Essel Group Middle East has provided $18m of funding to LeadCold, which is looking to secure a license to build its small nuclear reactor systems in Canada.
Oil, gas and mining company Essel Group Middle East has agreed to invest $18m in Sweden-based nuclear reactor technology developer LeadCold Reactors.
Founded in 2013, LeadCold has designed a small, corrosion-resistant nuclear reactor that will produce 3 to 10 MW of electricity over a 10-to-30 year period without requiring refuelling.
The Sealer systems are meant to be deployed in off-grid environments like Arctic communities or remote mining operations where diesel baseload is currently the default, and where solar energy is…
