LIS Technologies Inc. (“LIST”) and its subcontractor NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”) are proud to announce their selection by the U.S. Department of Energy (DOE) to participate as one of six contract awardees in DOE’s Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This milestone achievement is an outgrowth of the existing investment and collaboration relationship between LIST and NANO Nuclear announced in early November 2024.

The total overall amount appropriated under the LEU Acquisition Program is anticipated to be $3.4 billion, reflecting the DOE’s commitment to bolstering domestic fuel supply chains and advancing nuclear technology. This landmark initiative is part of the DOE’s strategy to ensure the continued availability of LEU essential for the current and future needs of the United States’ nuclear energy infrastructure and is an essential component of the DOE’s efforts to maintain U.S. energy independence by reducing reliance on foreign uranium supplies and developing an adequate fuel supply from trusted sources to maintain the current fleet of U.S. reactors and builds a strong base to supply future deployments of advanced nuclear reactors both at home and abroad, including microreactors such as those being developed by NANO Nuclear.

As part of the LEU Acquisition Program, the DOE will issue task orders to the six contract awardees to bid on, with all task orders having a minimum order value of $2 million. Under the contract awarded to LIST, LIST serves as the prime contractor, with NANO Nuclear acting as a key subcontractor bringing its technical and regulatory expertise in advanced nuclear solutions to the collaboration. The final award value to LIST and NANO Nuclear over the anticipated ten-year life of the LEU Acquisition Program will depend on agreed upon task orders that will subsequently be issued by the DOE.

LIST and NANO Nuclear believe that their selection to participate in the LEU Acquisition Program reflects DOE’s confidence in their technical capabilities, operational experience, and shared commitment to innovation. Using the funds expected to be granted under the program, LIST will oversee the development of the primary uranium enrichment processes using its novel laser technology, while NANO Nuclear will contribute towards development in the areas of fuel deconversion, fuel fabrication, and fuel transportation.

The contract with DOE exemplifies the importance of public-private partnerships in advancing critical energy technologies and ensuring U.S. leadership in the global nuclear industry. With this contract in hand, LIST and NANO Nuclear will advance their shared goal of creating a vertically integrated fuel pipeline to produce LEU and also High-Assay Low Enriched Uranium (HALEU), to ensure a seamless supply chain from fuel enrichment to reactor deployment.

“We are truly honored to have secured this government contract in collaboration with NANO Nuclear. This award underscores the pivotal role of advanced nuclear fuel technologies in meeting the growing demand for clean, reliable energy,” said Christo Liebenberg, Co-Founder and Chief Executive Officer of LIST. “The selection of LIST for this critical DOE program is indicative of the U.S. government’s support for our efforts, and is a testament to the innovative and strategic approach our team brings to the arena of 3^rd generation laser enrichment technology. Moreover, the collaboration between LIST and NANO Nuclear has the potential to make a lasting impact on the industry by providing cutting-edge solutions for low-enriched uranium supply, all while supporting the DOE’s mission of clean and reliable energy at reduced cost for decades to come.”

“This is a milestone moment for both LIST and NANO Nuclear,” said Jay Yu, Executive Chairman and President of LIS Technologies, and Founder, Chairman and President of NANO Nuclear. “Being part of the DOE’s LEU Enrichment Acquisition Program aligns perfectly with our mission to advance the future of nuclear energy through innovative solutions. We are excited to contribute to this critical national effort to secure a reliable and domestic supply of enriched uranium, which is fundamental to supporting both current reactors and the next generation of advanced reactor technologies, including our own ZEUS and ODIN microreactors.”

James Walker, Chief Executive Officer and Head of Reactor Development at NANO Nuclear, emphasized the broader impact of the award: “This contract is not just about enriching uranium—it’s about enriching the future of energy. Our role in this program is to help build a sustainable and lasting U.S. fuel supply chain that re-establishes the U.S. fuel manufacturing capabilities so it can power its industrial, technological, and energy sovereignty ambitions. It’s a significant step forward for both our company and the nuclear energy sector as a whole.”

LIST and NANO Nuclear are related parties through certain common ownership and commonality of certain officers and directors.