Ultra Safe Nuclear and Portland to collaborate on MMR

3 January 2023

Ultra Safe Nuclear Corporation, a prominent US-based company in the deployment of fourth-generation gas-cooled micro-reactors, and Portland Holdings Investco (Portland), a privately held investment firm based in Burlington, Ontario, Canada, have entered into a Memorandum of Understanding to advance Ultra Safe Nuclear’s ‘Micro-Modular’ reactor energy systems.

Under the terms of the agreement, Portland will invest up to USD350 million in Ultra Safe Nuclear, aiming to bring MMR technology solutions to the Middle East and North Africa (MENA) and the Caribbean regions.

Ultra Safe Nuclear has been developing its MMR and proprietary Fully Ceramic Micro-Encapsulated fuel since 2011. In Canada, Global First Power will build, own, and operate the proposed MMR. Global First Power is a joint venture of Ontario Power Generation and Ultra Safe Nuclear.

Michael Lee-Chin, president and chairman of Portland Holdings, commented:  

“USNC’s MMR units are intrinsically safe, more compact and ultimately more economical than traditional nuclear power units, and we believe the units will be critical to enable global industries, governments and remote communities in dire need of access to cleaner energy solutions”

“We are seeing high and growing interest in our FCM-fuelled, micro reactor solutions for a number of carbon-free power and heat applications,” said Francesco Venneri, CEO of Ultra Safe Nuclear. 

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