SASKATOON, Saskatchewan, Sept. 16, 2021 (GLOBE NEWSWIRE) — Cameco (TSX: CCO; NYSE: CCJ) and X-energy have entered a non-binding and non-exclusive Memorandum of Understanding to explore possible areas of cooperation to support the potential future deployment, fuelling and servicing of Xe-100 small modular reactors (SMRs) in Canada and the United States.
“We feel very confident about the future of nuclear power and the future of SMRs, here in Canada, in the U.S. and across the globe,” said Cameco president and CEO Tim Gitzel. “We intend to be a fuel supplier of choice for the emerging SMR and advanced reactor market and look forward to working with X-energy to see what opportunities might exist around their innovative reactor technology.”
Cameco is one of the largest global suppliers of uranium and a leader in uranium mining, refining, conversion and fuel manufacturing services. For more than three decades, Cameco has been safely and reliably producing uranium and nuclear fuel products to generate electricity at the world’s nuclear reactors.
“Cameco is a cornerstone of the Canadian nuclear industry and has global reach,” said Pete Pappano, President of TRISO-X, X-energy’s fuel fabrication subsidiary. “As X-energy works to bring the world’s first commercial advanced reactor to market in North America, we look forward to building a fruitful partnership that could provide a steady fuel supply for our technology in North America and support its deployment around the world.”
The U.S. Department of Energy recently awarded X-energy, under a prime contract, approximately US$1.23 billion under the Advanced Reactor Demonstration Program (ARDP) to license, site, build and operate a commercial-scale advanced nuclear power plant based on the Xe-100 design with Energy Northwest by 2027, and to establish the commercial-scale TRISO-X Fuel Fabrication Facility. The Xe-100 four-pack reactor plant is slated for operation in 2027.
In October 2020, Ontario Power Generation Inc. identified the Xe-100 as a potential technology for the Darlington New Nuclear Project (DNNP), which aims to have an SMR in operation as early as 2028. X energy states it is currently advancing the Xe-100 design and engineering work with the utility.
Based on an economic benefits analysis conducted for X-energy by Hatch Ltd., X-energy estimates that the construction of a TRISO-X Fuel Fabrication Facility in Canada would generate more than $310 million (CDN) in economic impact.
“At X-energy Canada, we’re partnering with the Canadian nuclear industry to create an SMR ecosystem that will grow with the developing large-scale deployment of our Xe-100 design – the ideal technology to advance Canada’s net-zero goals,” said Katherine Moshonas Cole, President, X-energy Canada. “We’re thrilled about the potential of this collaboration with Cameco, because it could increase the value of Canadian uranium to our domestic industry and create future export prospects.”
For further information on the Xe-100 reactor technology or its proprietary TRISO-X fuel, please visit the X-energy website at www.x-energy.com .
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.