Q&A with Jeremiah Emanuel Josey, Founder and CEO at The Thorium Network

Media 7 | August 4, 2021

Jeremiah Emanuel Josey, Founder and CEO at The Thorium Network, is an energy specialist interested mostly in CIS and the Middle East. He founded The Thorium Network in early 2018, following discussions with Armenia for their spent on nuclear fuel, because "the timing was right." He is also the Chairman of MECi Group. He focuses mostly on rapid business growth, profit generation, restructuring, operational efficiency, business development, and sales. He has built and rebuilt companies and steered projects and companies that measure in billions of Euros.

The important thing to remember is that the higher the EROI, the better in every possible way. Such a high EROI makes fission energy from molten salt technology the most adaptable form of energy production we have on the planet.



MEDIA 7: Could you please take us through your professional journey?
JEREMIAH EMANUEL JOSEY:
I’ve always found myself at the edge of technology in the industrial sector - handling hydrocarbons, IT, advanced materials (eg. monel), radiology (used for NDT, etc.), and getting things done in novel and successful ways. I was installing new technology and redefining old ways when I first started my professional career with the oil company BP. After moving from one project to the next, I quickly ran out of space in the project deficit environment of Australia. I was involved with projects in the billions and then I realized that we got the same time whether large or small, so there was no reason to go small anymore. I decided to leave Australia and pursue larger projects and my own projects. Hence, before starting The Thorium Network I had an extensive career in the energy sector (mainly oil and gas).

Here are some of the highlights:

1. “Family Office”
An Arabic private family business with a 40-year history had accumulated 200 million USD in equity value. But they were stuck. The 3 sons (all in their 40’s) had no business experience. There were multiple lawsuits against them, including international ones, due to their mistakes and incompetence. Internal corruption and graft from their “loyal” staff meant nothing was going forward. Over a 6 month period, Mr. Josey “opened their eyes”. Mr. Josey taught them how to talk to the banks to get the right credit terms. Got them buying gold. Introduced multiple commercial real estate properties in the UK to them. Pointed out how their staff was stealing from them. Brought in high-level legal counsel – the best in the country. Brought in the person who was senior in the team for building McLaren’s UK HQ (recently on the market for 200m GBP). Within the next 12 months, the family entirely replaced their upper management, including their full legal team with highly trained, western expatriates. The family then went on a construction and acquisition campaign, including establishing an investment house, bringing in investment partners, and expanding into other Arabic countries.
The estimated equity value of the family after Mr. Josey’s advice and 18 months of effort: 1 billion USD.

https://www.carmagazine.co.uk/car-news/industry-news/mclaren/technology-centre/

2. “Oil and Gas EPC Construction Company”
The subsidiary of a publicly listed company was going bankrupt. Mr. Josey first did a forensic analysis of the financials and their project history. Cash flow predictions showed the business would close within 6 months. The analysis found 1.5 million USD “hiding in plain sight” on the balance sheet. (Accounting team was planning to hide it permanently). Discovered more history of project graft by the project management (over-buying project materials, side selling, etc). Mr. Josey rebuilt the image of the company with clients and banks, started debt recovery for unpaid invoices, and commenced tendering again (which had been stopped 12 months earlier because there was “no money”). Within 18 months over 3 billion USD was tendered and 260 million USD (8%) of new contracts had been won (with a profit of 10% min). A huge success in any language.

3. “Crude Oil Pipeline”
Kuwait Oil Company (KOC) was using 50-year-old pipelines to move ~1 million barrels per day from their northern fields. Regular leaks and shutdowns proved a high and urgent need for replacements. Being so old, the pipelines were operated manually, with no safety features or remote operations. Mr. Josey came in when the British engineering company had stopped work, wasn’t being paid and the project stalled. Mr. Josey negotiated with KOC’s outstanding payment. Then Mr. Josey increased the fees for the engineering company by 100% (2,000,000 GBP) and built a team of 30 people to produce commercial and technical documents for the project. Mr. Josey brought an EPC contractor in to do the work – ABB of Switzerland through their project offices in Milan. Mr. Josey fast-tracked the project, including guiding KOC on establishing their capital management program (spending 10 billion USD per year). Mr. Josey’s experience with Chevron and BP made this a straightforward process. FEED documents were completed in 6 months. Contract awarded within another 6 months. Both feats were unheard of in the country before, where FEED usually took years and awarding contracts take longer.

Mr. Josey orchestrated the first fully remote-operated, safety-featured crude oil pipeline in the country in record time. The project value was about 166 million USD.

https://new.abb.com/oil-and-gas/case-studies/midstream-transportation/kuwait-oil

Note: As a result of Mr. Josey’s mentoring and coaching on this pipeline project, the junior KOC engineer (a Kuwaiti) was promoted and went on to project manage the largest contract of that time - 7 billion USD.

https://www.hydrocarbons-technology.com/projects/lower-fars-heavy-oil-development-project/


M7: What is The Thorium Network’s Isotope Management System? Could you please tell us a little bit about it?
JEJ:
It’s pretty straightforward. Essentially, if you define the internet as a platform for data exchange, then blockchain is the platform for the integrity of that information. The two go hand in hand and the timing couldn't be better. We are on the verge of a great expansion in the number of fission energy systems around the world, particularly with “Small Modular Reactors” - we wrote about this in May this year in Germany’s Nuclear Technology Magazine (nucmag.com). Hence our solution utilizes the strength of blockchain to put these isotopes into the blockchain. That is not so novel, but what is unique is our proprietary combination of hardware and software that makes it so. We want everyone to obtain their fissioning fuel using our system, particularly the solutions required for molten salt operation. Regulators, governments, and the general public will be able to trust energy from fission, something unheard of from the industry before.


We are what we think about, so make what you want your primary thought and focus. Everything else is secondary. Treat it as such.



M7: What are some of the benefits of using Thorium Molten Salt Burners?
JEJ:
Again, the energy obtained from a Thorium Molten Salt Burner is orders of magnitude higher than any other form of energy source we presently have on this planet. The fuel is abundant - as common as lead - and hence Thorium is very cheap as a fuel source. We have thousands of years of supply on the planet and many countries will become energy independent using it. Producing energy from Thorium Molten Salt has a tiny impact on the environment. What remains after energy production is tiny and much easier to handle than the billions of tonnes of poisonous waste from a coal-fired power station or the millions of tonnes of toxins from the manufacturing of solar panels or even the hundreds of thousands of discarded wind turbines (after only 20 years of useful life). In my book that’s the only way to go.


M7: How effective and adaptable is Thorium compared to all the other alternative energy sources available now?
JEJ:
A standard shipping container (“40 foot”) can hold a 100MW burner which can be buried - like a battery - for more than 20 years. No utilities are required. How adaptable is that? It’s incredibly adaptable. Each unit can be made impenetrable, and secure for decades, with all operational data going into a secure, transparent and immutable blockchain. I won’t get into the details of the Energy Return on Investment (EROI) but only share a summary published by the Australian government. The EROI is 2000:1 for molten salt fission technology. (Yes, that is two thousand to one. It’s not a typo). It is only 1.6:1 for solar(one point six), 3.9:1 for wind, and only 30:1 for natural gas. The important thing to remember is that the higher the EROI, the better in every possible way. Such a high EROI makes fission energy from molten salt technology the most adaptable form of energy production we have on the planet.


The fuel is abundant - as common as lead - and hence Thorium is very cheap as a fuel source. We have thousands of years of supply on the planet and many countries will become energy independent using it.



M7: At The Thorium Network, how do you hope to facilitate the development of a clean energy economy?
JEJ:
By adopting and using our network, researchers, academics, and other entrepreneurs are able to access a fuel source they would not have been able to access before. Thus, we are able to accelerate the adoption of this brilliant technology. Additionally, by using the fundraising mechanisms made possible by blockchain (aka tokens), we are able to access worldwide public funds in a totally decentralized manner. The public is able to pre-purchase their energy and redeem it using the utility tokens they own from our project. This has not been possible before.


M7: The best advice you have ever received?
JEJ:
We are what we think about, so make what you want your primary thought and focus. Everything else is secondary. Treat it as such.

ABOUT THE THORIUM NETWORK

The Thorium Network was formed in 2017 after a meeting with the government of a former USSR country - to negotiate obtaining their spent nuclear fuel - it became clear that the status quo had to go. They were in the 2nd decade of the 21st century, with unparalleled access to information and people like never before, yet using systems - and attitudes - from the 1950’s. There just had to be a different way. After a bit of thinking it became a natural combination: blockchain and fission energy - for civilian energy production.

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The Thorium Network

The Thorium Network

The Thorium Network was formed in 2017 after a meeting with the government of a former USSR country - to negotiate obtaining their spent nuclear fuel - it became clear that the status quo had to go. They were in the 2nd decade of the 21st century, with unparalleled access to information and people l...

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