Terrestrial Energy Announces Engineering and Construction Services Agreement with Aecon Supporting Integral Molten Salt Reactor Power Plant Development

Oakville, Ontario, Canada – April 1, 2021 – Terrestrial Energy has signed an engineering and construction services agreement with Aecon Group Inc. to support construction planning for an Integral Molten Salt Reactor (IMSR®), Generation IV advanced nuclear power plant. Under this agreement, Aecon will review Terrestrial Energy’s construction costs and schedules for IMSR®, as well as undertake constructability, modularization, and supplier assessments for a broad range of activities including plans for site development and heavy civil construction.

Aecon Nuclear is the largest nuclear constructor in Canada, providing a full spectrum of Engineering, Procurement and Construction (EPC) services, with specialized capabilities that are unique to the nuclear industry. Aecon continues to play a critical role in the ongoing success of the two largest nuclear refurbishment projects in Ontario, which underscores its proven reputation as a partner-of-choice for planning, site preparation, construction and commissioning of Small Modular Reactors (SMR). To support the nuclear sector in Canada, Aecon maintains a nuclear quality management system compliant to the requirements of relevant nuclear standards, including CSA Standards, and its nuclear qualifications cover a broad range of specialized engineering and construction services.

“One of our focus areas is to support SMR vendors and SMR deployment, where we can leverage our existing capabilities and resources in this fast-developing market,” said Sean Sexstone, Senior Vice President, Aecon Nuclear. “We are pleased to support Terrestrial Energy and look forward to assisting further with the Company’s IMSR® power plant needs.”

“We are making consistent progress with engineering, procurement and regulatory programs, all needed for the first Canadian deployment of an IMSR® power plant as early as 2028,” said Simon Irish, CEO of Terrestrial Energy. “This agreement with Aecon ensures that IMSR® deployment is supported by expert engineering and construction resources, particularly those to confirm construction costs, construction schedule and pre-construction plans.”

About Terrestrial Energy

Terrestrial Energy is a developer of Generation IV advanced nuclear power plants that use its proprietary Integral Molten Salt Reactor (IMSR®) technology. IMSR® technology represents true innovation in cost reduction, versatility and functionality of nuclear power plants. IMSR® power plants will provide zero-carbon, reliable, dispatchable, cost-competitive electric power and high-grade industrial heat for use in many industrial applications, such as chemical synthesis and desalination, and in so doing extend the application of nuclear energy far beyond electric power markets. They have the potential to make important contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system by displacing fossil fuel combustion across a broad spectrum. Using an innovative design, and proven and demonstrated molten salt reactor technology, Terrestrial Energy is engaged with regulators and industrial partners to complete IMSR® engineering and to commission first IMSR® power plants in the late 2020s.

About Aecon

As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group Inc. (TSX: ARE) strives to be the number one Canadian infrastructure company and is proud to be recognized as one of the Best Employers in Canada. Aecon safely, profitably and sustainably delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroup.

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Learn More About Terrestrial Energy

Terrestrial Energy is an industry-leading technology company committed to delivering reliable, emission-free, and cost-competitive nuclear energy with a truly innovative advanced reactor design, the Integral Molten Salt Reactor (IMSR®).