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2016-10-20

EQS-News: Essel Group Middle East makes strategic investment in lead-cooled nuclear reactors

EQS-News: Essel Group Middle East makes strategic investment in lead-cooled
nuclear reactors EQS-News: Essel Group ME / Key word(s): Miscellaneous
Essel Group Middle East makes strategic investment in lead-cooled nuclear
reactors 20-Oct-2016 / 11:31 GMT/BST
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20 October 2016 Essel Group Middle East makes strategic investment in
lead-cooled nuclear reactors Essel Group Middle East ("EGME") has reached
an agreement with LeadCold Reactors ("LeadCold"), the Swedish-Canadian
lead-cooled small nuclear reactor technology company, to invest USD 18
million in the Group. EGME's investment forms part of the company's
strategic ambition to build out its presence in the energy resources market
globally and to deploy capital where Management sees strong long-term
fundamental needs for the resources product. LeadCold's Swedish Advanced
Lead Reactor, or SEALER design can generate low-carbon nuclear power
production of 3-10 MW of electricity over a 10-30 year period, with no
refuelling needs. The reactor uses break-through corrosion resistant
technology, and it is a safe, reliable and cost- competitive base-load
power generation source. Gagan Goel, Managing Director of EGME, said: "This
investment marks another important step forward in the development of our
energy resources business. The SEALER unit that LeadCold Reactors has
developed is an exciting innovation, representing a world first in
lead-cooled reactor technology. We see a solid long-term investment
opportunity from the commercialisation of this unique reactor technology in
the off-grid power generation market." The investment from EGME is intended
to enable LeadCold to complete a pre- licensing design review of SEALER
with the Canadian Nuclear Safety Commission, and to aid R&D efforts
necessary to obtain a license to build commercial SEALER units in Canada.
LeadCold intends to enter Phase 1 of the pre-licensing review this year,
with the eventual license for construction to be granted by the end of
2021. The SEALER units are intended for commercial off-grid use, for
example in Arctic communities and mining operations, where at present
carbon-emitting and costly diesel generators are the predominantly used
base-load generation technology. The company is looking to launch its
advanced technology across Canada's Nunavut region, where it has identified
an over-reliance on diesel, and potentially across the Northwest
Territories in the future, with its first unit scheduled to be operational
by around 2025. LeadCold estimates the Nunavut region has energy needs of
approximately 200 GWh, and the Northwest Territories around twice this
amount. In addition, the company sees scope for reactor usage across Canada
in up to 40 mining sites, which could use 2-4 reactors per mine. Janne
Wallenius, CEO and founder of LeadCold, said: "We are pleased to have
reached this agreement with Essel Group ME. The investment represents a
major funding milestone as we enter the initial phase of the Canadian pre-
licencing review process and will bolster our R&D capabilities." -ENDS- For
further information please contact:

Kriti Ladsaria, Essel Group Middle +971 4 2793955
East
Dorothy Burwell / Charles O'Brien / +44 20 7251 3801
Benita Barretto, Finsbury

About Essel Group Middle East Essel Group Middle East ("EGME") is a
diversified natural resources company with a focus on the exploration,
development and production of oil, gas and mining assets. The group targets
assets in proven basins with near-term production potential and it has
operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is
backed by Essel Group, a global conglomerate with a 40-year history
spanning numerous industries including the media, packaging, entertainment,
infrastructure, education and metals. For further information, please visit
www.esselgroupme.com.
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Attachment Document title: Management Photos Document:
http://n.eqs.com/c/fncls.ssp?u=HUXRIWJDTX
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Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group. The issuer
is solely responsible for the content of this announcement.
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End of Announcement - EQS News Service
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513137 20-Oct-2016

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