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“The proposed project is the first commercial deployment of a private sector funded Small Modular Reactor (SMR) technology in Canada,” according to the project description.

SMRs are a smaller, less powerful and more portable form of nuclear that could be built in a factory, instead of on-site, and placed in locations both on and off the electricity grid.

In this case, the SMR would be built using “Micro Modular Reactor” (MMR) technology supplied by Ultra Safe.

There are high expectations for the technology. A November 2018 release from the federal government said SMRs “represent the next wave of innovation in nuclear energy technology,” with the potential for lower upfront capital costs and better safety features.

Interest in the smaller reactors also comes as nuclear power faces an uncertain future, with older plants being phased out in some jurisdictions and market conditions often favouring natural gas or renewable sources of power.

A November 2018 “roadmap” for SMRs, crafted with the help of Natural Resources Canada, provinces and power utilities, called the reactors a “potential game-changer” for the nuclear industry.

The report estimated the technology could provide Canada with 6,000 new jobs and add up to $10 billion to the country’s GDP between 2030 and 2040. The “global export potential” of SMR know-how and products could be around $150 billion per year for 2030 to 2040, it projected.