North Shore Mi’kmaq Tribal Council and member communities announce historic equity agreements with Moltex and ARC Clean Technology
Saint John, New Brunswick (Monday, September 25, 2023) – North Shore Mi’kmaq Tribal Council (NSMTC) and its seven First Nation member communities are thrilled to announce that they have signed equity agreements with Moltex Energy Canada Inc. (Moltex) and ARC Clean Technology Canada, Inc. (ARC).
These first-of-a-kind agreements in the field of small modular reactor (SMR) technology will enable NSMTC and its member communities (Oinpegitjoig, Ugpi’Ganjig, Natoaganeg, L’nui Menikuk, Tjipogtotjg, Metepenagiag, Amlamgog) to share in Moltex and ARC’s success in developing and deploying advanced nuclear technology in New Brunswick and around the world.
NSMTC and its member communities are making financial investments in both Moltex and ARC, via separate agreements, that result in them receiving $2 million in share value from Moltex and $1 million in share value from ARC. While details are confidential, both deals have been structured in recognition of the key role First Nations play in New Brunswick’s energy future. The number of shares received will depend on future company valuations at the close of later funding rounds.
Since establishing their businesses in New Brunswick, ARC and Moltex have prioritized engaging with and including First Nation communities. Beyond offering equity ownership opportunities, the companies are dedicated to creating additional avenues for the advancement and prosperity of First Nation people in New Brunswick, including opportunities in training, employment, procurement, and business development.
With the help of Saa Dene, a company focused on Indigenous inclusion through economic and social participation in the global economy, NSMTC conducted thorough due diligence to ensure that Moltex and ARC’s technologies and values harmonized with Indigenous teachings of honouring and respecting the Earth and its resources.
The agreements precede ARC and Moltex’s participation and sponsorship of the Indigenous-Led Energy Symposium, an NSMTC-organized event taking place October 24-26 in Moncton. The symposium will bring together leaders from First Nation communities, utilities, government, and industry for two days of conversation and collaboration regarding opportunities for Indigenous participation in the New Brunswick energy sector.
Details of the equity agreements were announced at the Saint John Arts Centre at a news conference attended by Indigenous leaders, government representatives, industry partners, and the media.
“We are pleased to see another energy development opportunity embraced by First Nations here in New Brunswick. Creating these kinds of partnerships is essential to the economic development and increased employment for Indigenous communities, and to building a sustainable energy path for the province.”
– Arlene Dunn, Minister of Aboriginal Affairs
“I am pleased to see this unique collaboration and partnership on such an important energy file. SMRs will help us reduce our carbon emissions and provide reliable energy for New Brunswickers for years to come.”
– Mike Holland, Minister of Natural Resources and Energy Development
“Small modular reactors are shaping an important part of Canada’s energy future. New Brunswick is leading the charge as the headquarters for both ARC Clean Technology and Moltex. This investment is a critical step in securing energy independence for my community and many others.”
– Wayne Long, Member of Parliament Saint John-Rothesay, New Brunswick
“As Indigenous people, we believe that the decisions we make today should result in a sustainable world seven generations into the future. With this investment, we are building a legacy for our youth, as well as our communities and the environment. We are laying the groundwork for a prosperous future and opportunities that can be passed down for years to come.”
– Jim Ward, General Manager, NSMTC
“We couldn’t be happier to have both NSMTC and its member communities as equity owners in Moltex. We have worked closely with NSMTC for years, building a solid foundation of mutual trust and respect. Taking our partnership to this new level reinforces the strength of our relationship and brings our shared vision for the future into sharper focus.”
– Rory O’Sullivan, CEO, Moltex
“Building and maintaining sincere, long-term and mutually beneficial relationships with Indigenous communities is an important priority for ARC. We are grateful to North Shore Mi’kmaq Tribal Council and their member communities for the establishment of this historic alliance. As true partners, the First Nations members of North Shore Mi’kmaq Tribal Council will benefit from our success here in New Brunswick and beyond, paving the path towards a sustainable and prosperous future for all.”
– Bill Labbe, President and CEO, ARC Clean Technology
As we’ve learned more about ARC and Moltex through our work with them over the years, we’ve come to understand their innovation and technology as one part of the greater effort against climate change. We found that both companies are dedicated to clean energy and waste reduction, which align with our values of a sustainable legacy for generations to come.”
– Chief George Ginnish, CEO, NSMTC and Chief of Natoaganeg First Nation
“On behalf of myself and the entire Saa Dene team, it has been an honour and a privilege to assist North Shore Mi’kmaq Tribal Council First Nations in this incredible and progressive SMR investment. I would also like to extend my sincere gratitude to both Moltex and ARC Clean Technology on their unwavering commitment to Indigenous engagement and equitable partnership.”
– Jauvonne Kitto, CEO, Saa Dene
North Shore Mi’kmaq Tribal Council
ARC Clean Technology