Terrestrial Energy selected for DOE’s Advanced Reactor Pilot Program

CHARLOTTE, N.C. - Terrestrial Energy Inc. has been selected for the U.S. Department of Energy’s Advanced Reactor Pilot Program with its Project TETRA proposal, the nuclear power plant developer announced Tuesday.

The program, established under President Trump’s Executive Order 14301 in May, aims to accelerate licensing and deployment of advanced nuclear reactor technologies. The selection represents a significant milestone in Terrestrial Energy’s commercialization pathway for its Integral Molten Salt Reactor (IMSR) technology.

Project TETRA will include completion of key testing to support licensing applications for commercial IMSR plants in the U.S. The company aims to achieve reactor criticality by July 4, 2026.

"We are pleased to have been selected by the DOE for this important project, which will help the U.S. win the race to energy dominance that is now so important for competitive commercial AI and the re-shoring of U.S. manufacturing," said Simon Irish, CEO of Terrestrial Energy.

Deputy Secretary of Energy James P. Danly stated, "President Trump’s Reactor Pilot Program is a call to action. These companies aim to all safely achieve criticality by Independence Day, and DOE will do everything we can to support their efforts."

The IMSR plant has a capacity of 822 MWth / 390 MWe and uses molten salt reactor technology. According to the company, it can provide high-temperature thermal energy for industrial heat processes and electric grid operations.

A distinguishing characteristic of the IMSR plant is its use of Standard-Assay Low Enriched Uranium fuel (enriched to under 5% U235), avoiding challenges associated with High-Assay Low-Enriched Uranium fuel.

Terrestrial Energy announced in March that it had entered into a definitive Business Combination Agreement with HCM II Acquisition Corp. (NASDAQ:HOND) that would result in the combined company being listed on the Nasdaq Stock Market under the ticker symbol IMSR. HCM II, currently trading at $13 with a market capitalization of ~$312 million, has seen its shares rise nearly 16% year-to-date. According to InvestingPro analysis, the stock appears overvalued at current levels, trading at a P/E ratio of ~54. Investors should note that HCM II is scheduled to report earnings on August 19.Want deeper insights? InvestingPro subscribers have access to over 30 additional financial metrics and analysis tools to make informed investment decisions.

The information in this article is based on a press release statement from Terrestrial Energy Inc.For comprehensive financial analysis and real-time updates on companies like HCM II Acquisition Corp., consider subscribing to InvestingPro. Get exclusive access to professional-grade financial metrics, Fair Value calculations, and expert insights to enhance your investment strategy.

In other recent news, HCM II Acquisition Corp. announced plans to restate its financial statements due to a disclosure error. The company’s audit committee identified an error in the related party transaction disclosure within Footnote 5 of its financial reports. Specifically, the issue involved the incorrect identification of the underwriter in the company’s initial public offering as a related party. As a result, HCM II Acquisition Corp. advised that its previously issued consolidated financial statements for the year ended December 31, 2024, and the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, should no longer be relied upon. The company intends to amend these financial statements in its upcoming filings, including the Annual Report on Form 10-K/A and the Quarterly Report on Form 10-Q/A. HCM II Acquisition Corp. aims to complete these restatements as soon as reasonably practicable, although no specific timeline has been provided. These developments highlight the company’s commitment to ensuring accurate financial reporting.

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