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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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  • Eligibility depends on residency, accreditation status and how much you have already invested this year.
  • You can read everything about this offering without an account. Committing capital requires one.
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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.

Principal risks of this offering

  • Pressure tube life is the binding constraint on heavy water reactors and refurbishment outages routinely run long.
  • Revenue is denominated in Canadian dollars while the notes pay in US dollars, and the currency exposure is unhedged beyond three years.
  • Canadian regulatory decisions are outside the reach of US securities disclosure norms.

General risks of private securities

Private securities are speculative and illiquid. You should be prepared to hold this position for its full term and to lose the entire amount invested. Nuclear construction has a documented history of schedule and cost overrun. Platforms that sold equity in unbuilt energy projects have mostly failed; those that sold debt against operating assets with contracted offtake have mostly survived. That history is why the TRL tier of an offering matters more than its headline return.

A TRL score is not a prediction and not a rating. Read the offering documents in full before committing capital.