The Proposed Ohio Medical-isotope Economic Development Consortium (OMEDC)
What OMEDC is:
- OMEDC is a public benefit corporation
- OMEDC is a shareholder driven for-profit corporation. All Ohioans and those living in other states may purchase stock within OMEC.
- OMEDC is not part of the Ohio State Government
- OMEDC shareholders are part of a consortium to build reactors to produce medical isotopes and and consume nuclear waste.
- OMEDC would be regulated by the Ohio Medical-isotope Economic Development Authority (OMEDA)
What OMEDC is not:
- OMEDC is not a novel approach to avoid safety regulations. OMEDC may not build commercial utility reactors under OMEDA’s authority. OMEDC may build nuclear reactors to produce power for the grid but, must apply to do so with the NRC like any other company. OMEDC may build demonstration reactors with the approval of the Ohio State legislature and in collaboration with the United States Department of Energy.
The OMEDC business model:
- OMEDC may use technology developed by the consortium to build profitable research facilities within the State of Ohio.
- Consortium members, via a pre-arranged technology sharing agreements, may license the technology developed at consortium research centers in areas outside of Ohio.
- The OMEDC consortium would ideally first build small reactors capable of producing medical isotopes that would aid the NRC in developing regulations.
- The consortium would make a profit from selling the isotopes that would fund continued research and development of new nuclear technologies.
- As new technologies are developed and licensed the consortium would be paid a royalty by consortium members that choose to utilize the technology outside of Ohio.