AtkinsRéalis (TSE: ATRL) and Atomic Energy of Canada Ltd. (AECL) have forged a memorandum of understanding to expedite the development of a new nuclear power reactor called the Monark, which would be the largest model of the Canada-developed CANDU reactor.
The Monark promises cutting-edge safety features and a 1,000-megawatt output that surpasses its predecessors. This initiative comes at a time when global interest in nuclear energy is resurging, driven by the urgent need for sustainable and low-emission power sources.
Also read: Floating Nuclear Reactor Project Set for 2030 Debut in Canada
AECL, a federal crown corporation, developed designs of the CANDU reactor from the 1950s until 2011 when the federal government’s reactor business was sold to AtkinsRéalis, which was at the time known as SNC-Lavalin. AtkinsRéalis licensed the technology while the federal government retained the intellectual property rights to Canada’s homegrown nuclear reactor.
The new agreement gives AtkinsRéalis the rights to deploy the Monark indefinitely but any new IP associated with it will still belong to the federal government.
But there’s still a long way to go for the Monark. It’s still in early development and would need to go through a rigorous review and approval process under the Canadian Nuclear Safety Commission (CNSC), plus find a buyer before it’s built. The detailed design work is expected to be completed by 2027.
Information for this story was found via The Globe and Mail, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
