Moltex and SNC-Lavalin Announce Strategic Partnership to Advance Clean Nuclear Energy

SAINT JOHN, NB- Moltex Energy Canada Inc. (Moltex) and SNC-Lavalin Group (TSX: SNC) are pleased to announce a strategic partnership to advance clean nuclear energy. SNC-Lavalin, a fully integrated professional services and project management company with offices around the world, will support the development and deployment of Moltex's innovative nuclear technologies.

"Canada and the world will need to explore all nuclear technology options to meet net zero commitments. Given the scale of the challenge, it is important that we work on the deployment of Gen III SMRs and grid-scale reactors and look to the future and support the development of Gen IV reactors. Moltex's unique Gen IV molten salt design can not only help achieve net zero carbon, but it can also help to reduce nuclear waste," said Joe St. Julian, President, Nuclear, SNC-Lavalin. "SNC-Lavalin is pleased to support Moltex as it pursues a project to license and construct the first of a kind (FOAK) waste-burning reactor in New Brunswick, Canada."

Moltex will draw on SNC-Lavalin's world-class network of experts in engineering, licensing and regulatory affairs, cost estimating, supplier qualification and management, quality assurance, and construction and operation planning. SNC-Lavalin will collaborate with Moltex to attract new customers and promote Moltex's business goals.

"SNC-Lavalin's partnership with Moltex is a resounding endorsement of our nuclear technologies," said Rory O'Sullivan, Chief Executive Officer, North America, Moltex Energy. "SNC-Lavalin has an impeccable record of delivering projects on time and on budget and will be an invaluable partner as we progress the development of our technologies and grow our business."

In addition, Mr. St. Julian has accepted a seat on the Moltex board of directors, where his experience and leadership will be greatly valued.

Provincial support

The agreement has also garnered recognition and support from the provinces of New Brunswick and Ontario.

"New Brunswick welcomes investment in clean energy, especially as it builds on the province's established core of expertise in nuclear technology," said the Hon. Mike Holland, New Brunswick Minister of Natural Resources and Energy Development. "This agreement contributes not only to the growth of long-term, high-quality jobs in New Brunswick's energy sector; it also recognizes the leadership role of both Moltex and the province in advancing the next generation of nuclear technology."

"I'm thrilled to welcome this new partnership between Moltex and SNC-Lavalin that builds our provincial energy industry, one renowned for its talented workforce and strong nuclear supply chain," said the Hon. Todd Smith, Ontario Minister of Energy. "We know the world is watching us when it comes to SMRs. This partnership enhances our clean energy advantage and reputation as a global hub for SMR expertise, making Ontario an even more attractive place to do business and create jobs."

About Moltex:

Moltex is a private company developing breakthrough nuclear technologies, including a Stable Salt Reactor - Wasteburner (SSR-W), which uses recycled nuclear waste as fuel; a Waste To Stable Salt (WATSS) process for recycling nuclear waste; and GridReserve thermal energy storage tanks that allow the reactor to complement intermittent renewables. Moltex is developing first-of-a-kind units for NB Power in New Brunswick, Canada, and intends to build further units across the country and abroad.

About SNC-Lavalin:

Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, technology and data to design, deliver and operate the most complex projects. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital – and delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital. News and information are available at snclavalin.com or follow us on LinkedIn and Twitter.