Moltex Energy has secured £6 million of crowdfunding to support the development its molten salt reactor – £2 million more than its target.
The campaign was conducted on the Shadow Foundr platform, which said it was the first for a nuclear fission project anywhere in the world.
Moltex’s reactor design uses molten salt as both a medium for the fuel and a coolant. The company claims it has a number of advantages over gas- and water-cooled reactors.
According to the company, the coolant is not pressurized and the by-products of the reaction do not include any radioactive gases, meaning the “explosive release of radioactive products is not possible.”
The reactor is passively cooled using natural air flow and is “self-damping”, with the reaction automatically slowing as temperature rises. These features prevent the reactor from suffering a meltdown if it loses power.
Moltex says they also reduce the need for expensive safety measures, which have made conventional nuclear reactors “unaffordable”.
The design additionally includes a molten salt battery to store surplus energy.
Commenting on the results of the crowdfunding campaign, Moltex business development manager Simon Newton said: “Moltex is pioneering a different form of nuclear power generation; it’s fission, but not as the world knows it.
“Our plants are inherently safe, very cheap and will use up the stockpiles of nuclear waste generated by the current industry. We’re delighted to have so many new investors supporting our mission both to tackle climate change and reduce energy prices.”
Shadow Foundr chief executive Jason Kluver added: “A large number of individual investors have seen the potential and are willing to put their money behind their convictions.
“We must take action to combat climate change now, and Moltex has a technology that can make a significant contribution. This was the first crowd-funding campaign for nuclear fission anywhere in the world and one of the largest campaigns for any business this year.”
Moltex was one of eight companies to be awarded grants of up to £300,000 to undertake feasibility studies as part of the government’s £44 million research and development programme for advanced modular reactors.