Premier Blaine Higgs has announced the province will invest $20,000,000 in ARC Clean Energy Canada Inc. Higgs used his State of the Province address this afternoon to make the announcement. The company is developing small modular nuclear reactors to deliver “economical carbon free power that deals with waste.” ARC must raise matching private sector funding as part of the agreement.

The Premier’s speech also highlighted positive economic news despite the pandemic – well over $200,000,000 in new private sector investments including the number of building permits issued at the highest level in more than 3 -years with a record level of construction of apartment and condo buildings. He also said there has been a 15% increase in real estate sales and prices. Higgs says he is confident 5G wireless connectivity will be available throughout the province within the next three years.

Higgs did temper his comments with a reminder one of the major challenges the province faces at the moment is controlling any spread of the COVID variants. He says increasing demands of the healthcare system remains a major issue as well.

And the Premier says new federal regulations for the oil and gas sector are also a serious concern – “we all recognize we must transition to a greener economy, but we must do so in a methodical way – we will continue to work together to balance our economic and environmental sustainability.”