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Thursday, Apr 18, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Uranium

British nuclear technology developer MoltexFLEX receives £1.3m grant from U.K. government

The funds will be used to accelerate the development of uranium fuel for the company’s small modular ‘FLEX’ reactor

British nuclear technology developer MoltexFLEX receives £1.3m grant from U.K government
MoltexFLEX's CEO David Landon (right) and other representative met with U.K. MP Andrew Bowie (centre) earlier this month to discuss nuclear power. Photo via MoltexFLEX

The United Kingdom-based nuclear technology company MoltexFLEX has been awarded a government grant valued at US$1.65 million for the development of small modular reactor (SMR) fuel.

The award was announced during the launch of the new government organization Great British Nuclear (GBN) on Tuesday at London’s Science Museum and will come from the country’s Nuclear Fuel Fund (NFF). The U.K. government says GBN will drive the rapid expansion of nuclear power in the country at an unprecedented pace and that companies can now register their interest with the organization and compete for SMR project funding.

The funding awarded to MoltexFLEX will be used to help the company achieve commercial-scale delivery of low-enriched uranium fuel salt utilized in its “FLEX” SMR reactor currently in development.

The company plans on having the first FLEX reactor operational by 2030 and says the technology will be cost-effective, clean and reliable.

“This award represents an important signal of support from government for advanced modular reactors in the U.K. and helps MoltexFLEX make significant progress in commercializing the fuel salt manufacturing route for the FLEX reactor,” said David Landon, CEO of MoltexFLEX.

Artist’s depiction of a power plant with 32 FLEX reactors. Photo via MoltexFLEX

Read more: F3 Uranium finds new high grade intercepts at Athabasca drill program

Read more: Ontario to expand nuclear power adding 3 small modular reactors

MoltexFLEX also received an unspecified amount of funding from the Henry Royce Institute of Advanced Materials in January to support a partnership between the company and a team of researchers from the University of Manchester. The money comes from a £5.6 million fund established by Henry Royce that is being allocated to 62 sustainability projects throughout the U.K.

The company later became one of the winners of the U.K. government’s second annual Green Builders of Tomorrow competition led by the country’s Department for Business & Trade in April. The competition’s winners are recognized for being early-stage companies that are helping to accelerate the transition to net zero.

MoltexFLEX also announced a strategic partnership with SNC-Lavalin Group Inc. (TSX: SNC) last April to advance the development and deployment of its nuclear technology.

The company is actively engaged in partnerships with academic institutions such as the universities of Bristol, Birmingham and Edinburgh and domestic organizations such as the National Nuclear Laboratory and Nuclear Advanced Manufacturing Research Centre.

 

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