In collaboration with Idaho National Laboratory, company looks to build fuel fabrication facility to integrate with its innovative advanced portable nuclear microreactor business.
New York, N.Y., Aug. 21, 2023 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (“NANO Nuclear”), an emerging micro-small modular reactor and advanced nuclear reactor technology company led by a world-class nuclear engineering team developing proprietary, portable and carbon free energy solutions, announced that it made a key submission to the U.S. Department of Energy (DOE). The submission initiates its due diligence for consideration of locating a NANO Nuclear fuel fabrication capability on the Idaho National Laboratory (INL) site. This line of business would vertically integrate into NANO Nuclear’s existing business of developing its proprietary Zeus and Odin small nuclear microreactors. The company’s current submission includes answers to questions posed by DOE along with a proposed memorandum of understanding, including facility site selection, for the project.
Importantly, NANO Nuclear’s DOE submission is being undertaken with assistance from INL, which is part of the DOE’s national laboratory complex and is the nation’s laboratory for nuclear energy research and development. The laboratory performs work in each of the strategic goal areas of DOE: energy, national security, science and environment.
As part of its submission, NANO Nuclear is proposing an integrated facility with the INL facilities in Idaho. By locating at INL, NANO Nuclear could utilize INL facilities and advanced capabilities, and could commit to produce fuel for INL’s laboratory work, along with fuel for NANO Nuclear’s use and for other potential customers. Locating its fuel manufacturing facilities at INL would allow NANO Nuclear to avoid transporting nuclear material over public roads, which initial planning shows will save considerable time and cost. NANO Nuclear’s DOE submission contemplates a Nuclear Regulatory Commission-licensed facility that can produce a variety of fuel types catering to a range of customers as soon as 2027.
NANO Nuclear has identified a national capability gap relating to nuclear fuel fabrication for the next generation of micro reactors and advanced nuclear reactors. As the company began planning for its anticipated reactor business, securing fuel for its Zeus and Odin reactors became a principal priority. The capability gap presented the company with an opportunity to secure its own fuel supply while satisfying a national demand and creating new business opportunities.
“This submission and our collaboration with INL are a big step forward for NANO Nuclear, and we are very grateful to INL for their invaluable input and assistance with our DOE submission” said Jay Jiang Yu, Founder, Executive Chairman and President of NANO Nuclear Energy. “We believe that our Zeus and Odin microreactors represent the leading edge of advanced nuclear microreactor technology and pairing this with the ability to focus on our own fuel in collaboration with the nation’s preeminent nuclear laboratory would be key vertical integration for our company that would both propel our own reactor business and create very promising additional business opportunities for Nano Nuclear.”
“NANO Nuclear’s approach to the nuclear environment and its attitude to obstacles are quickly creating opportunities for the company” said James Walker, Chief Executive Officer of NANO Nuclear Energy. “As we advance toward the company’s goal of deploying the smaller, cheaper, safer and transportable reactors to meet the global demand for clean, green technology, our company will continue to explore and develop other avenues of business to support, expand and facilitate our core business. Our goal is to become an increasingly multifaceted business, able to deliver not just reactors, but many services within the nuclear and energy industry.”
About Idaho National Laboratory (INL)
Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, and also performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov. Follow INL on social media: Twitter, Facebook, Instagram and LinkedIn.
About NANO Nuclear Energy Inc.
NANO Nuclear Energy Inc. is an emerging microreactor technology company led by a world class nuclear engineering team developing smaller, cheaper and safer advanced portable carbon free energy solutions utilizing proprietary novel reactor designs. NANO Nuclear is committed to incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, and research methods. NANO Nuclear’s subsidiary, HALEU Energy Fuel Inc., will focus on the future development of a domestic source for a High-Assay Low-Enriched Uranium (HALEU) fuel fabrication pipeline for the broader advanced nuclear reactor industry and providing fuel to power NANO Nuclear reactors. NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each of which represent advanced developments in portable, on-demand capable, advanced nuclear micro reactors.
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Cautionary Note Regarding Forward Looking Statements
This news release and statements of NANO Nuclear’s management in connection therewith contains "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. 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 known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear Energy Inc., 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 which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to our DOE nuclear fuel manufacturing submission and the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive advanced nuclear reactor technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and similar risks and uncertainties associated with the business of a start-up business operating a highly regulated 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. 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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