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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, ON–(BUSINESS WIRE)–Ultra Safe Nuclear Corporation, the US-based global leader in fourth generation gas-cooled microreactors, and Portland Holdings Investco Limited (Portland), a private investment firm based in Burlington, Ontario, Canada, are pleased to announce that that they have signed 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 affiliates will invest up to $350 million in Ultra Safe Nuclear to bring MMR technology solutions to the Middle East and North Africa (MENA) and the Caribbean.

Ultra Safe Nuclear developed its MMR and proprietary Fully Ceramic Micro-Encapsulated (FCM).®) fuel since 2011. The MMR is the leading small modular reactor design in Canada’s permitting and site 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 very excited to have the opportunity to work with Ultra Safe Nuclear in bringing its MMR technology solutions to countries in the MENA region and the Caribbean and to contribute to their efforts to achieve net-zero greenhouse gas emissions and ultimately sustainable alternatives to reduce them provide the total global carbon footprint. Our investment in Ultra Safe Nuclear will also contribute to significant milestones in the advancement of the MMR first deployment sites in Chalk River, Canada and the University of Illinois Urbana-Champaign in the United States. This partnership represents our commitment to invest in innovative solutions and to address mankind’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 plants, and we believe the units will be critical in enabling global industries, governments and remote communities that desperately need access to cleaner energy solutions,” added Michael Lee-Chin.

“We are seeing strong and growing interest in our FCM-powered microreactor solutions for a range of carbon-free power and heat applications,” said Francesco Venneri, CEO of Ultra Safe Nuclear. “Partnering with global finance leader Portland will give USNC a tremendous boost to meet this market demand worldwide. Portland’s corporate vision of “Doing Well by Doing Good” aligns well with our mission to foster growth and sustainable economic benefits for the United States, Canada and countless countries around the world.”

About Ultra Safe Nuclear Corporation

Ultra Safe Nuclear Corporation, a US company headquartered in Seattle, is a world leading and strong vertical integrator of nuclear technologies and services on Earth and in space. One of the most important initiatives is the micro-modular reactor MMR®the all-ceramic microencapsulated FCM® Nuclear fuel and nuclear energy and propulsion technologies for space exploration. The Company is demonstrating MMR Energy Systems at 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 power to the global energy and industrial markets. Ultra Safe Nuclear works with NASA and the Department of Defense on advanced radioisotope energy, nuclear thermal propulsion systems and advanced materials, using the same rigorous 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 enables the transformation of important sectors of power and industry. Ultra Safe Nuclear is reliable carbon-free energy. Somewhere.

About Portland

Headquartered in Burlington, Ontario, Canada, Portland is a private investment firm that manages public and private equity and is a member of Portland Holdings Group (PHG). PHG has a direct interest in a collection of diversified companies operating worldwide in sectors such as life sciences, clean energy, tourism, agriculture, insurance, consumer goods and financial services. Operating in over 20 countries, PHG employs thousands of people directly and indirectly in Canada, Latin America, the Caribbean and Europe. For more information about PHG, visit www.portlandholdings.com.

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