OAKVILLE, Ontario, July 19, 2022 (GLOBE NEWSWIRE) -- Terrestrial Energy and DL E&C have signed a Memorandum of Cooperation to cooperate in the development and accelerated deployment of the IMSR cogeneration plant in the industrial sector.
DL E&C is a recognized leading global engineering, procurement, and construction (EPC) contractor and a Korean pioneer into global markets with a long track record of successful international projects. Today the company is expanding its global presence with a commitment to new market opportunities and innovation. DL E&C provides a comprehensive array of services including feasibility studies, project management, engineering, procurement, construction, commissioning and start-up, operation and maintenance, investment, and project financing across a broad field, which includes petroleum refining, chemical, petrochemical, power, and energy plants, building and housing, and civil works.
Terrestrial Energy is developing the IMSR cogeneration plant powered by its proprietary molten salt reactor technology. Its Generation IV fission technology and design choices make the IMSR plant an ideal supplier of zero-carbon thermal and electric power to industrial sites with large energy requirements. The superior economics and versatility of the IMSR plant offers a transformative application of nuclear energy technology.
According to the agreement, Terrestrial Energy and DL E&C intend to partner and accelerate the development and deployment of IMSR plants that produce cost-competitive, carbon-free thermal energy for specific industrial applications, notably in the chemical and petrochemical sectors, where DL E&C excels in design and construction.
Jae-Ho Yoo, Chief Executive of DL E&C Plant Business Division, said: “Our interest in SMR technology as a next-generation energy source has grown considerably in the last couple of years, and we saw the potential of Terrestrial Energy as our business partner with its safer and more energy efficient IMSR technology. We are happy to collaborate with Terrestrial Energy, a leading Generation IV SMR technology developer and believe that this will help accelerate deploying IMSR cogeneration plants in various parts of the world. We also expect that heat and power supplied by IMSR power plants are also applicable to the green hydrogen/ammonia business value chain which, we believe, will play a vital role in achieving a Net-Zero society.”
Simon Irish, Chief Executive of Terrestrial Energy, said: “DL E&C’s commitment to sustainability, innovation and new markets creates a strong alignment and a natural partnership for advancing this powerful clean energy solution for industry. DL E&C’s deep industrial reach across global markets will aid Terrestrial Energy as we advance commercial IMSR plant deployment. Our IMSR plant delivers transformative economics to nuclear power and offers a reliable, zero-carbon solution to the industrial sector at time when secure energy is of primary importance.”
About Terrestrial Energy
Terrestrial Energy is developing for near-term commercial operation, a zero-emissions cogeneration plant for global industry using its proprietary Integral Molten Salt Reactor (IMSR) fission technology in an innovative, small and modular plant design. The IMSR is a non-Light Water Reactor of the Generation IV class that operates at the high temperature required for broad industrial relevance with transformative economic potential. The IMSR plant is capable of grid-based electric power generation and industrial cogeneration in many energy-intensive industries, including petrochemical and chemical synthesis for hydrogen and ammonia production. The IMSR plant offers a near 50 percent improvement in efficiency of electric power generation compared to Light Water Reactor nuclear plants. Its industrial cogeneration capability delivers to today’s markets industrial competitiveness, security of energy, and zero-emissions industrial production. The IMSR plant’s use of existing industrial materials, components, and fuels supports its near-term deployment, setting the stage for a rapid global decarbonization of the primary energy system.
About DL E&C
DL E&C is a global engineering, procurement, fabrication, construction and maintenance company with project track records in the areas of power / refining / petrochemical plants, civil, and building works in over 40 countries. Services provided by DL E&C covers from its traditional FEED (Front End Engineering and Design) and EPC works to project development, feasibility study, financing arrangement, and operation & maintenance etc. Founded in 1939, DL E&C has served its clients for more than 80 years. Its 5,500 employees provide professional and technical solutions to deliver safe, well-executed, capital-efficient projects to clients around the world.
Visit: www.dlenc.co.kr/eng/biz/Intro.do
E-mail: info@terrestrialenergy.com
Social Media
Facebook: TerrestrialMSR
Instagram: Terrestrial.Energy
LinkedIn: TerrestrialEnergy
Twitter: TerrestrialMSR
YouTube: Terrestrial Energy
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0710b38c-bbdd-42a6-aa0f-433afef251cf
