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Reg A+TRL98.9–9.0Tier IIOpen

Northwind Heavy Water

Northwind Heavy Water Notes

Fixed-rate notes on two operating heavy water units that burn natural uranium and need no enrichment at all.

Heavy water reactors run on natural uranium, which removes enrichment from the supply chain entirely and with it a whole category of geopolitical exposure. Both units are in commercial operation under Canadian license with a regulated provincial contract. Regulation A is available to issuers organized in the United States or Canada, which is why a Canadian project can appear here while Regulation S offerings cannot.

Georgian Bay Nuclear Station · Tiverton, ONIn commercial operationEscrow: Meridian Trust, N.A.
TRL 9 of 9, band 8.9 to 9, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on May 21, 2026.See the evidence it rests on

$38,115,000 committed of $55,000,000

$38,115,000 released · 69% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$500

$100 per unit

Target coupon
5.75%

Annual, fixed

Term
10 yr
Investors
4,106

Closes December 31, 2026 · 109 days remaining

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No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

Capital release schedule

1 of 1 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $38.1M committed to this offering.

  1. Unit 3 refurbishment outage commenced

    Capital released
    TRL target
    TRL 9
    Cumulative release
    100% · $38,115,000
    Certified
    April 18, 2026

    Verified by: Outage entry certification; pressure tube removal records

    Certifier: Cordell Independent Verification

Committed
$38,115,000

Held by the escrow agent on subscription

Released to the issuer
$38,115,000

100% of committed capital

Still escrowed
$0

Unlocks on the next certification

Escrow agent: Meridian Trust, N.A.. Certification is performed by an independent party with no economic interest in the release.