Essel Group Middle East has signed a deal to invest around $200m in InnoEnergy-backed LeadCold, which has built a micro-nuclear reactor claimed to be reliable and safe.

Designed to supply electricity to remote off-grid areas, the LeadCold micro-nuclear reactor offers a low-carbon substitute for diesel production.

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LeadCold's chief executive officer Janne Wallenius said: “Our small reactor technology was designed on the basis of actual scientific progress to meet the demands of a real market.

“This investment will allow us to license and construct the world’s first privately funded lead-cooled reactor.

“We wouldn’t have been able to achieve this success without our supporters, most notably InnoEnergy. The company’s expert support has paved our way to market.”

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"This investment will allow us to license and construct the world’s first privately funded lead-cooled reactor."

Named as Swedish Advanced Lead Reactor (SEALER), the LeadCold micro-nuclear reactor is small enough to be easily transported and safe enough to avoid any need for evacuation, even in cases of severe incidents.

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The SEALER uses a proprietary aluminum alloyed steel, which is extremely corrosion-resistant, even during long-term exposure to molten lead.

InnoEnergy's CEO Diego Pavia said: “We are excited that our support of LeadCold via our Highway programme has resulted in this significant investment, a recognition of the impact that their new technology will have.

“This funding will drive LeadCold to market and represents a huge step forward in developing a sustainable substitute for carbon dioxide (CO2) heavy diesel generation in off-grid, remote areas.”

Of the $200m investment, an initial investment of $18.2m was informally agreed in October last year for completion of the Canadian Nuclear Safety Commission licensing.

The additional investment will be used to fund the construction of a fully functional demonstration facility and production unit, and will also enable LeadCold to commence commercialisation.