Canada’s nuclear energy sector is experiencing a resurgence, driven by cutting-edge technological advancements that are making its usage safer and more efficient than ever before.
With a history dating back to the early 1960s, nuclear energy currently generates about 15 percent of Canada’s electricity, thanks to the 22 nuclear reactors spread across three provinces. Recently, the Canadian government has reinforced its commitment to nuclear power by giving it tax incentives and has deemed it essential for the nation’s clean energy transition. Pledging to triple its nuclear capacity by 2050, Canada has been said to now have great opportunities to secure long-term environmental and economic prosperity.
Innovative companies like Aalo Atomics are setting new precedents in the nuclear industry, having just secured $27 million in Series A funding. Aalo Atomics’ founder, Canadian entrepreneur Matt Loszak, and his team aim to revolutionize the nuclear industry with advanced small modular reactors (SMRs) designed for mass production in gigafactories.
The company’s flagship product, the Aalo-1 reactor, is inspired by designs from the Idaho National Laboratory (INL). The Aalo-1 is a 10-megawatt-electric (MWe) reactor, which is designed for quick, cost-effective, and safe deployment. The company’s reactors use UZrH fuel, which automatically shuts down if it overheats.
Nuclear power is two million times more energy-dense than oil and gas, which indicates that one barrel of uranium is equivalent to two million barrels of oil. Loszak has stated that this gives nuclear viable cause to replace fossil fuels, especially since advancements have made modern nuclear energy as safe as wind and solar.
As technological advancements in nuclear energy accelerate, the opportunity to enhance Canada’s energy autonomy grows, particularly with increased support from the federal government. Stronger incentives for nuclear projects could significantly aid the country in achieving its net-zero ambitions.
