Saint John-based Moltex Energy Canada Inc. is hoping potential new owners for its overseas parent company will breathe new life into its development of small modular nuclear reactor technology in the province.
But the company acknowledges that cash flow problems at its U.K.-based parent company have slowed down those efforts.
There is “a risk of insolvency” at the parent company, Moltex Canada CEO Rory O’Sullivan acknowledged in an interview.
An administrator is now looking for buyers for the U.K. company’s assets, which include Moltex Energy Canada.
“As a technology development company we need to almost continuously be fundraising to keep progressing technical milestones,” O’Sullivan told CBC News. “And, because we need parent company…
