TORONTO--(BUSINESS WIRE)--Canadian Space Mining Corporation (CSMC) is proud to announce the signing of a Memorandum of Understanding (MOU) and Licensing term sheet with Canadian Nuclear Laboratories (CNL) to explore commercialization of the SLOWPOKE-2 reactor technology, marking a significant step forward in the company’s mission to establish itself as a global leader in micro-reactor technology. The SLOWPOKE-2 is an iconic Canadian-designed small reactor, with a proven track record of reliable, long-term operations.
The MOU outlines several key areas of cooperation, including collaborative research and development initiatives, and, subject to ongoing negotiations and mutual agreement, licensing of the reactor intellectual property with the goal of developing a viable energy solution for future lunar operations, as well as applications in remote locations including Canada’s arctic region. This groundbreaking collaboration marks a significant step forward in the continued resurgence of Canada's nuclear sector and brings proven Canadian technology into the emerging small reactor market.
“This is a pivotal moment in our journey to develop micro-reactors that meet current and future needs,” said Daniel Sax, CEO of CSMC. “We are confident in our ability to deploy the world’s first reactor on the Moon, contributing to international space exploration as part of NASA’s Artemis missions. At the same time, we see immense potential for commercializing this technology here on Earth, offering a sustainable and reliable energy solution to replace diesel generators in remote and Indigenous communities across the Arctic.”
A proven technology, eight SLOWPOKE reactors have been built, with three still in operation. It is considered by some to be the safest reactor on the planet due to its numerous passive safety systems. CSMC has been working towards upgrading and modernizing the reactor design into a commercial version it calls LEUNR, significantly increasing its utility to meet current demands, and preparing it for a demonstration in the near future.
"CNL is excited to work alongside AECL and CSMC to breathe new life into the SLOWPOKE nuclear reactor technology, revitalizing what is a safe and proven technology,” commented Dr. Stephen Bushby, Vice-President of Science & Technology at CNL. "This agreement lays the foundation for continued collaborative research, leveraging the expertise at CNL to modernize the technology to meet the demands of today’s market, and is aligned with CNL’s efforts to commercialize this and other AECL reactor technologies."
“This collaboration signals another key step in cementing Canada’s competitive position in the current and future nuclear market,” noted Dr. Amy Gottschling, Vice-President of Science, Technology & Commercial Oversight at AECL. “It is another example of the world-leading innovation happening within the nuclear energy sector in Canada, building off the decades of work enabled by our national nuclear laboratories.”
About Canadian Space Mining Corporation
CSMC is a leading Canadian space technology company focused on solving long term challenges in space that are immediately applicable to solving Earth’s big problems. It does that in nuclear energy, in resources, and in healthcare.
To learn more about CSMC, please visit www.csmc-scms.ca.
About CNL
As Canada’s premier nuclear science and technology laboratory and working under the direction of Atomic Energy of Canada Limited (AECL), CNL is a world leader in the development of innovative nuclear science and technology products and services. Guided by an ambitious corporate strategy known as Vision 2030, CNL fulfils three strategic priorities of national importance – restoring and protecting the environment, advancing clean energy technologies, and contributing to the health of Canadians.
By leveraging the assets owned by AECL, CNL also serves as the nexus between government, the nuclear industry, the broader private sector and the academic community. CNL works in collaboration with these sectors to advance innovative Canadian products and services towards real-world use, including carbon-free energy, cancer treatments and other therapies, non-proliferation technologies and waste management solutions.
To learn more about CNL, please visit www.cnl.ca.