NANO Nuclear Energy Inc.
NEW YORK, NY, April 20, 2023 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (“NANO Nuclear”), a Vertically Integrated DeepTech company emerging from the shared micro Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear engineering team filled with leading nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries, is pleased to announce that it has signed a Strategic Partnership Project Agreement with Idaho National Laboratory (INL), which is managed by Battelle Energy Alliance for the U.S. Department of Energy (DOE).
INL will provide an expert design review panel of the NANO Nuclear Energy Inc. proprietary “ZEUS” portable and micro reactor design.
“This agreement is a big step forward in the development of our proprietary design,” said Jay Jiang Yu, NANO Nuclear Energy’s Founder, Chairman and President. “The scope of work we have received is detailed and thorough, and INL’s world-class expertise will allow NANO Nuclear to better position itself for long term growth as well as support further research and development of our proprietary reactor design and ambitions.”
Over a 6-month period, INL will review technical information from NANO on its reactor design, siting, fuel, and decommissioning strategy and will organize a Panel Review Workshop to discuss numerous areas of the design. This review panel will provide recommendations on the current design as well as outline a path forward for further design and collaboration between INL and the Company.
Following the review, INL subject matter experts will provide written feedback regarding design options, questions, or areas to explore.
The agreement follows NANO Nuclear leadership’s on-site tour of INL in late 2022. During the meetings and visit, NANO Nuclear Founder, Chairman & President Jay Jiang Yu, CEO & Head of Nuclear Reactor Development James Walker and Head of Nuclear Laboratories and Technologies Dr. Jeffrey Binder, respectively, were introduced to key INL leadership personnel and participated in an extensive tour of INL’s state of the art nuclear facilities.
“Having a facility like INL involved in the review and advancement of the ‘ZEUS’ micro reactor design is essential to achieving our milestones this coming year,” said James Walker, NANO Nuclear Energy’s CEO and Head of Nuclear Reactor Development. “INL’s capabilities are unmatched and the importance of our access to their world class facilities and scientists cannot be understated. Looking forward, we will use the lessons learned from this project and review panel to better position NANO Nuclear for long term growth and optimizing the ‘ZEUS’ design.”
“I have a lot of experience working with the leadership of national laboratories, as well as their scientists and researchers, and I cannot be more enthused to continue working alongside them on this project,” said Dr. Jeffrey L. Binder, NANO Nuclear Energy’s Head of Nuclear Laboratory and Technologies. “NANO Nuclear has the potential to change the way the nuclear energy is utilized around the world and this collaboration will only further and expand on that potential.”
Additionally, NANO Nuclear has hailed the Fueling Our Nuclear Future Act, which seeks to establish a program to accelerate the availability of commercially produced high-assay, low-enriched uranium (HALEU) in the United States and make it available for use in advanced nuclear reactors.
About NANO Nuclear Energy Inc.
The Path to Zero starts here. NANO Nuclear Energy Inc. is a vertically integrated DeepTech company emerging from the shared micro-Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear engineering team working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries. The company is committed to providing Smaller, Cheaper, and Safer nuclear energy solutions for the future by incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, research methods and through its subsidiary, HALEU Energy Fuel Inc. The subsidiary 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. Currently in technical development are “ZEUS”, a Solid Core Battery Reactor and “ODIN”, a Low-Pressure Coolant Reactor, NANO Nuclear Energy’s first generation of portable, on-demand capable, advanced nuclear micro reactors. For more corporate information please visit: https://NANONuclearEnergy.com/
About Idaho National Laboratory
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 us on social media: Twitter, Facebook, Instagram and LinkedIn.
For more corporate information please visit: https://NanoNuclearEnergy.com/
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Forward Looking Statements
This news release 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”, “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 the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (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 other risks and uncertainties discussed in this and our other filings with the SEC. 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.