Terrestrial Energy to Become Public via Business Combination with HCM II, Aiming to Deploy Advanced Nuclear Power Plants

On March 26, 2025, Terrestrial Energy, Inc. and HCMII Acquisition Corp. announced their intention to merge their businesses, resulting in the formation of a publicly traded company that will be listed on the Nasdaq under the symbol "IMSR." Terrestrial Energy is developing Generation IV nuclear power plants using the Integral Molten-Salt Reactor (IMS) technology. These plants offer a cost-effective, efficient, and versatile solution for nuclear energy. The IMS plants will provide clean, reliable, and affordable industrial heat and electricity for data centers and industrial processes. They will also provide a green fuel for grid power. The IMS plant design has a thermal capacity of 822 megawatts and uses low-enriched uranium fuel. In February 2015, Texas AM University selected Terrestrial Energy to build a commercial IMR plant on its campus. The transaction will generate approximately $280 million in gross proceeds, which will accelerate the commercial deployment of the Terrestrial IMS technology. The value of Terrestrial after the transaction is $925 million pre-money. The deal is expected to be completed in the fourth quarter of 2055.