SOPHIE DEMERS
LOCAL JOURNALISM INITIATIVE

CHALK RIVER – The parent company responsible for the planned Micro Modular Reactor (MMR) project at Chalk River has declared bankruptcy. Ultra Safe Nuclear Corporation (USNC) filed for Chapter 11 bankruptcy in the United States in October 2024 to facilitate the sale of its assets, including those of subsidiaries Global First Power Ltd, Ultra Safe Nuclear-Technologies, and USNC-Power.

“Ultra Safe Nuclear remains steadfast in its dedication to bringing safe, commercially competitive, clean, and reliable nuclear energy to global power and industrial markets,” said Kirk Edwards, chairman of USNC’s board of directors.

On December 24, 2024, NANO Nuclear Energy Inc. acquired USNC’s patented MMR system, Pylon reactor technology, associated patents, and certain demonstration project partners for $8.5 million at a court-supervised auction.

NANO said it intends to build on the industry relationships USNC had established. The company aims to ensure continuity in licensing, regulatory, and grant-related efforts where possible.

James Walker, NANO’s Chief Executive Officer and Head of Reactor Development, said their technical team is evaluating the acquired patents to determine how they will enhance NANO’s development plans.

“As our technical teams continue exploring the nuclear technology patents, the benefits they’ll provide to our development plans becomes more apparent,” said Walker.

Global First Power (GFP), a USNC subsidiary, had been advancing the Chalk River MMR system, planned for completion by 2028. Canadian Nuclear Laboratories (CNL) is in discussions with NANO about the project’s future.

“We’ve had conversations with NANO to understand their plans and vision,” said Philip Kompass, Director of Corporate Communications at CNL. “At this point, they haven’t announced whether they’ll be picking up that project, but we’re talking.”

Kompass said that regardless of NANO’s decision, CNL’s Small Modular Reactor (SMR) program will continue. CNL has spoken with other vendors and continues to expand partnerships.

On February 3, CNL announced an expansion of the SMR program, inviting technologies like fusion, battery storage, and other innovative energy solutions to propose projects at a CNL-managed site. Applications for the expanded program are now open.