NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced a collaboration with LIS Technologies Inc. (“LIST”), a privately-held emerging company believed to be the only U.S.-origin based developer of a patented advanced laser technology to enrich uranium.  

The collaboration intends to reinvigorate the United States’ domestic uranium enrichment and fuel fabrication capabilities and includes:

• A $2 million investment by NANO Nuclear into LIST’s recently closed, oversubscribed $11.88 million seed round financing; and

• Execution of a strategic agreement between NANO and LIST under which (i) the parties will collaborate on advancing LIST’s cutting-edge enrichment technology as it continues its development and moves towards the regulatory licensing process and (ii) LIST will ultimately provide NANO Nuclear with quantities of uranium hexafluoride (UF6) fuel for use in NANO Nuclear’s advanced portable microreactors in development and for future sale by NANO Nuclear and LIST to third parties.

As part of the agreement, NANO Nuclear will develop supportive capabilities, including deconversion and fuel fabrication facilities, that will enable LIST’s enriched UF6 to become part of an integrated fuel manufacturing process that delivers fuel to both NANO Nuclear’s microreactor systems in development and the wider nuclear energy industry. The parties intend that LIST will provide NANO Nuclear with enriched 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.  

NANO Nuclear believes that LIST’s technology has the potential to be fully developed, licensed and capable of producing commercial quantities of Low Enriched Uranium (LEU) and High-Assay LEU (HALEU) fuel within ten years.

NANO Nuclear’s investment in LIST signals NANO Nuclear’s belief in LIST’s proprietary laser-based enrichment process.  Originally invented by Dr. Jeff Eerkens, who is considered the founding father of laser enrichment, partially funded by Cameco Corp. in the early 1990s, with positive historic developmental results and technology which demonstrates an ability to enrichment uranium, NANO believes that LIST has the potential to manufacture the fuel which the resurgent U.S. nuclear industry desperately needs to power the new generation of advanced Small Modular Reactors (SMRs) and micro nuclear reactors, including NANO Nuclear’s proprietary power systems.

LIST’s technology utilizes infrared lasers to selectively excite and separate desired isotope molecules. This innovative technology has significant potential to provide services across the nuclear energy industry, including the manufacturing of LEU for existing civilian nuclear power plants and HALEU essential for the next generation of SMRs and microreactors, including NANO Nuclear’s portable ‘ZEUS’ and ‘ODIN’ microreactors in development.  

LIST’s technology can also potentially be utilized to produce stable isotopes for medical and scientific research and has applications in quantum computing manufacturing for semiconductor technologies. The LIST proprietary laser-based process is energy-efficient and can be deployed with relatively favorable capital and operational costs. A United States Patent and Trademark Office-issued patent safeguards LIST’s process.

“This strategic collaboration with LIST is another important milestone for NANO Nuclear as we believe it provides us with a competitive edge over other advanced reactor companies in the U.S.,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “The technology being developed by LIST has the potential to reshape the United States’ uranium enrichment capabilities and pave the way for the next generation of advanced nuclear reactors to be a carbon-neutral and efficient solution to its growing energy demands.  We are excited to support the advancement of this innovative, cost-effective and the only U.S.-origin, patented technology to help usher in a new era for the nuclear energy industry.”

In addition to providing the necessary deconversion and fuel fabrication facilities required to turn LIST’s enriched UF6 into a fully integrated fuel supply chain capable of receiving UF6 from a conversion facility and outputting fabricated fuel for reactor systems, NANO Nuclear will collaborate with LIST on joint research and development initiatives.  LIST will also act as NANO Nuclear’s preferred supplier of enriched UF6 in future fuel purchasing agreements.

“NANO Nuclear is a leading innovator in the U.S. advanced nuclear energy sector, and its support of our proprietary U.S.-origin, patented technology marks a significant step toward a more efficient and secure domestic fuel supply chain,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “NANO Nuclear’s backing in our oversubscribed financing round is allowing us to rapidly advance along a carefully planned growth strategy to potentially becoming the first true, scalable and commercialized laser uranium enrichment company in the world.  LIST believes in building back the U.S. nuclear infrastructure and we look forward to rapidly advancing our technology. Furthermore, we believe this strategic collaboration creates a substantial advantage for both companies and the broader U.S. market, positioning us to capitalize on a novel opportunity.”