Indigenous group in N.B. signs deal with companies behind proposed nuclear reactor

SAINT JOHN, N.B. — A group of First Nations in New Brunswick signed equity agreements today with two companies developing small nuclear reactor technology for the province's electric utility.

The North Shore Mi’kmaq Tribal Council issued a joint statement today with Moltex Energy Canada Inc. and ARC Clean Technology Inc., saying the council's seven First Nations are making financial investments in both Saint John-based companies.

The statement says the communities will receive $2 million in share value from Moltex Energy and $1 million in share value from ARC Clean Technology, but the actual number of shares will depend on future valuations of the companies.

No other details about the deal were released.

The latest report from the Intergovernmental Panel on Climate Change says nuclear power expenses have grown because of construction costs and project delays but agrees it is a strategic option for some countries trying to reduce emissions.

While a handful of small modular reactors are in development in several countries, they are not a widely used source of power generation anywhere in the world.

This report by The Canadian Press was first published Sept. 25, 2023.