Moltex Energy Canada Inc. expands board of directors to support next stage of development

SAINT JOHN, NB, Sept. 21, 2022 /CNW/ - Moltex Energy Canada Inc. (Moltex) is pleased to announce the expansion of its board of directors, with three new members adding highly sought-after industry experience and improving governance of the company.

The board members

All three of the new members are from outside the company:

• José Emeterio Gutiérrez has served as President and CEO at Westinghouse Electric Company between 2016 and 2019 and as Senior Vice President of Nuclear Fuel between 2012 and 2016. In his more than 35 years of experience in the nuclear industry, he has worked in every country that operates nuclear power plants. José's experience in nuclear fuel and in leading a reactor vendor developing multiple complex designs across many jurisdictions will be invaluable to the company. José will serve as the company's Chair.
• John Mauti capped a 30-year career with Ontario Power Generation (OPG) by serving as the utility's Chief Financial Officer. His leadership enabled OPG to excel in a variety of challenging industry and organizational transformations, by ensuring stable financial performance and sufficient capital to explore growth areas for clean technology. He brings acute knowledge of the energy industry in Ontario, home to 18 of Canada's 19 active nuclear reactors. His work with OPG has made him a regular witness in regulatory hearings with both the Ontario Energy Board and the Canadian Nuclear Safety Commission.
• Joe St. Julian is the President, Nuclear at SNC-Lavalin, and cements the strategic partnership, announced in April 2022, between Moltex and SNC-Lavalin, a fully integrated professional services and project management company. Joe brings 30 years of senior leadership experience, with a diverse background in construction, project controls, project management, strategic planning and commercial management in the nuclear sector, as well as in the oil and gas, power, civil and government sectors.

José, John and Joe complement the skills and experience of the three other members, who also serve on the board of the Moltex parent company, Moltex Energy Limited:

• Ian Scott, who is Moltex Energy Limited's Founder and Chief Scientist. With a doctorate from Cambridge University, Ian went on to become Chief Scientist at Unilever PLC, founded a successful drug discovery start-up and co-founded Moltex.
• Rory O'Sullivan, who is Moltex's Chief Executive Officer, led the company's establishment in North America. Before he joined Moltex in 2015, he had been an award-winning project manager leading multi-disciplinary £100M+ developments in the UK, co-founded Energy Process Developments Ltd, and led an extensive feasibility study on developing a prototype molten salt reactor.
• Xabier Ruiz is the Chief Operating Officer at IDOM Engineering Consulting & Architecture and had previously served as the Nuclear Services Director since 2014. IDOM is a major international firm headquartered in Spain, specializing in consulting, engineering, and architecture – and an early investor in Moltex. Xabier's work with IDOM spans 21 countries.

A time to grow

"I am very proud to welcome our new board members," said Rory O'Sullivan, Chief Executive Officer, Moltex. "The skills and experience that José Emeterio Gutiérrez, John Mauti and Joe St. Julian bring to the board are essential to meeting the challenges that Moltex will face in the next stage of its growth. Their diverse and geographically extensive networks will help Moltex reach a broader base of stakeholders, investors and regulators – all essential to establishing our technology as a world-class solution for reducing both carbon emissions and nuclear waste."

The expanded board will give the company more independent expert advice to drive its next phase of growth, which coincides with resurging public and government interest in nuclear power as part of a zero-emission future, and in technologies that strengthen energy sovereignty. These pivotal changes in the market and within Moltex call for expanded leadership, backed by broader knowledge and experience.

Having demonstrated the fundamental viability of its technologies, the company will now scale their development up significantly – with several milestones planned for the year ahead. Planning and preparatory work for deployment at the Point Lepreau site is also well underway.

About Moltex:

Moltex is a privately held company striving to solve the world's most critical challenge: providing sufficient clean, reliable and affordable energy. In collaboration with innovators and energy experts, the company is developing a small modular reactor that will help keep fossil fuels in the ground. Moltex was selected by NB Power and the Government of New Brunswick to progress development of its reactor technology in New Brunswick, Canada, with the aim of deploying its first reactor next to the Point Lepreau Nuclear Generating Station.

SOURCE Moltex Energy

Erin Polka, Vice President, Communications, Moltex Energy, [email protected]