Moltex Energy raises USD7.5 million through crowdfunding

16 September 2019

UK-based Moltex Energy, creator of the Stable Salt Reactor (SSR), has raised GBP6 million (USD7.5 million) in funding through online investment platform Shadow Foundr. The funding will support the company through the pre-licensing process in Canada and will allow the further development of the business in the UK.

Moltex's vision of an SSR plant (Image: Moltex)

Nearly half of the figure came from 170 investors in the first 'crowdfunding' campaign for nuclear fission in the world. This is a sign the general public is recognising the real potential of nuclear energy in the fight against climate change, Moltex said. "Investor-appetite" saw the initial funding target of GBP4 million achieved in less than a week, with Moltex closing the round soon after GBP2 million was over-subscribed at GBP6 million.

Moltex said: "With the UK pledging to be net-zero carbon economy by 2050, intermittent renewable sources cannot do the whole job alone: a variable power source is required to bridge the gap between supply and demand. Today that source is gas. Moltex's new fission technology has a variable output and can replace gas in the national grid, making zero carbon electricity generation a reality.

"Zero carbon is one thing, but electricity also has to be cheap. Fossil fuels will finally be displaced when the alternatives are cheaper, and Moltex offers exactly that too - electricity generated from abundant sources, carbon-free, for less than the cost of coal or gas. What's more, cheap electricity will speed up the decarbonisation of heating and transport."

The nuclear technology development company's aim is to deliver electricity at lower costs than today’s fossil fuel sources, and at scale globally, thereby having a meaningful impact on climate change. The SSR is an advanced modular reactor generates "cheap, clean and safe electricity", the company says. Existing stockpiles of used nuclear fuel can be used as the fuel source, and the energy can be stored with its patented GridReserve technology, to enable a larger expansion of renewables in a carbon-free grid, it adds.

Moltex is part of the UK government's Advanced Modular Reactor initiative and, through a collaboration with NB Power, Moltex is progressing with plans to demonstrate the first operational Stable Salt Reactor in New Brunswick, Canada.

Researched and written by World Nuclear News