New Brunswick First Nation Communities Invest in Clean Energy Tech

The North Shore Mi’kmaq Tribal Council (NSMTC) and its seven First Nation 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, via separate agreements, that result in them receiving $2 million in share value from Moltex and $1 million in share value from ARC, according to a joint statement Monday from Moltex and NSMTC. The details of the agreements 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 on future company valuations at the close of later funding rounds.

The agreements are “first of a kind” in the field of small modular reactor technology, according to the release. The NSMTC conducted “thorough due diligence to ensure that Moltex and ARC’s technologies and values harmonized with Indigenous teachings of honoring and respecting the Earth and its resources”, the statement said.

Moltex is a Canadian company developing technology that uses recycled nuclear waste. ARC is a clean energy technology company developing the ARC-100, an advanced small modular reactor offering inherently safe, reliable, and economical carbon-free power. The ARC-100’s simple, modular design provides 100 megawatts of electricity and industrial heat that will be cost-competitive with fossil fuels, according to the statement.

“We are pleased to see another energy development opportunity embraced by First Nations here in New Brunswick”, New Brunswick Minister of Aboriginal Affairs Arlene Dunn said. “Creating these kinds of partnerships is essential to the economic development and increased employment for Indigenous communities, and to building a sustainable energy path for the province”.

“I am pleased to see this unique collaboration and partnership on such an important energy file”, New Brunswick Minister of Natural Resources and Energy Development Mike Holland said. “SMRs [small modular reactors] will help us reduce our carbon emissions and provide reliable energy for New Brunswickers for years to come”.

“As Indigenous people, we believe that the decisions we make today should result in a sustainable world seven generations into the future”, NSMTC General Manager Jim Ward said. “With this investment, we are building a legacy for our youth, as well as our communities and the environment. We are laying the groundwork for a prosperous future and opportunities that can be passed down for years to come”.

“We couldn’t be happier to have both NSMTC and its member communities as equity owners in Moltex”, Moltex CEO Rory O’Sullivan said. “We have worked closely with NSMTC for years, building a solid foundation of mutual trust and respect. Taking our partnership to this new level reinforces the strength of our relationship and brings our shared vision for the future into sharper focus”.

“Building and maintaining sincere, long-term, and mutually beneficial relationships with Indigenous communities is an important priority for ARC”, ARC President and CEO Bill Labbe said. “We are grateful to North Shore Mi’kmaq Tribal Council and their member communities for the establishment of this historic alliance. As true partners, the First Nations members of North Shore Mi’kmaq Tribal Council will benefit from our success here in New Brunswick and beyond, paving the path towards 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 one part of the greater effort against climate change”, NSMTC CEO and Natoaganeg First Nation Chief George Ginnish said. “We found that both companies are dedicated to clean energy and waste reduction, which align with our values of a sustainable legacy for generations to come”.

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 service delivery for its communities’ interests and well-being while preserving their cultural heritage and traditional way of life.

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