Ultra Safe Nuclear Corporation and Portland Holdings Sign an MOU to Provide Support for Countries and Industries in the Advancement of their Zero-Carbon Goals

SEATTLE & BURLINGTON, Ontario–(BUSINESS WIRE)–#MMR–Ultra Safe Nuclear Corporation, the U.S.-based global leader in the deployment of fourth-generation gas-cooled microreactors, and Portland Holdings Investco Limited (Portland), a privately held investment firm based in Burlington, Ontario, Canada, are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to advance Ultra Safe Nuclear’s Micro-Modular™ Reactor (MMR®) energy systems.

Under the terms of the agreement, Portland, its affiliates, and related entities will invest up to US$350 million in Ultra Safe Nuclear, aiming to bring MMR technology solutions to the Middle East and North Africa (MENA) and the Caribbean regions.

Ultra Safe Nuclear has been developing its MMR and proprietary Fully Ceramic Micro-Encapsulated (FCM®) Fuel since 2011. The MMR is the leading small modular reactor design in the Canadian licensing and siting pipeline. In Canada, Global First Power will build, own, and operate the proposed MMR. Global First Power is a joint venture between Ontario Power Generation (OPG) and Ultra Safe Nuclear.

“I am thrilled to have the opportunity to collaborate with Ultra Safe Nuclear in the delivery of its MMR technology solutions to countries in the MENA and Caribbean regions and contribute to their efforts to achieve net-zero greenhouse gas emissions, ultimately providing sustainable alternatives to reduce the overall global carbon footprint. Our investment in Ultra Safe Nuclear will also contribute to significant milestones in the advancement of the MMR initial deployment sites at Chalk River, Canada, and the University of Illinois Urbana-Champaign in the United States. This partnership represents our commitment to investing in innovative solutions and addressing humankind’s most unmet need – climate change,” said Michael Lee-Chin, President and Chairman of Portland Holdings.

“USNC’s MMR units are intrinsically safe, more compact and ultimately more economical than traditional nuclear power units, and we believe the units will be critical to enable global industries, governments and remote communities in dire need of access to cleaner energy solutions,” added Michael Lee-Chin.

“We are seeing high and growing interest in our FCM-fueled, micro reactor solutions for a number of carbon-free power and heat applications,” said Francesco Venneri, CEO of Ultra Safe Nuclear. “Partnering with global financial leader Portland will give USNC a tremendous boost to meet this market demand worldwide. Portland’s corporate vision of ‘Doing Well by Doing Good’ is well aligned with our mission to foster growth and sustainable economic benefits for the United States, Canada, and countless countries across the globe.”

About Ultra Safe Nuclear Corporation

Ultra Safe Nuclear Corporation, a U.S. corporation headquartered in Seattle, is a global leader and strong vertical integrator of nuclear technologies and services, on Earth and in Space. Major initiatives include the micro modular reactor MMR®, the fully ceramic micro-encapsulated FCM® nuclear fuel, and nuclear power and propulsion technologies for space exploration. The company is demonstrating MMR Energy Systems at the Canadian Nuclear Laboratories with Ontario Power Generation and at the University of Illinois Urbana-Champaign, with new deployment projects underway in the United States, Canada, and Europe.

Ultra Safe Nuclear is committed to bringing safe, commercially competitive, clean and reliable nuclear energy to global power and industrial markets. Ultra Safe Nuclear is working with NASA and the Defense Department on advanced radioisotope power, nuclear thermal propulsion systems and advanced materials using the same strict inherent and intrinsic safety principles to drive innovation in fuels, materials, and design.

Ultra Safe Nuclear is the only private company producing TRISO and FCM fuel. This is enabling the transformation of key power and industrial sectors. Ultra Safe Nuclear is Reliable Zero-Carbon Energy. Anywhere.

About Portland

Headquartered in Burlington, Ontario, Canada, Portland is a privately held investment company which manages public and private equities and is a member of the Portland Holdings Group (PHG). PHG have a direct ownership interest in a collection of diversified businesses globally operating in sectors that include life sciences, clean energy, tourism, agriculture, insurance, consumer goods and financial services. PHG operates in over 20 countries and is responsible for directly and indirectly employing thousands of employees in Canada, Latin America, the Caribbean and Europe. For more information on PHG, please visit www.portlandholdings.com.

Contacts

Ultra Safe Nuclear Contact
Brian Meeley

Phone: 703.282.0691 (m)

b.meeley@usnc.com

Portland Holdings Contact
Diana N. Oddi

Director, Marketing and Communications

Phone: 1-888-331-4292

Email: doddi@portlandholdings.com