Essel Group ME provides 200 MUSD financing!

Signing an investment and financing agreement for 200 million USD with LeadCold in London on January 20th, Essel Group ME enables LeadCold to license and construct the world’s first privately funded lead-cooled nuclear power plant.

 

Using advanced technology, small nuclear reactors may provide clean and safe base-load energy in locations where today diesel power is the only choice, such as in Arctic regions, remote islands, off-grid communities, mining and and shipping industry. Diesel generators are responsible for 3% of global greenhouse gas missions.

 

LeadCold develops the small lead-cooled nuclear reactor SEALER for commercial power production in Arctic communities and mining operations. A SEALER unit is capable of producing 3-10 MW of electricity for 10-30 years, without ever refuelling the reactor. The use of lead coolant eliminates the need for emergency cooling and reduces the risk for release of radio-active elements. Moreover, LeadCold engineers have developed novel aluminium alloyed steels that are highly corrosion resistant in contact with liquid lead, addressing the major obstacle having hampered the commercial implementation of this technology.

 

In December 2016, LeadCold signed a service agreement with the Canadian Nuclear Safety Commission (CNSC), where CNSC agrees to carry out a prelicensing review of LeadCold’s SEALER design.

 

Following the investment agreement with Essel Group ME, LeadCold will be able to

 

• Complete the pre-licensing review with CNSC

• Complete the detailed engineering design of SEALER

• Carry out the R&D necessary for obtaining license to build commercial SEALER units in Canada

• License and construct a full scale 3 MWe demonstration reactor in Canada.

 

LeadCold expresess its gratitude to InnoEnergy as an instrumental seed investor and to Morgan Gatsby Capital as facilitator for the current investment.

Contact: info@leadcold.com 

© LeadCold Reactors, 2017