The money includes $47.5 million from the Strategic Innovation Fund and $3 million from the Regional Economic Growth through Innovation program.
As part of the SIF investment, the company has committed to creating and maintaining 48 full-time jobs.
Moltex wants to build a stable salt reactor that uses a process that recycles existing used nuclear fuel at the Point Lepreau Generating Station site in Saint John and hopes to be providing power to the grid by the early 2030s.
The stable salt reactor and spent fuel recycling technology has the potential to reduce storage needs for existing used nuclear fuel.
Ottawa also announced $5 million to help NB Power Corp. prepare the Point Lepreau site and $561,750 to help the University of New Brunswick’s Centre for Nuclear Energy Research.
This report by The Canadian Press was first published March 18, 2021.
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Read More: Ottawa invests $50.5M in Moltex Energy Canada to develop nuclear reactor technology