Acquisition immediately adds one of the highest technology readiness level advanced nuclear reactors in development and significantly expands NANO Nuclear’s patent portfolio. 

Acquisition also brings important contracts, collaboration and adds to existing pipeline of cutting edge small nuclear reactor technologies.

NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has closed its previously announced acquisition of select nuclear energy technology assets, including the patented Micro Modular Reactor (MMR^®) Energy System and Pylon Transportable Reactor Platform, from Ultra Safe Nuclear Corporation and certain of its subsidiaries (collectively, “USNC”).

The acquisition of these assets and related intellectual property and contracts significantly expands NANO Nuclear’s patent portfolio and adds to its existing pipeline of cutting edge small nuclear reactor technologies in development. The assets include 38 issued and pending or published patents, including six issued and four pending or published U.S. utility patents and three issued and four pending Canadian utility patents, as well as associated trademarks.

The acquisition also brings important demonstration project collaborations related to the MMR^® system, notably at the University of Illinois at Urbana-Champaign. Pending Canadian governmental approvals, the acquisition would also bring certain Canadian government relationships and support. Further, certain of the technology acquired by NANO Nuclear in this acquisition was being used by an affiliate of USNC to develop related technology in the United Kingdom, and NANO Nuclear may be able to explore a potential future license or acquisition of such related technology in the United Kingdom, which could be accompanied by U.K. government support.

NANO Nuclear paid a total of $8.5 million in cash for these assets in connection with USNC’s Chapter 11 bankruptcy proceedings (including deposit amounts previously made in connection with the signing of the acquisition agreement), with $250,000 of such funds being set aside in escrow pending the receipt of certain governmental approvals of the acquisition in Canada related to the Canadian portion of the acquired assets.

Figure 1 – Renditions of NANO Nuclear Energy’s newly acquired technologies: Pylon for terrestrial (bottom) and space (top) applications and the Modular Micro Reactor (MMR^®) Energy System (right).

NANO Nuclear plans to extend an existing MMR^® collaboration with the University of Illinois at Urbana-Champaign with the aim of demonstrating the reactor’s high technology readiness level at the University. In parallel, NANO Nuclear will continue the MMR^® licensing process with the U.S. Nuclear Regulatory Commission. Pending Canadian governmental approvals of the acquisition, further demonstrations of the MMR^® are expected to take place at the Canadian Nuclear Laboratories. The MMR^® is the first small modular reactor to enter the Canadian Nuclear Safety Commission’s formal licensing review.

Figure 2 – Rendition of NANO Nuclear Energy’s newly acquired Modular Micro Reactor (MMR^®) Energy System.

The MMR^® Energy System compliments NANO Nuclear’s own ‘ZEUS’ and ‘ODIN’ microreactors in development and could be used to provide carbon-free, high-quality process heat for co-located industrial applications, and for high-efficiency hydrogen production. Whereas ‘ZEUS’ and ‘ODIN’ are being designed to be portable and produce 1 to 1.5 megawatts thermal (“MWth”) of power, the MMR^® Energy System designed as a stationary installation capable of producing power up to 45 MWth.

The Pylon Transportable Reactor Platform is a portable nuclear reactor designed for versatility in application and deployment. Designed to provide between 1 MWth and 5MWth of power, it is tailored to specific applications ranging from remote terrestrial, marine, and space deployments. NANO Nuclear will continue efforts to demonstrate the reactor at the Idaho National Laboratory’s DOME facility by 2027, following USNC’s selection for the National Reactor Innovation Center (NRIC) Front-End Engineering program.

Figure 3 – Rendition of NANO Nuclear Energy’s newly acquired Pylon reactor in terrestrial applications.

The patented MMR^® Energy System and Pylon reactor will augment NANO Nuclear’s existing portfolio of innovative nuclear power systems, which are designed for remote, industrial, infrastructural, maritime, and extra-terrestrial applications. The integration of the MMR^® Energy System specifically will enable NANO Nuclear to better serve growing markets that have high energy demands, including large-scale data and artificial intelligence centers and other energy-intensive operations in manufacturing and infrastructure.

“We are delighted to start off the new year by completing this exciting acquisition,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “The addition of the patented MMR^® Energy System and Pylon transportable reactor enable us to expand our business strategy and further positions NANO Nuclear as an emerging leader in the advanced nuclear reactor technology market. These technologies significantly strengthen our intellectual property foundation and create additional commercial shots on goal for us as we continue to mature our reactor technologies through design, testing and demonstration towards regulatory licensing and eventual commercial deployment.”

Figure 4 – Rendition of NANO Nuclear Energy’s newly acquired Pylon reactor in space applications.

“The acquisition of these technologies marks another fulfillment of our strategy to add complimentary assets with key intellectual property and relationships to our company,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Their addition increases our flexibility and helps expand into new market segments, enabling us to meet the growing power requirements of sectors like large-scale data centers, which will demand substantial energy. Furthermore, the extensive patents, trademarks, and collaborations obtained through this acquisition empower us as we move forward with licensing and demonstration processes for our reactor systems. We look forward to highlighting the high technology readiness level of these newly acquired reactor technologies, which will further position NANO Nuclear as an innovator in the advanced nuclear technology sector.”

To accommodate the need for certain Canadian government approvals for the acquisition and continued diligence of the USNC Canadian entity, assets and contracts to be acquired upon such approvals, Canadian entities controlled by Mr. Yu acquired the Canadian portion of the assets (other than the Canadian issued and pending patents) and granted NANO Nuclear an option to purchase those assets for nominal consideration.

Further details regarding this transaction will be provided by NANO Nuclear in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.