Ultra Safe Nuclear Corp. Micro Modular Reactor 
Achieves Canadian Licensing Milestone

Ultra Safe Nuclear Corp. Micro Modular Reactor Achieves Canadian Licensing Milestone

Global First Power’s MMR Project First Small Modular Reactor to Enter
Formal Licensing Phase with Canada’s Nuclear Regulator

SEATTLE – May 20, 2021 – Ultra Safe Nuclear Corporation (USNC) announces that its Micro Modular ReactorTM(MMRTM) is the first and only small modular reactor (SMR) to enter the formal licensing review phase with the Canadian Nuclear Safety Commission (CNSC) as part of the Global First Power (GFP) MMR Project. Global First Power – a joint venture formed by USNC-Power, a wholly-owned Canadian subsidiary of USNC, and Ontario Power Generation (OPG) – will build, own, and operate the proposed MMR Project at the Chalk River Laboratories site.

This achievement follows more than four years of engagement by USNC with the CNSC in its Vendor Design Review (VDR) process, which ensures proposed nuclear technologies achieve the necessary design and safety qualifications to be considered for full licensing. The ongoing VDR process encompasses not only the reactor technology but also USNC's proprietary Fully Ceramic Microencapsulated (FCMTM) fuel, which was recently fabricated successfully by Canadian Nuclear Laboratories (CNL).

The MMR Project at Chalk River will serve as a model for future commercial MMR installations, supporting remote off-grid customers with clean, carbon-free energy, and support Canada’s climate-change goals.

“Being the first 4th Generation nuclear technology to formally enter licensing in Canada is testament to our innovative reactor design and its safety advantages," said Francesco Venneri, CEO of USNC. “We look forward to the next phase in the CNSC process and striving for near-term completion of our MMR Energy System, demonstrating the commercial potential of our technology to deliver safe, reliable, carbon-free energy to industry and remote communities."

For more information, please visit www.usnc.com.

About the MMR™ Energy System

The MMR Energy System is a zero-carbon nuclear power plant, integrating one or several standardized micro reactors (MMRs) with a heat storage unit and the adjacent plant for power conversion and utilization. Electrical power or process heat (or a mix of both) is produced in the Energy System, depending on configuration. Nuclear heat is transferred from the micro reactors to a molten salt energy storage unit that decouples the nuclear system from the power utilization system, greatly simplifying operations and allowing flexible use of the energy generated. The Energy System can be used to provide carbon-free, high-quality process heat for co-located industrial applications, and for high-efficiency hydrogen production.

About Ultra Safe Nuclear Corporation

Ultra Safe Nuclear Corporation (USNC) is the Seattle-based global leader in the deployment of micro reactors, and a strong vertical integrator of nuclear power technologies, entirely committed to bringing safe, commercially competitive, clean and reliable nuclear energy to markets throughout the world. The company adheres to strict inherent and intrinsic safety principles through technological innovation in fuels, materials and design: USNC is Reliable Energy. Anywhere.