ARC Canada Awarded $20 Million in Funding from the Province of New Brunswick
SAINT JOHN, NB, February 15, 2021 /24-7PressRelease/ -- On Wednesday, February 10th, 2021, in the State of the Province Address, the Premier of New Brunswick, the Hon. Blaine Higgs announced that New Brunswick will continue its partnership with ARC Clean Energy Canada Inc. (ARC Canada) by supporting its next phase of technology development with the establishment of another round of funding totaling $20 million. This agreement demonstrates clear confidence by the government in ARC Canada's continued efforts to bring its proven small modular reactor (SMR) technology to market from the Province of New Brunswick.
ARC Canada's Chairman, Donald Wolf, said, "Proudly having our headquarters in Saint John since 2018, we are pleased to continue our close working relationship with the Government of New Brunswick as it provides leadership that supports the achievement of Canada's environmental goals. The $20 million of funding being provided by the Province of New Brunswick is conditioned on ARC Canada providing matching funding to increase economic impact. ARC Canada intends to obtain the required $30 million of matching funds from private investors. This funding milestone will play an integral role in the deployment of our proven, inherently safe clean energy technology in the late 2020's. We believe New Brunswick possesses all the key pillars for success, including an experienced operator, a flexible workforce, the foundations of a future supply chain and an ideal academia to support development and innovation."
ARC Canada's President & CEO, Norman JD Sawyer, has led this important New Brunswick initiative. "This is a significant step forward and provides a clear signal of government support that is important to private investors. It also officially marks the commencement of the next phase of the design review by the Canadian Regulator, furthering the success already achieved by the ARC Canada team," says the native New Brunswicker. "We continue to march towards the ultimate goal, the deployment in New Brunswick of reliable, inherently safe and low-cost clean energy technology that can deal with waste, with its New Brunswick focused manufacturing and supply chain development."
"Our government is pleased to be entering into this new funding agreement with ARC Clean Energy Canada Inc.," said Natural Resources and Energy Development Minister, Mike Holland. "We believe that the best way to ensure that Canada, specifically New Brunswick, becomes a leader in advanced small modular reactor development and deployment is through continued engagement and partnerships. We feel that this technology can be developed in New Brunswick putting our province on the map as a global emissions reduction leader."
The Premier in his message focused on the Province's accomplishments and future direction, which will have the full support of ARC Canada. ARC Canada's approach aligns with the government's vision to re-invigorate New Brunswick's underutilized supply chain. ARC Canada will create significant economic opportunity through the production in the Province of clean energy that efficiently supports renewable energy. The initiative has the potential to open worldwide markets through exports that will bring revenue back to New Brunswick through well-paying jobs.
About ARC Clean Energy Canada Inc.
ARC Clean Energy Canada Inc. (ARC Canada) is a clean energy technology company developing the ARC-100, an advanced small modular reactor (SMR) offering inherently safe, reliable, and economical carbon free power that deals with waste. ARC Canada has established its Head Office in Saint John, New Brunswick with a goal of promoting business and economic development within Canada. ARC Canada envisions the creation of a sustainable supply chain delivering economic growth, well-paying supply chain jobs and the opportunity for New Brunswick and Canada to take a lead in the advanced small modular reactor technology field.
More information is available online at www.arcenergy.co
Carol Lynn Landry
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