Figure 1 – NANO Nuclear Energy Inc. (NASDAQ NNE) Signs the Net Zero Nuclear Industry Pledge in Solidarity with the Declaration to Triple Nuclear Energy made at COP28.

The initiative aims to focus the industry’s collective efforts on realistic, actionable, solutions-focused dialogue to enable the rapid expansion of the global nuclear fleet and the acceleration research and development into emerging nuclear technologies.

“Nano Nuclear Energy has joined the more than 120 companies that have pledged to support global efforts to triple nuclear energy capacity by 2050. I welcome NANO Nuclear’s endorsement of the Net Zero Nuclear Industry Pledge and encourage other companies to follow their example” said Sama Bilbao y León, Director General of World Nuclear Association”

The 128 companies currently involved with the NZN seek to at least triple nuclear capabilities by 2050 to help achieve global goals for decarbonization, clean energy supply and enhanced energy resiliency and security, as outlined by more than 20 countries from four continents during the World Climate Action Summit of the 28^th Conference of the Parties to the U.N. Framework Convention on Climate Change.

Nuclear technologies are expected to have a significant role in helping decarbonize hard to abate sectors, for example through the provision of high temperature industrial process heat, hydrogen production, district heating and the production of synthetic fuels.  This is a belief that is shared by NANO Nuclear.

“The Net Zero Nuclear initiative is a testament to the rekindled interest in the nuclear energy industry and shows a collective commitment to sustainable energy solutions we are very proud to support,” said Jay Yu, Executive Chairman and President of NANO Nuclear Energy. “By supporting the initiative to triple nuclear energy capacity by 2050, we are contributing to the significant momentum in the industry as we aim to meaningfully contribute to a sustainable energy future. This initiative aligns with our mission to advance nuclear technology and underscores our dedication to achieving net zero emissions.  We are honored to join leading nuclear and technology companies around the world in our collective commitment to sustainable energy solutions.”

A core principle of NANO Nuclear’s mission is the comprehensive revitalization of the nuclear energy industry in the United States.  As such, NANO Nuclear has positioned itself at the forefront of numerous business verticals, including nuclear fuel fabrication and transportation, in addition to developing its own portable microreactor solutions and providing nuclear consulting services.

Assuming the development and commercialization of its exclusively licensed high-capacity HALEU fuel transportation basket, created by three major U.S. national nuclear laboratories and funded by the Department of Energy, we believe that NANO Nuclear’s wholly owned subsidiaries, Advanced Fuel Transportation and HALEU Energy Fuel, may become part of the only vertically integrated nuclear fuel business of its kind in North America.

Many next-generation Small Modular Reactor (SMRs) and microreactors (defined as reactors generating less than 20 megawatts of power) are designed to utilize High-Assay Low-Enrichment Uranium (HALEU) fuel.  With the expectation that demand and competition for HALEU will continue to grow, NANO Nuclear is taking measures to ensure it has the material necessary to power its reactors, ensure manufacture of its products and support the broader industry.

“The global community is gradually recognizing the critical role of nuclear energy in achieving a sustainable future,” said James Walker, Chief Executive Officer of NANO Nuclear Energy. “The nuclear energy industry must overcome several challenges, including the bottleneck in the supply of HALEU, which will intensify once the recent ban on Russian uranium imports goes into effect this summer. However, this ban also releases $2.72 billion in federal funding to expand the U.S. uranium industry, signifying a pivotal opportunity to address supply chain constraints, bolster domestic production, and take a step closer to achieving the goals set out at COP28.”

About Net Zero Nuclear

Net Zero Nuclear is an initiative that calls for unprecedented collaboration between government and industry leaders to at least triple global nuclear capacity to achieve carbon neutrality by 2050. The initiative aims to focus the industry’s collective efforts on realistic, actionable, solutions-focused dialogue to enable the rapid expansion of the global nuclear fleet and the acceleration research and development into emerging nuclear technologies.