Local Journalism Initative 

Micro Modular Reactor project in limbo after bankruptcy

Sophie Demers 

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 Chapter 11 bankruptcy in the United States in October 2024 to facilitate the sale of the corporation's assets, including those of its 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. After carefully exploring all available options, we decided this court-supervised sale process offers the best path forward while ensuring continuity across our key technology initiatives,” said Kirk Edwards, chairman of USNC’s board of directors when the bankruptcy was announced. 

On December 24, 2024, NANO Nuclear Energy Inc. acquired USNC’s patented MMR system as well as its Pylon reactor technology, associated patents, intellectual property rights, and certain demonstration project partners in relation to the MMR system. The sale was made at a court-supervised auction for $8.5 million. 

In a press release about the acquisition, NANO said it “intends to build upon and strengthen the extensive industry relationships USNC established during its operations. This includes ensuring continuity in licensing, regulatory, and grant-related efforts wherever feasible. The acquired technology will enable NANO to refine and better tailor its offerings within previously announced collaborations and partnerships, including ongoing initiatives.” 

In their latest release, James Walker, Chief Executive Officer and Head of Reactor Development of NANO, stated their technical team is exploring the nuclear technology patents acquired in the sale. As the exploration progresses, a clearer understanding will emerge on how the technology will enhance their development plans. 

“As our technical teams continue their deeper exploration of the various nuclear technology patents, the benefits they'll provide to our development plans becomes more apparent,” said Walker.

What does this mean for the Chalk River Nuclear reactor?

Global First Power (GFP), a USNC subsidiary, was moving forward with an MMR system in Chalk River, planned to be operational by 2028. 

“Supporting nuclear power in the country is a big part of our vision at Canadian Nuclear Laboratories (CNL) and we're working hard to see Small Modular Reactors (SMRs) and other advanced technologies move forward. We're working with a number of vendors on our site and program, of which Global First Power was one,” said Philip Kompass, Director of Corporate Communications at CNL. “We've had conversations with NANO to understand their plans and vision. At this point, they haven't announced whether they'll be picking up that project, but we're having those conversations and discussions now.” 

Kompass states that regardless of whether NANO decides to move forward with the project, CNL’s SMR project will continue. They've spoke with other vendors and continue to develop these relationships. 

On February 3, CNL announced an expansion to the SMR program. They're inviting other technologies like fusion, battery storage, and other innovative energy technologies to site the projects at a CNL-managed site. Kompass says this means more opportunities for projects at Chalk River. Applications for the expanded program are now open.