Canada, USNC One Step Closer to Constructing World's First Micro Modular Reactor with Signing of Project Host Agreement

Ultra Safe Nuclear Corporation (USNC) continues to make progress towards deployment of its first micro modular reactor (MMR™) with the signing of the Project Host Agreement for the company's initial deployment site in Canada. Global First Power (GFP) Ltd., the joint venture between Ontario Power Generation (OPG) and Seattle-based Ultra Safe Nuclear, has signed a Project Host Agreement with Canadian Nuclear Laboratories (CNL) in support of the MMR Project at Chalk River, a site owned by Atomic Energy of Canada Ltd. (AECL) and managed by CNL.  The project is on track to be the first micro reactor deployment in the world.

• The Project Host Agreement establishes the framework under which GFP and CNL will work co-operatively with respect to licensing, design, siting, and other matters to advance the project.
• Signing of the agreement enables GFP and CNL to initiate development of a land-use agreement at Chalk River.
• With the Host Agreement step completed, GFP has cemented its status as the leading and closest-to-deployment, advanced reactor project in North America.

The 15 megawatt (MW) thermal (5 MW electrical) MMR power plant at Chalk River will serve as a model for future commercial MMR installations, supporting remote off-grid customers with clean carbon-free energy, and support Canada's climate change goals.

"The Chalk River project remains on track for completion by 2026 and will demonstrate the superior design of our reactor and our fuel, as well as validate our business model," stated Mark Mitchell, senior vice-president of commercial reactors for USNC. "Our partners in Canada are showing real leadership in pursuing an innovative vision for addressing climate change."

"Our MMR is an extremely flexible instrument that can be applied to a wide variety of configurations, and we continue to be encouraged by the steady progress we're making at the Chalk River Laboratories site," said Francesco Venneri, CEO of Ultra Safe Nuclear Corporation. "The momentum we're achieving at Chalk River and with other strategic opportunities has enabled us to grow our staff to more than 100 people, develop great technology that's ready for implementation, and implement an aggressive plan to establish our North American manufacturing eco-system."