Terrestrial Energy Inc. Completes Business Combination with HCM II Acquisition Corp.
Terrestrial Energy (Nasdaq: IMSR / IMSRW) completed its business combination with HCM II and will begin Nasdaq trading on October 29, 2025. The transaction generated gross proceeds exceeding $292 million before expenses, including a $50 million common-stock PIPE and redemptions of less than 1%. Proceeds are intended to accelerate commercial deployment of the company’s Integral Molten Salt Reactor (IMSR), a dual‑unit 822 MWth / 390 MWe small modular plant designed for high‑temperature industrial heat and electricity. The company cited DOE pilot program selections, a Texas A&M siting partnership, and multiple strategic industry partners to support commercialization.
Terrestrial Energy (Nasdaq: IMSR / IMSRW) ha completato la sua fusione di business con HCM II e inizierà le negoziazioni Nasdaq il 29 ottobre 2025. La transazione ha generato proventi lordi superiori a 292 milioni di dollari prima delle spese, inclusi un PIPE azionario comune da 50 milioni di dollari e riscatti di meno dell'1%. I proventi sono destinati ad accelerare l'implementazione commerciale del Reattore a Sale Fuso Integrale (IMSR) della società, un impianto modulare per due unità da 822 MWth / 390 MWe progettato per calore industriale ad alta temperatura ed elettricità. L'azienda ha citato selezioni del programma pilota DOE, una partnership di ubicazione con Texas A&M e multipli partner strategici del settore a sostegno della commercializzazione.
Terrestrial Energy (Nasdaq: IMSR / IMSRW) completó su combinación de negocios con HCM II y comenzará a cotizar en Nasdaq el 29 de octubre de 2025. La transacción generó ingresos brutos superiores a 292 millones de dólares antes de gastos, incluyendo un PIPE de acciones comunes de 50 millones de dólares y rescates de menos de 1%. Los fondos se destinarán a acelerar la implementación comercial del Reactor de Sales Fundido Integral (IMSR) de la empresa, una planta modular pequeña de dos unidades de 822 MWth / 390 MWe diseñada para calor industrial de alta temperatura y electricidad. La empresa citó selecciones del programa piloto DOE, una asociación de ubicación con Texas A&M y múltiples socios estratégicos de la industria para respaldar la comercialización.
Terrestrial Energy (나스닥: IMSR / IMSRW)가 HCM II와의 비즈니스 결합을 마치고 2025년 10월 29일에 나스닥에서 거래를 시작합니다. 거래를 통해 비용 차감 전 총 2억 9,200만 달러를 초과하는 순이익이 발생했으며, 5천만 달러의 일반주 PIPE와 1% 미만의 상환이 포함되었습니다. 수령된 자금은 회사의 전해염 용융염로(IMSR)의 상업적 배치를 가속화하는 데 사용될 예정이며, 두 개의 유닛으로 구성된 822 MWth / 390 MWe의 고온 산업용 열과 전기에 대한 설계의 소형 모듈식 발전소입니다. 회사는 DOE 파일럿 프로그램 선택, 텍사스 A&M 현장 제휴, 다수의 산업 파트너를 상용화를 지원하기 위한 것으로 지적했습니다.
Terrestrial Energy (Nasdaq: IMSR / IMSRW) a conclu sa fusion d'entreprise avec HCM II et commencera à être négociée sur le Nasdaq le 29 octobre 2025. La transaction a généré un produit brut supérieur à 292 millions de dollars avant dépenses, y compris un PIPE d’actions ordinaires de 50 millions de dollars et des rachats de moins de 1%. Les fonds sont destinés à accélérer le déploiement commercial du Réacteur Molten Salt Intégral (IMSR) de l'entreprise, une centrale modulaire de petite taille à deux unités de 822 MWth / 390 MWe conçue pour la chaleur industrielle à haute température et l'électricité. L'entreprise a cité des sélections de programmes pilotes DOE, un partenariat d’implantation avec Texas A&M et plusieurs partenaires industriels stratégiques pour soutenir la commercialisation.
Terrestrial Energy (Nasdaq: IMSR / IMSRW) hat seine Unternehmenszusammenführung mit HCM II abgeschlossen und wird am 29. Oktober 2025 an der Nasdaq handeln. Die Transaktion erzielte Bruttoerlöse von über 292 Millionen US-Dollar vor Abgaben, einschließlich eines 50 Millionen US-Dollar schweren PIPE mit Stammaktien und Rückkäufe von weniger als 1%. Die Erlöse sollen die kommerzielle Einführung des Integral Molten Salt Reactor (IMSR) des Unternehmens beschleunigen, einer zwei‑Einheiten‑Anlage mit 822 MWth / 390 MWe Kleinserienanlage, die für Hochtemperatur-Industriehitze und Strom konzipiert ist. Das Unternehmen nannte DOE‑Pilotprogramm-Auswahlen, eine Standortpartnerschaft mit Texas A&M und mehrere strategische Branchenpartner zur Unterstützung der Kommerzialisierung.
Terrestrial Energy (نيوزداك: IMSR / IMSRW) أكملت الاندماج التجاري مع HCM II وستبدأ التداول في ناسداك في 29 أكتوبر 2025. تولّدت من الصفقة إيرادات إجمالية تتجاوز 292 مليون دولار قبل النفقات، بما في ذلك PIPE من أسهم عادية بقيمة 50 مليون دولار وتجاوب من أقل من 1%. من المتوقع أن تُستخدم العائدات لتسريع الاعتماد التجاري للمفاعل المصهور بالملح المتكامل (IMSR) للشركة، وهو مرفق مصنع صغير عددي من وحدتين بقدرة 822 MWth / 390 MWe مصمم لتوفير حرارة صناعية عالية الدرجة الكهربائية. أشارت الشركة إلى اختيارات برنامج DOE التجريبي، وشراكة في تحديد موقع مع Texas A&M، وشراكات صناعية استراتيجية متعددة لدعم التسويق.
Terrestrial Energy (纳斯达克: IMSR / IMSRW) 已完成与 HCM II 的业务合并，并将于 2025年10月29日 在纳斯达克开始交易。该交易产生的毛收入超过 2.92亿美元（税前/费用前），其中包括一个 5000万美元的普通股 PIPE 以及 不足1% 的赎回。募集资金旨在加速公司 Integral Molten Salt Reactor (IMSR) 的商业部署，该反应堆为一个 双单元822 MWth / 390 MWe 的小型模块化厂，设计用于高温工业热与电力。公司提及 DOE 试点计划的选择、德州 A&M 的选址合作，以及多位行业战略伙伴以支持商业化。
- Gross proceeds > $292 million before expenses
- PIPE investment of $50 million from institutional investors
- Nasdaq listing as IMSR/IMSRW beginning Oct 29, 2025
- Plant capacity 822 MWth / 390 MWe (two-unit design)
- Selected for DOE Advanced Reactor and Fuel Line Pilot Programs
- Site selection by Texas A&M to host a commercial IMSR plant
- None.
Insights
Completion of the SPAC deal and >$292M in gross proceeds funds near‑term commercialization and Nasdaq listing on
The transaction delivers over
Key dependencies and risks include execution of planned plant projects, regulatory milestones, and efficient use of the raised capital. The funding reduces short‑term financing uncertainty but does not guarantee construction or operating approvals.
Watch concrete milestones over the next 12–36 months: listing on
Terrestrial Energy to begin trading on the Nasdaq Stock Market under ticker symbol “IMSR” on October 29, 2025
The transaction closed with gross proceeds exceeding
Transaction proceeds to accelerate commercial deployment of Terrestrial Energy's proprietary Integral Molten Salt Reactor (IMSR) nuclear technology
CHARLOTTE, N.C. and STAMFORD, Conn., Oct. 28, 2025 (GLOBE NEWSWIRE) -- Terrestrial Energy Inc. (“Terrestrial Energy” or the “Company”), a developer of small modular nuclear plants using advanced reactor technology, announced today that it has completed its business combination with HCM II Acquisition Corp. (Nasdaq: HOND; HONDW) (“HCM II”).
The business combination was approved by HCM II’s shareholders on October 20, 2025. In connection with the completion of the business combination, HCM II has been renamed Terrestrial Energy Inc., and its securities will be listed on the Nasdaq Stock Market LLC (“Nasdaq”) on October 29, 2025 under the symbols “IMSR” and “IMSRW”, respectively.
Simon Irish, CEO of Terrestrial Energy, commented, “The completion of this merger provides the capital and support for a rapid acceleration in our growth plans and our capacity to respond to growing demand for nuclear energy supply across multiple industrial sectors. At 390 MWe, our IMSR unit will be ideally sized both to maintain the critical economies of unit scale required for cost-competitive nuclear energy, while enabling seamless, customer co-located deployment. The IMSR plant will offer best-in-class high-temperature output for superior capital efficiency, a secure fuel supply chain insulated from HALEU-related supply chain disruptions, and a modular design that enables swift construction timelines.
There has never been greater demand for cost-competitive, clean, reliable, high-temperature industrial heat and electricity. This transaction strategically aligns capital with nuclear technology that is well-positioned to meet that demand. Building on more than a decade of engineering, regulatory engagement, and supply chain development, we are now positioned for sustained, effective growth. With our capital-efficient business model, established regulatory track record, and strong partnerships already in place, we are exceptionally well-prepared to lead the next generation of nuclear energy – delivering transformative, scalable solutions that meet the industrial demands of the future."
Shawn Matthews, Chairman and CEO of HCM II, commented, “Terrestrial Energy's IMSR technology represents the ideal nuclear energy solution, offering the safety, efficiency, and economic advantages that are essential for meeting the world's growing energy demands. We are thrilled to help enable and accelerate their time to market through the capital raised from this transaction.”
Company Overview
Terrestrial Energy is a developer of Generation IV nuclear plants using proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the transformative operating benefits of molten salt reactor technology in a small modular plant design that represents true innovation in affordability, efficiency, and versatility of nuclear energy supply.
Terrestrial Energy’s IMSR plants will supply zero-carbon, clean, firm, low-cost, high-temperature industrial heat and/or electricity for a dual-use energy role. Industrial applications include data center power supply, industrial heat and power, grid power, and green fuels sectors. The Company’s IMSR plant design, consisting of two operating IMSRs, has an 822 MWth / 390 MWe capacity. Terrestrial Energy’s IMSR technology is differentiated from legacy nuclear technology through its use of molten salt reactor design, delivering superior efficiency and inherently safe operation.
Terrestrial Energy’s IMSR plants are designed to utilize low-cost, readily available Standard-Assay Low Enriched Uranium (SALEU) fuel enriched to contain less than
In recent months, Terrestrial Energy has been selected for both the U.S. Department of Energy (DOE) Office of Nuclear Energy’s Advanced Reactor Pilot Program and its Fuel Line Pilot Program. Together, these programs provide a pathway to significantly accelerate Terrestrial Energy’s IMSR commercialization.
In February 2025, Terrestrial Energy further advanced its commercialization efforts when Texas A&M University selected Terrestrial Energy’s IMSR plant in a competitive RFP process to site a commercial IMSR plant at the Texas A&M-RELLIS campus. This partnership provides a high-profile platform to showcase a commercial IMSR plant, benefiting from the Texas A&M University System’s national leadership in nuclear technology research and development.
Terrestrial Energy has also established strategic partnerships and agreements with leading organizations including Westinghouse, Ameresco, Energy Solutions, Siemens, the U.S. Department of Energy, and multiple U.S. national labs including, Idaho National Laboratory, Oakridge National Laboratory, Argonne National Laboratory, among others. The Company has a pipeline of multiple IMSR plant projects, which are sourced from a portfolio of consortium relationships. These relationships offer sites, construction, fuel supply, plant operating services, as well as heat and power offtake, with the capabilities to deliver further IMSR plant projects. They cover a range of deployment use-cases including co-location for data center power supply, co-located industrial plant heat and power supply, and distributed on-grid generation.
Transaction Overview
As a result of the business combination, Terrestrial Energy has received in excess of
Advisors
Cantor Fitzgerald & Co. served as exclusive capital markets advisor and sole PIPE placement agent. King & Spalding LLP acted as legal counsel to HCM II. Bryan Cave Leighton Paisner LLP served as legal counsel to Terrestrial Energy. DLA Piper LLP (US) served as legal counsel to the placement agent, Cantor Fitzgerald & Co. ICR served as strategic communications advisor to Terrestrial Energy.
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 transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in capital efficiency, cost reduction, versatility and functionality of nuclear energy supply. IMSR plants are designed to be small and modular for distributed supply of low-cost, reliable, dispatchable, clean, high-temperature industrial heat and electricity, and to be customized for dual-use energy role relevant to many industrial applications, such as petrochemical and chemical synthesis, and data center operation. In so doing, IMSR plants 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 transformative commercial potential. Terrestrial Energy is engaged with regulators, suppliers, industrial partners and energy end-users to build, license and commission the first IMSR plants in the early 2030s.
About HCM II Acquisition Corp.
HCM II Acquisition Corp. was a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Important Information for Shareholders
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 the Company. There can be no assurance that future developments affecting 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 outcome of any legal proceedings that may be instituted against the Company or others following the announcement of the Business Combination; (2) 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; (3) 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; (4) changes in applicable laws or regulations; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in domestic and foreign business, market, financial, political conditions, and in applicable laws and regulations; (7) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (8) the ability of the Company to build or maintain relationships with customers and suppliers and retain its management and key employees; and (9) other risk factors described herein as well as the risk factors and uncertainties described in documents filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” and similar sections in its filings with the SEC, including the Registration Statement relating to the Business Combination filed by the Company, and any periodic Exchange Act reports filed with the SEC such as its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The recipient of this press release should carefully consider the foregoing risk factors and the other risks and uncertainties which will be more fully described in the documents filed by the Company from time to time with the SEC. If any of these risks materialize or the underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, there may be additional risks that the Company presently know, or that it 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 or warranty, either express or implied, 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.
In addition, the information contained in this press release is provided as of the date hereof and may change, and the Company and its representatives and affiliates specifically disclaim any obligation to, and do not intend 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. Information contained on our website is not a part of or incorporated into this press release.
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FAQ
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