On  February 22, 2024, Atomic Energy of Canada Limited ("AECL"), a federal Crown corporation, and AtkinsRéalis (TSX: ATRL), announced that they had entered into a memorandum of understanding ("MOU") to collaborate for the purpose of successfully deploying CANDU® reactors in Canada and internationally and to expand their intellectual property licensing agreement ("IPLA") given the importance of CANDU® technology's role in helping Canada reach its net zero objectives.

The collaboration and licensing agreement to follow this MOU will accelerate the development of CANDU reactor technology, including the previously announced CANDU MONARK™ reactor, at a critical time during the energy transition. When the IPLA was initially signed in 2011, transitioning to a low-carbon world was not a consideration; as expanded, the agreement will reflect the changing priorities and the organizations' belief in the role that CANDU technology will play in decarbonizing Canada and the world.

Gowling WLG is advising AECL on this collaboration with a team led by Ahab Abdel-Aziz and which includes Robert Armour, Magda Hanebach, France Tenaille, Paul Harricks, Paul Armitage, Scott Fletcher, Cyrus Reporter and Ovo Efemini.