NANO Nuclear Energy Inc., a nuclear energy company, develops portable clean energy solutions.
The company is an early-stage nuclear energy company developing smaller, cheaper, and safer advanced portable clean energy solutions utilizing proprietary reactor designs, intellectual property and research methods. The company’s dedication extends further, encompassing both commercial nuclear fuel transportation and consulting services. The company is in the pre-revenue stage and is principally focuse...
NANO Nuclear Energy Inc., a nuclear energy company, develops portable clean energy solutions.
The company is an early-stage nuclear energy company developing smaller, cheaper, and safer advanced portable clean energy solutions utilizing proprietary reactor designs, intellectual property and research methods. The company’s dedication extends further, encompassing both commercial nuclear fuel transportation and consulting services. The company is in the pre-revenue stage and is principally focused on four business lines as part of its development strategy:
Micro Nuclear Reactor Business: The company is developing the next generation of advanced nuclear microreactors, ZEUS, a solid core battery reactor, and ODIN, a low-pressure salt coolant reactor. With these products, the company is advancing the development of the next generation of portable, on-demand capable, advanced nuclear microreactors. Through the collaboration of the company’s world-renowned nuclear scientists and engineers, the U.S. national nuclear laboratories, and government support, its reactors will have the potential to impact the global energy landscape.
Both the company’s ZEUS and ODIN microreactors have moved from the design stages to physical test work stages, with initial rig construction underway, to ensure model accuracy and material and dimension optimization. The company has conducted and completed external design audits on both the ZEUS and ODIN reactor designs to provide external validation and assistance to its designs. The design audits for the reactors were conducted and completed by the Idaho National Laboratory (INL). The company is identifying sites for its prototype reactor for the purpose of conducting physical test work using nuclear material for both microreactors. The company has communicated with the U.S. Nuclear Regulatory Commission (NRC) and Department of Energy (DOE), informing them of the status of its microreactor designs and the estimated internal timelines for the company’s microreactor developments, with an understanding that definite timelines will be provided once available, to allow the NRC to arrange the necessary personnel to oversee the microreactor licensing process. The company increases the size of the technical teams during 2024 to expedite the development of the reactor systems, as well as recruiting former NRC personnel to oversee its regulatory licensing processes, and to engage directly with the NRC to facilitate the commercialization planning.
In addition, in August 2024, the company purchased a 14,000 sq. ft., 2-story building in Oak Ridge, Tennessee. Furthermore, in December 2024, the company announced its execution of a memorandum of understanding with the Idaho Operations Office of the DOE setting forth a framework for the collaboration between the company and the DOE to evaluate the construction of a demonstration reactor on a land package near INL. Through this memorandum, the company will work with the DOE and Battelle Energy Alliance, LLC, the operator of INL (‘BEA’), to progress the development, siting, and eventual testing of its innovative microreactor designs.
Fuel Processing Business: Through the company’s subsidiary, HALEU Energy Fuel Inc., and in coordination with the DOE, it is seeking to develop a domestic LEU and HALEU fuel supply chain to supply fuel not only for the company’s own reactors but also to the broader advanced nuclear reactor industry. The company has tentatively identified the site it intends to construct the facilities and have begun to build the team to design and develop these facilities.
The company has entered a collaboration with a laser-based uranium enrichment technology company, LIS Technologies Inc. (‘LIST’) (which is a related party), to support the development of their technology. Through this investment and related collaboration, the company aims to assist in advancing LIST’s technologies to secure a reliable low enriched uranium fuel supply for its future operations and the broader nuclear energy industry. The parties intend that LIS Technologies Inc. (LIST) will provides the company with enriched uranium hexafluoride (UF6) at no cost to be fabricated and sold to customers, with LIST to receive compensation as part of a profit-sharing arrangement to be agreed to between the companies in the future. Through collaboration with LIST, the company intends to construct the supporting facilities alongside LIST’s enrichment facility, including the deconversion and fuel fabrication facilities. The company also leased 7,000 square feet of space at its Nuclear Technology Center in Oak Ridge, Tennessee to LIST.
In December 2024, the company announced that LIST and its company were selected by the DOE to participate as one of six contract awardees in the DOE’s Low-Enriched Uranium (LEU) Enrichment Acquisition Program (‘EU Acquisition Program’). Under the contract awarded to LIST, LIST was selected as the prime contractor, with company as the key subcontractor bringing its technical and regulatory expertise in advanced nuclear solutions to the collaboration. LIST will oversee the development of the primary uranium enrichment processes using its novel laser technology, while the company will contribute towards development in the areas of fuel deconversion, fuel fabrication, and fuel transportation.
Fuel Transportation Business: The company’s transportation business will build on existing work completed at INL, Oak Ridge National Laboratory (ORNL) and Pacific Northwest National Laboratory (PNNL), the world’s premier U.S.-backed nuclear research facilities. The company received an exclusive license for a high capacity HALEU fuel transportation basket design in April 2024, which will form the basis of a complete transportation system. This license grants the company, as the licensee, exclusive rights for the use and development of the technology. In addition, the licensor is not permitted to license the technology to any other parties within the specified scope. The company is conducting work to modify the design to accommodate a variety of different fuel forms, so it is positioned to move fuel for both company’s reactors and to enables it to provide transportation services to any nuclear company looking to move commercial quantities of fuel. In September 2024, the company signed an agreement with GNS Gesellschaft für Nuklear-Service mbH (GNS) to undertake a wide-ranging project to produce an optimized HALEU transportation system solution based on its exclusively licensed fuel transportation basket design. The company intends to obtain NRC certification for its high-capacity HALEU transportation system to move commercial quantities of HALEU fuel around North America and internationally. The company hopes to put its fuel transportation business into operation by 2026. The company has also brought on two former United Parcel Service (UPS) executives, one of which works for its fuel transportation subsidiary, with the other sitting on the company’s Executive Advisory Board, to assist in growing the transportation business around its technology.
Nuclear Consultation Services: The company also plans on providing nuclear service support and consultation services for the expanding and resurgent nuclear energy industry, both domestically and internationally. This includes, in coordination with the Cambridge Nuclear Energy Centre, the development of education resources. This business opportunity represents the company’s nearest term revenue generating opportunity. As part of the company’s efforts domestically, following its collaboration with Digihost Technology Inc. (‘Digihost’) in December 2024, it expects to provide consulting services to Digihost beginning in the first quarter of 2025. These services will support the planning and execution of the Digihost project and will encompass regulatory advice, site assessment, roadmap development, and stakeholder engagement. In addition to these rendered services, the company is examining strategic acquisitions to expand its business and consultancy services. In combination with the company’s intention to acquire existing revenue generating consultancy businesses, it is focusing on building its own internal nuclear consultation business in coordination with certain outside academic institutions.
Micro Nuclear Reactor Business
A key pillar of the company’s business plan is to provide readily replaceable mobile reactors which it can provide to customers, along with operative personnel, to power projects, residential and commercial enterprises, and major development projects. The mobile, lower-cost and ultra-safe solid core model of the company’s micro-reactor vision will provide a clean energy option that supports initiatives for sustained international engagement and promotes enhanced and more efficient cooperation and assistance in the application of peaceful uses of nuclear energy, science, and technology. The company will also drive resources to projects and activities in developing countries of greatest need by supplying energy to areas removed from the grid.
The company is developing two advanced portable nuclear micro reactors in technical design and development. The first, ZEUS, is a Solid Core Battery Reactor, designed by world-class engineers trained at the University of California—Berkeley, has a fully solid core and utilizes already licensed fuel types, enriched up to 19.75%, where heat is removed solely by thermal conduction. This requires the deployment of high conductivity, high melting materials, and careful materials design.
The company’s second reactor in development, ODIN, will be a Low-Pressure Coolant Reactor, which uses uranium and zirconium HALEU hydride. The zirconium hydride densely packs hydrogen and so provides substantial moderation. Low pressure ‘solar’ salt (sodium-potassium nitrate eutectic) coolant will be used to minimize the stress on structural components and improve the reliability and service life. The design takes advantage of the natural convection of the coolant for heat transfer to the power conversion cycle at full power, as well as for decay heat removal during reactor shutdown, operating transients, and off-normal conditions. A nitrogen or open-air Brayton cycle will be used for power conversion due to its simplicity, flexibility, and its wide use within the conventional power industry. Reactivity control system design will have high reliability and robustness through minimizing the number of moving parts. In 2025, the company plans to formally engage with the NRC and develop and submit its Regulatory Engagement Plan (REP) to the NRC for ODIN as well as complete salt irradiation testing to select the coolant for ODIN.
HALEU Fuel Processing Business
In 2023, the company established a subsidiary, HALEU Energy Fuel Inc., to concentrate specifically on creating a domestic fuel processing facility of LEU and HALEU to supply the next generation of advanced nuclear reactors.
The company’s commercial and strategic aim for HALEU Energy Fuel is to design, construct and commission a commercial nuclear fuel processing facility to supply fabricated fuel to the next generation of advanced nuclear reactor companies, its own reactors under development, other small module reactors (known as SMR companies), the U.S. nuclear industry, the U.S. national laboratories, and the DOE’s nuclear fuel needs as necessary. The facility’s intended capability is to produce a variety of different fuel forms as required by U.S. industry and its intended customer base, using received fuel from market recognized fuel enrichment sources. The company’s proposed fuel facilities are intended to form part of an integrated system with LIST, a related-party laser uranium enrichment company with which it has an investment and related collaboration agreement. The company’s proposed processing activity aligns exactly with the DOE’s HALEU fuel mission to return nuclear fuel manufacturing capabilities to the United States.
The company has identified the potential site and plans to work with the NRC through the NEPA process, which will begin when a federal agency develops a proposal to take major federal action. The proposed project would benefit both its company and the United States.
In December 2024, the company announced that LIST and it was selected by the DOE to participate as one of six contract awardees in the DOE’s LEU Acquisition Program. Under the contract awarded to LIST, LIST was selected as the prime contractor, with the company as the key subcontractor bringing its technical and regulatory expertise in advanced nuclear solutions to the collaboration. LIST will oversee the development of the primary uranium enrichment processes using its novel laser technology, while the company will contribute towards development in the areas of fuel deconversion, fuel fabrication, and fuel transportation.
HALEU Fuel Transportation Business
As the company has developed its business, capability deficiencies in the U.S. nuclear industry that would affect the future operation of all SMR and microreactor companies became apparent, such as there exists no method of transporting commercial quantities of HALEU across North America. On April 3, 2024, the company entered into an exclusive patent license agreement (‘BEA License’) with BEA and have been working with the groups capable of aiding it in the development of the concept into a complete, governmentally certificated and licensed system proficient in the transportation of enriched fuels.
The company is seeking to form the first transportation company able to supply all emerging SMR and microreactor companies with the fuel they require at their manufacturing facilities to construct their reactors.
The company’s fuel transportation business will build on the work already completed by INL and ORNL to create a high-capacity HALEU transportation package, with 18 inner canisters, combined with a basket design and a borated aluminum flux trap. In September 2024, the company signed an agreement with GNS to undertake a wide-ranging project to produce an optimized HALEU transportation system solution based on its exclusively licensed fuel transportation basket design. The company is receiving support from two former executives of the largest shipping company in the world who are assisting it in developing a North American transportation company using the company’s licensed or developed technology to deliver (subject to applicable government licensing and certification) nuclear fuel for a wide customer base, including SMR and microreactor companies, national laboratories, military, and DOE programs.
Business Services and Consulting Business
The company has concentrated on identifying small teams with expert personnel, with good portfolios of work and existing contracts, and good expansion potential, which would provide it with immediate revenue post-acquisition.
As part of the company’s efforts domestically, as of December 12, 2024, it entered a non-binding memorandum of understanding with Digihost Technology Inc. (‘Digihost’) to advance the transition to carbon-free energy at Digihost’s 60-megawatt power plant in upstate New York.
Immediately after the company’s collaboration, as of December 16, 2024, it and Digihost made a joint response submission to the New York State Energy Research and Development Authority (NYSERDA)’s Request for Information (RFI) concerning the development of advanced nuclear energy technologies in New York State. The RFI was initially announced by New York state on November 15, 2024, aiming to gather information and gauge market interest for increased deployment of renewables and promoting the development of advanced nuclear technology such as the company’s ZEUS and ODIN microreactors in development.
In addition to these rendered services, the company is examining strategic acquisitions to expand its business and consultancy services.
Cambridge Nuclear Energy Centre Collaboration
In accordance with observed market trends and the surging global demand for nuclear personnel, combined with a shortage of suitably nuclear qualified individuals, the company has partnered with Cambridge Nuclear Energy Centre, part of the University of Cambridge, to develop a series of nuclear teaching programs to educate the next generation of qualified nuclear individuals capable of facilitating the growing demand and interest in nuclear energy.
Together with the Chair of Cambridge Nuclear Energy Centre, the company will design and provide Master’s and Doctorate programs in Nuclear Energy science, physics and engineering related disciplines, to graduate competent engineers and physicists ready for practical deployment to industry, academia, and research and development destinations.
The company’s strategy includes the employment of graduating personnel upon completion of their programs, to provide further value to its reactor programs, its fuel processing business, and the company’s business services practice. The programs will serve to provide the company with a stream of individuals competent in nuclear science and engineering, at a time when personnel are increasingly difficult to source; mitigating against potential insufficient staffing caused by the labor demand.
Material Agreements
On August 2, 2023, the company entered into a services agreement with Cambridge AtomWorks LLP, which was replaced on July 29, 2024, with an updated services agreement with Cambridge AtomWorks (2024) Limited (or Cambridge AtomWorks).
On February 14, 2023, the company entered a Strategic Partnership Project (SPP) agreement with BEA. Pursuant to the SPP agreement, BEA is the management and operating contractor of the INL and is operating as a contractor for the DOE.
On January 19, 2024, the company entered into a services agreement with NEEC, effective on January 15, 2024.
Intellectual Property
On April 3, 2024, the company entered a BEA License with Battelle Energy Alliance, LLC.
On March 27, 2024, the company filed an application for a U.S. Provisional patent – ‘ZEUS’ to protect certain key design considerations. In July 2024, the company filed another application for a U.S. Provisional Patent to secure its newly acquired annual linear induction pump technology (ALIP). As of December 27, 2024, these two patent applications remain under review by the USPTO.
As of December 27, 2024, the company has one trademark application ‘Smaller, Cheaper and Safer’ on class 11, pending approval from the United States Patent and Trademark office, and one domain name.
Government Regulation
In addition to nuclear safety regulations, the company is also subject to such other nuclear regulatory controls as nuclear material safeguards and non-proliferation restrictions, and liability insurance regimes (e.g., Price-Andersen Act, the 1960 Paris Convention, the 1963 Vienna Convention, and the 1997 Convention on Supplementary Compensation).
The company’s microreactor business is subject to, and complies with, stringent U.S. import and export control laws, including the Export Administration Regulations (EAR) regulations from the Bureau of Industry and Security which is part of the U.S. Department of Commerce, and regulations issued by the DOE.
History
NANO Nuclear Energy Inc. was founded in 2022. The company was incorporated in 2022.
