NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the
Company”), a leading advanced nuclear energy and technology company
focused on developing clean energy solutions, today announced that
it has closed its previously announced acquisition of select
nuclear energy technology assets, including the patented
Micro Modular Reactor
(MMR®) Energy System and
Pylon Transportable Reactor Platform, from Ultra
Safe Nuclear Corporation and certain of its subsidiaries
(collectively, “USNC”).
The acquisition of these assets and related
intellectual property and contracts significantly expands NANO
Nuclear’s patent portfolio and adds to its existing pipeline of
cutting edge small nuclear reactor technologies in development. The
assets include 38 issued and pending or published
patents, including six issued and four pending or
published U.S. utility patents and three issued and four pending
Canadian utility patents, as well as associated trademarks.
The acquisition also brings important
demonstration project collaborations related to the MMR® system,
notably at the University of Illinois at Urbana-Champaign. Pending
Canadian governmental approvals, the acquisition would also bring
certain Canadian government relationships and support. Further,
certain of the technology acquired by NANO Nuclear in this
acquisition was being used by an affiliate of USNC to develop
related technology in the United Kingdom, and NANO Nuclear may be
able to explore a potential future license or acquisition of such
related technology in the United Kingdom, which could be
accompanied by U.K. government support.
NANO Nuclear paid a total of $8.5 million in
cash for these assets in connection with USNC’s Chapter 11
bankruptcy proceedings (including deposit amounts previously made
in connection with the signing of the acquisition agreement), with
$250,000 of such funds being set aside in escrow pending the
receipt of certain governmental approvals of the acquisition in
Canada related to the Canadian portion of the acquired assets.
Figure 1 – Renditions of NANO Nuclear Energy’s
newly acquired technologies: Pylon for terrestrial (bottom) and
space (top) applications and the Modular Micro Reactor (MMR®)
Energy System (right).
NANO Nuclear plans to extend an existing MMR®
collaboration with the University of Illinois at Urbana-Champaign
with the aim of demonstrating the reactor’s high technology
readiness level at the University. In parallel, NANO Nuclear will
continue the MMR® licensing process with the U.S. Nuclear
Regulatory Commission. Pending Canadian governmental approvals of
the acquisition, further demonstrations of the MMR® are expected to
take place at the Canadian Nuclear Laboratories. The MMR® is the
first small modular reactor to enter the Canadian Nuclear Safety
Commission’s formal licensing review.
Figure 2 - Rendition of NANO Nuclear Energy's
newly acquired Modular Micro Reactor (MMR®) Energy System.
The MMR®
Energy System compliments NANO Nuclear’s own
‘ZEUS’ and ‘ODIN’ microreactors
in development and could be used to provide carbon-free,
high-quality process heat for co-located industrial applications,
and for high-efficiency hydrogen production. Whereas ‘ZEUS’ and
‘ODIN’ are being designed to be portable and produce 1 to 1.5
megawatts thermal (“MWth”) of power, the MMR® Energy System
designed as a stationary installation capable of producing power up
to 45 MWth.
The Pylon Transportable Reactor
Platform is a portable nuclear reactor designed for
versatility in application and deployment. Designed to provide
between 1 MWth and 5MWth of power, it is tailored to specific
applications ranging from remote terrestrial, marine, and space
deployments. NANO Nuclear will continue efforts to demonstrate the
reactor at the Idaho National Laboratory’s DOME facility by 2027,
following USNC's selection for the National Reactor Innovation
Center (NRIC) Front-End Engineering program.
Figure 3 - Rendition of NANO Nuclear Energy's
newly acquired Pylon reactor in terrestrial applications.
The patented MMR® Energy System and Pylon
reactor will augment NANO Nuclear’s existing portfolio of
innovative nuclear power systems, which are designed for remote,
industrial, infrastructural, maritime, and extra-terrestrial
applications. The integration of the MMR® Energy System
specifically will enable NANO Nuclear to better serve growing
markets that have high energy demands, including large-scale data
and artificial intelligence centers and other energy-intensive
operations in manufacturing and infrastructure.
“We are delighted to start off the new year by
completing this exciting acquisition,” said Jay Yu, Founder
and Chairman of NANO Nuclear Energy. “The addition of the
patented MMR® Energy System and Pylon transportable reactor enable
us to expand our business strategy and further positions NANO
Nuclear as an emerging leader in the advanced nuclear reactor
technology market. These technologies significantly strengthen our
intellectual property foundation and create additional commercial
shots on goal for us as we continue to mature our reactor
technologies through design, testing and demonstration towards
regulatory licensing and eventual commercial deployment.”
Figure 4 - Rendition of NANO Nuclear Energy's
newly acquired Pylon reactor in space applications.
“The acquisition of these technologies marks
another fulfillment of our strategy to add complimentary assets
with key intellectual property and relationships to our company,”
said James Walker, Chief Executive Officer and Head of
Reactor Development of NANO Nuclear Energy. “Their
addition increases our flexibility and helps expand into new market
segments, enabling us to meet the growing power requirements of
sectors like large-scale data centers, which will demand
substantial energy. Furthermore, the extensive patents, trademarks,
and collaborations obtained through this acquisition empower us as
we move forward with licensing and demonstration processes for our
reactor systems. We look forward to highlighting the high
technology readiness level of these newly acquired reactor
technologies, which will further position NANO Nuclear as an
innovator in the advanced nuclear technology sector.”
To accommodate the need for certain Canadian
government approvals for the acquisition and continued diligence of
the USNC Canadian entity, assets and contracts to be acquired upon
such approvals, Canadian entities controlled by Mr. Yu acquired the
Canadian portion of the assets (other than the Canadian issued and
pending patents) and granted NANO Nuclear an option to purchase
those assets for nominal consideration.
Further details regarding this transaction will
be provided by NANO Nuclear in a Current Report on Form 8-K to be
filed with the U.S. Securities and Exchange Commission.
About NANO Nuclear Energy,
Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an advanced technology-driven nuclear energy
company seeking to become a commercially focused, diversified, and
vertically integrated company across five business lines: (i)
cutting edge portable and other microreactor technologies, (ii)
nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv)
nuclear applications for space and (v) nuclear industry consulting
services. NANO Nuclear believes it is the first portable nuclear
microreactor company to be listed publicly in the U.S.
Led by a world-class nuclear engineering team,
NANO Nuclear’s reactor products in development include
“ZEUS”, a solid core battery reactor, and
“ODIN”, a low-pressure coolant reactor, each
representing advanced developments in clean energy solutions that
are portable, on-demand capable, advanced nuclear microreactors.
NANO Nuclear is also developing patented stationary Micro
Modular Reactor (MMR®)
Energy System and space focused Pylon
Transportable Reactor Platform.
Advanced Fuel Transportation Inc.
(AFT), a NANO Nuclear subsidiary, is led by former
executives from the largest transportation company in the world
aiming to build a North American transportation company that will
provide commercial quantities of HALEU fuel to small modular
reactors, microreactor companies, national laboratories, military,
and DOE programs. Through NANO Nuclear, AFT is the exclusive
licensee of a patented high-capacity HALEU fuel transportation
basket developed by three major U.S. national nuclear laboratories
and funded by the Department of Energy. Assuming development and
commercialization, AFT is expected to form part of the only
vertically integrated nuclear fuel business of its kind in North
America.
HALEU Energy Fuel Inc. (HEF), a
NANO Nuclear subsidiary, is focusing on the future development of a
domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel
fabrication pipeline for NANO Nuclear’s own microreactors as well
as the broader advanced nuclear reactor industry.
NANO Nuclear Space Inc. (NNS),
a NANO Nuclear subsidiary, is exploring the potential commercial
applications of NANO Nuclear’s developing micronuclear reactor
technology in space. NNS is focusing on applications such as the
Pylon transportable reactor system and other power systems for
extraterrestrial projects and human sustaining environments, and
potentially propulsion technology for long haul space missions.
NNS’ initial focus will be on cis-lunar applications, referring to
uses in the space region extending from Earth to the area
surrounding the Moon's surface.
For more corporate information please visit:
https://NanoNuclearEnergy.com/
For further NANO Nuclear information,
please
contact:Email: IR@NANONuclearEnergy.comBusiness Tel:
(212) 634-9206
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of NANO
Nuclear’s management in connection with this news release contain
or may contain “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. In this
context, forward-looking statements mean statements related to
future events, which may impact our expected future business and
financial performance, and often contain words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “potential”, “will”,
“should”, “could”, “would” or “may” and other words of similar
meaning. In this press release, forward-looking statements include
those related to the anticipated benefits to NANO Nuclear of the
assets acquired from USNC as well as the prospects for required
governmental approvals of the acquisition and the development and
regulatory licensing of such assets. These forward-looking
statements are based on information available to us as of the date
of this news release and represent management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve significant known
and unknown risks, uncertainties and other factors, which may be
beyond our control. For NANO Nuclear, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include but are not limited to the following: (i) risks related to
our U.S. Department of Energy (“DOE”) or related state nuclear fuel
licensing submissions, (ii) risks related the development of new or
advanced technology and the acquisition of complimentary technology
or businesses, including difficulties with design and testing, cost
overruns, regulatory delays, integration issues and the development
of competitive technology, (iii) our ability to obtain contracts
and funding to be able to continue operations, (iv) risks related
to uncertainty regarding our ability to technologically develop and
commercially deploy a competitive advanced nuclear reactor or other
technology in the timelines we anticipate, if ever, (v) risks
related to the impact of government regulation and policies
including by the DOE and the U.S. Nuclear Regulatory Commission,
including those associated with the recently enacted ADVANCE Act,
and (vi) similar risks and uncertainties associated with the
operating an early stage business a highly regulated and rapidly
evolving industry. Readers are cautioned not to place undue
reliance on these forward-looking statements, which apply only as
of the date of this news release. These factors may not constitute
all factors that could cause actual results to differ from those
discussed in any forward-looking statement, and NANO Nuclear
therefore encourages investors to review other factors that may
affect future results in its filings with the SEC, which are
available for review at www.sec.gov and at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Accordingly, forward-looking statements should not be relied upon
as a predictor of actual results. We do not undertake to update our
forward-looking statements to reflect events or circumstances that
may arise after the date of this news release, except as required
by law.
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