The North Shore Mi’kmaq Tribal Council (NSMTC) and its seven First Nations member communities have signed equity agreements with Moltex Energy Canada Inc. and ARC Clean Technology Canada, Inc. to develop and deploy advanced nuclear technology in New Brunswick.
The NSMTC and its member communities are making financial investments in both Moltex and ARC, through separate agreements, which will see them receive $2 million in Moltex equity and $1 million in equity of ARC, according to a joint statement from Moltex on Monday. and NSMTC. Details of the deals were not disclosed, but “both deals have been structured in recognition of the key role First Nations play in New Brunswick’s energy future,” the statement said, adding that the number of shares received will depend of the company’s future valuations at the close of subsequent funding rounds.
According to the statement, the agreements are “firsts” in the field of small modular reactor technology. The NSMTC conducted “exhaustive due diligence to ensure that Moltex and ARC’s technologies and values harmonize with indigenous teachings of honoring and respecting the Earth and its resources,” the statement said.
Moltex is a Canadian company that develops technology that uses recycled nuclear waste. ARC is a clean energy technology company developing the ARC-100, an advanced small modular reactor that delivers inherently safe, reliable and economical carbon-free power. The simple, modular design of the ARC-100 provides 100 megawatts of electricity and industrial heat that will be cost-competitive with fossil fuels, according to the release.
“We are pleased to see another energy development opportunity embraced by First Nations here in New Brunswick,” said New Brunswick Aboriginal Affairs Minister Arlene Dunn. “Creating these types of partnerships is essential to economic development and increased employment for Indigenous communities, and to building a sustainable energy path for the province.”
“I am delighted to see this unique collaboration and partnership on such an important energy file,” said New Brunswick Minister of Natural Resources and Energy Development Mike Holland. “SMR [small modular reactors] it will help us reduce our carbon emissions and provide reliable energy to the people of New Brunswick for years to come.”
“As Indigenous peoples, we believe the decisions we make today should result in a sustainable world seven generations into the future,” said NSMTC CEO Jim Ward. “With this investment, we are building a legacy for our young people, as well as for our communities and the environment. We are laying the foundations for a prosperous future and opportunities that can be passed on for years to come.”
“We couldn’t be more pleased to have both NSMTC and its member communities as equity owners in Moltex,” said Moltex CEO Rory O’Sullivan. “We have worked closely with NSMTC for years, building a strong foundation of mutual trust and respect. Taking our partnership to this new level strengthens the strength of our relationship and brings our shared vision of the future into sharper focus.”
“Building and maintaining sincere, long-term and mutually beneficial relationships with Indigenous communities is an important priority for ARC,” said Bill Labbe, ARC President and CEO. “We are grateful to the North Shore Mi’kmaq Tribal Council and its member communities for establishing this historic alliance. As true partners, the First Nations members of the North Shore Mi’kmaq Tribal Council will benefit from our success here in New Brunswick and beyond, paving the way to a sustainable and prosperous future for all.”
“As we’ve learned more about ARC and Moltex through our work with them over the years, we’ve come to understand their innovation and technology as part of the larger climate change effort,” NSMTC CEO and Natoaganeg First Nation Chief George. Ginnish said. “We found that both companies are committed to clean energy and waste reduction, which align with our values of a sustainable legacy for future generations.”
The NSMTC was formed in 1987 to serve the communities of Oinpegitjoig (Pabineau), Ugpi’Ganjig (Eel River Bar), Natoaganeg (Eel Ground), L’nui Menikuk (Indian Island), Tjipogtotjg (Buctouche), Metepenagiag (Red Bank) , and Amlamgog (Fort Folly) First Nations. Its mission is to provide services for the interests and well-being of its communities while preserving its cultural heritage and traditional way of life.
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