Terrestrial Energy went public via a SPAC merger with HCM II Acquisition Corp in a $292m deal.

Terrestrial Energy, developer of small modular nuclear reactors using IMSR technology, went public via a SPAC merger with HCM II Acquisition Corp, a special purpose acquisition company, in a $292m deal. “The completion of this merger provides the capital and support for a rapid acceleration in our growth plans and our capacity to respond to growing demand for nuclear energy supply across multiple industrial sectors. At 390 MWe, our IMSR unit will be ideally sized both to maintain the critical economies of unit scale required for cost-competitive nuclear energy, while enabling seamless, customer co-located deployment. The IMSR plant will offer best-in-class high-temperature output for superior capital efficiency, a secure fuel supply chain insulated from HALEU-related supply chain disruptions, and a modular design that enables swift construction timelines," Simon Irish, Terrestrial Energy CEO.