic Development:
Calgary Economic Development is an opportunity-maker, helping to spark and fuel Calgary’s growth. Our job is to connect people with resources that can help them grow their careers or businesses, thrive in new locations or markets, and feel at home in our community. We offer a wealth of information to help everyone succeed and we tirelessly promote Calgary, in Canada and around the world. We’re exhilarated about our role in shaping and sharing Calgary’s story and we’re proud to be part of the energy. For more information, please visit our website at www.calgaryeconomicdevelopment.com and follow us on Twitter @calgaryeconomic.
About Terrestrial Energy:
Terrestrial Energy is developing for near-term commercial operation a zero-emissions cogeneration plant for global industry using its proprietary Integral Molten Salt Reactor (IMSR) fission technology in an innovative, small and modular plant design. The IMSR is a non-Light Water Reactor of the Generation IV class that operates at the high temperature required for broad industrial relevance with transformative economic potential. The IMSR plant is capable of grid-based electric power generation and industrial cogeneration in many energy-intensive industries, including petrochemical and chemical synthesis for hydrogen and ammonia production. The IMSR plant offers a near 50 percent improvement in efficiency of electric power generation compared to Light Water Reactor nuclear plants. Its industrial cogeneration capability delivers to today’s markets industrial competitiveness, security of energy, and zero-emissions industrial production. The IMSR plant’s use of existing industrial materials, components, and fuels supports its near-term deployment, setting the stage for a rapid global decarbonization of the primary energy system.