US, Japanese Companies Agree to Expedite Development of Fast Reactors

Last week, Bill Gates’ nuclear company put pen to paper on an agreement with Japanese companies for a joint nuclear project. The project will see the U.S. energy startup TerraPower partner with Mitsubishi Heavy Industries (“MHI”), Mitsubishi FBR Systems (“MFBR”) and the Japan Atomic Energy Agency (“JAEA”).

It is through this transnational collaboration that Japan is aiming to rapidly increase innovation in nuclear technology as the United States develops the fourth-generation sodium-cooled reactor. The first step of this cooperation, according to JAEA, is to develop a natrium power plant. Japan’s government has a history of operating reactors, such as Monju based in Fukui Prefecture and the experimental reactor Joyo, which is based in Ibaraki Prefecture.

In recent years, however, the further improvement of nuclear reactors in Japan has been stopped. In 2016, the government halted Monju after a set of problems. Its most infamous of all was the sodium coolant leakage that happened in 1995. In the aftermath of the March 2011 earthquake, the Fukushima Dai-Ichi plant had a meltdown after a tsunami struck down the diesel running coolants. As a result, radioactive materials were released.

By placing focus on the manufacturing technology, the JAEA says that the involved parties will be sharing knowledge on each of their technologies. Moreover, they will also be developing refueling machines and systems for detecting damages. Through the MOU agreement with the energy body, TerraPower will benefit from collaborating with some of Japan’s key players in the nuclear industry. They will gain technical support and access to facilities, including Monju and Joyo.

The natrium plant uses molten sodium as a cooling agent instead of water. This is because of its high boiling point, which allows the substance to absorb more heat thereby reducing the chances of an explosion occurring.

The United States Department of Energy selected TerraPower as fit for this operation through the Advanced Reactor Demonstration Program (“ARDP”). The construction cost of the plant will be about $3.2 billion with half of it coming from the DOE. The Bill Gates-founded company chose to have the plant in the coal town of Kemmerer, Wyoming. The nuclear plant will have a sodium-cooled reactor with a capacity of 345 megawatts and storage technology.

The purpose of the storage technology will be to provide a temporary boost in the system’s output, raising it to 500 megawatts. This will accommodate the amount of electric load changes the nuclear power plant experiences within a day. The plant is expected to be built by 2028. Such collaborative efforts aimed at developing superior reactors paint a bullish picture for uranium extractors such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) since demand for the metal is likely to grow over the coming years.

NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU

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