U.S. Small Modular Reactor (SMR) Company Terrestrial Energy to Go Public on Nasdaq
Terrestrial Energy, a U.S. small modular reactor (SMR) company, is preparing to go public on the U.S. stock market. The company aims to strengthen its financial position and accelerate the commercialization of its Integrated Molten Salt Reactor (IMSR), a next generation nuclear reactor known as a “fourth generation reactor.”
On the 27th, Terrestrial Energy announced that it had signed a merger agreement with HCM II Acquisition Corp., a special purpose acquisition company (SPAC) listed on Nasdaq.
Terrestrial Energy is targeting a valuation of $925 million and plans to raise $280 million in funding. The company aims to complete the merger by the fourth quarter of this year.
Simon Irish, CEO of Terrestrial Energy, stated, “Power demand is increasing at an unprecedented rate due to remarkable innovations across key industries, and interest in fourth generation reactors, including IMSR, is growing.” He added, “This business combination will further accelerate the commercialization of our reactor technology.”
Founded in 2012, Terrestrial Energy is working toward the commercialization of IMSR within the next decade. The company’s proprietary IMSR model has a potential output of approximately 390 megawatts (MW).
IMSR is a type of SMR and is classified as a “fourth generation reactor” due to its innovative technology. It is also known as a “liquid fuel reactor” because its nuclear fuel is dissolved in the coolant. By combining the coolant and nuclear fuel into a single liquid mixture, IMSR eliminates the risk of coolant loss, enhancing both safety and economic efficiency.
In 2022, Terrestrial Energy signed a memorandum of understanding (MOU) with DL E&C to collaborate on the development and construction of IMSR based cogeneration power plants. The company has also established partnerships and agreements with Westinghouse, EnergySolutions, Schneider Electric, and the U.S. Department of Energy.
