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Terrestrial Energy and NRG PALLAS Begin Final Phase of Graphite Irradiation Testing for Supplier Selection

Materials testing enables selection of graphite grade and licensing for its Generation IV Integral Molten Salt Reactor (IMSR) nuclear technology, designed to supply high- temperature, clean, firm and flexible thermal and electric energy, with sector-competitive economics and leading time-to-market at fleet scale

Testing leverages world-class testing and research capabilities of the NRG PALLAS Petten Research Centre鈥檚 High Flux Reactor

CHARLOTTE, N.C. and PETTEN, The Netherlands, July 08, 2025 (GLOBE NEWSWIRE) -- Terrestrial Energy Inc., (Terrestrial Energy) a developer of small modular nuclear power plants using Generation IV reactor technology, and NRG PALLAS, a global leader in nuclear science and technology, today announced the start of the final phase of its graphite irradiation and selection program for Terrestrial Energy鈥檚 Integral Molten Salt Reactor (IMSR). The irradiation tests, conducted at NRG PALLAS鈥� High Flux Reactor (HFR) in Petten in the Netherlands, will enable Terrestrial Energy to finalize the qualification of graphite for licensing and operation of its IMSR plant.

Terrestrial Energy鈥檚 IMSR is a thermal spectrum reactor that uses ~125 tonnes of graphite as the neutron moderator. The completion of tests at NRG PALLAS鈥� HFR, one of the most powerful multi-purpose research and test reactors in the world, will confirm the predicted performance of selected graphite grades throughout the seven-year operating cycle of each IMSR Core-unit.

The Company sourced multiple graphite grades from suppliers of nuclear graphite in western markets, including the U.S., to commence a test program in 2020 for the selection and qualification of the most suitable graphite grade. The test program benefits from NRG PALLAS鈥� decades of experience performing materials irradiation tests for nuclear reactor development, as well as the engineering expertise of the Frazer-Nash Consultancy.

鈥淐omprehensive irradiation tests are essential for advanced reactor development and reactor licensing, as they validate the performance of critical materials under actual operating conditions. Our pioneering work with NRG Pallas is providing the data needed to make our final graphite grade selection for the IMSR, marking another important milestone in our supply chain development,鈥� said Simon Irish, CEO of Terrestrial Energy. 鈥淣RG PALLAS鈥� technical expertise and research capabilities are unparalleled in the world of advanced reactor development, and this work will be a major step toward Terrestrial Energy鈥檚 goal of achieving early fleet deployment.鈥�

NRG PALLAS has more than 50 years of experience in nuclear technology research. Using the HFR, NRG PALLAS simulates ageing processes of reactor materials in an accelerated manner, measuring the impacts of irradiation on materials to support the design and licensing of reactors.

鈥淣RG PALLAS is committed to leveraging its test reactor and research capabilities to support advanced reactor development,鈥� said Arjan Vreeling, manager R&D Nuclear Fuels & Materials at NRG PALLAS. 鈥淲e have been collaborating with Terrestrial Energy now for 5 years and are delighted to be moving to the final stage of in-core irradiation testing of IMSR graphites, the first developer to commence such testing.鈥�

About Terrestrial Energy
Terrestrial Energy is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR). The IMSR captures the full transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in cost reduction, versatility and functionality of nuclear energy supply. IMSR plants are designed to be small and modular for distributed supply of zero-carbon, reliable, dispatchable, low-cost, high-temperature industrial heat and electricity, and for a dual-use energy role relevant to many industrial applications, such as chemical synthesis and data center operation. In so doing, they extend the application of nuclear energy far beyond electric power markets. Their deployment will support the rapid global decarbonization of the primary energy system across a broad spectrum and increase its sustainability. Terrestrial Energy uses an innovative plant design together with proven and demonstrated molten salt reactor technology and standard nuclear fuel for a nuclear plant with a unique set of operating characteristics and compelling commercial potential. Terrestrial Energy is engaged with regulators, suppliers and industrial partners to build, license and commission the first IMSR plants in the early 2030s.

On March 26, 2025, Terrestrial Energy and HCM II Acquisition Corp. (Nasdaq: HOND) announced that they have entered into a definitive Business Combination Agreement for a business combination (the 鈥淏usiness Combination鈥�) that would result in the combined Company (Terrestrial Energy) to be listed on the Nasdaq Stock Market under the ticker symbol 鈥淚MSR鈥�.

About NRG PALLAS
NRG PALLAS is a global leader in nuclear solutions. The company specialises in the production of medical isotopes and the development of advanced nuclear technologies. Preparatory work has begun on the construction of the new PALLAS reactor to replace the current High Flux Reactor. The new reactor will secure the supply of isotopes for 30,000 patients a day, and ensure the availability of nuclear know-how for the future, including knowledge of fuel and material irradiation tests.

Important Information for Shareholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

In connection with the business combination, HCM II and Terrestrial Energy will file with the SEC registration statement on Form S-4 (the 鈥淩egistration Statement鈥�), which will include a preliminary prospectus of HCM II relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of HCM II to be distributed to holders of HCM II鈥檚 capital shares in connection with HCM II鈥檚 solicitation of proxies for vote by HCM II鈥檚 shareholders with respect to the Business Combination and other matters described in the Registration Statement聽HCM II and Terrestrial Energy also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of HCM II and Terrestrial Energy. INVESTORS OF HCM II AND TERRESTRIAL ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about HCM II and Terrestrial Energy once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. In addition, the documents filed by HCM II may be obtained free of charge from HCM II鈥檚 website at https://hcmacquisition.com/ or by written request to HCM II at 100 First Stamford Place, Suite 330 Stamford, CT 06902.

Participants in the Solicitation
HCM II and Company, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of HCM II is set forth in HCM II鈥檚 filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Forward Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on HCM II and the Company. There can be no assurance that future developments affecting HCM II and the Company will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is actually delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against HCM II, the Company, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of HCM II or the SEC鈥檚 declaration of the effectiveness of the Registration Statement (which will include the proxy statement/prospectus contained therein) to be filed by HCM II and the Company or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of HCM II to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by HCM II shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in that certain prospectus of HCM II dated August 15, 2024 and the HCM II鈥檚 other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither HCM II or Company presently know, or that HCM II or Company currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.

None of HCM II, the Company, any placement agent nor any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. HCM II, the Company and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice.

In addition, the information contained in this press release is provided as of the date hereof and may change, and neither HCM II nor the Company undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws.

Terrestrial Energy Investor Center:

Terrestrial Energy Media & Investor Contact:

HCM II Investor Contact:

HCM II Acquisition Corp.
Steven Bischoff
[email protected]
(203) 930-2200

A photo accompanying this announcement is available at