NANO Nuclear Energy Inc. (“NANO Nuclear”), a company emerging from the shared micro Small Modular Reactor (SMR) ambitions of a world class nuclear technical team working alongside business and industry professionals, possessing strong relationships with both government as well as the private and public nuclear industries, is pleased to announce that Jay Jiang Yu has been named as the Founder, Chairman and President of the Company.
The Path to Zero starts here. Nano Nuclear Energy Inc. is looking to disrupt the SMR space, principally in underdeveloped nuclear areas, and advance micro SMRs towards development and deployment in residential, commercial, and industrial settings. Nano Nuclear Energy is committed to building smaller, cheaper, and safer nuclear energy, while incorporating the latest technology into its own proprietary mobile and on-demand capable nano nuclear reactors, novel reactor designs, intellectual properties, and research methods.
NANO Nuclear Energy is looking to enter the micro SMR market by focusing on reactors which could be deployed to remote locations to provide energy to major mining, industrial, oil and gas, and construction projects. Additionally, the Company has the bandwidth to invest in optimization research for micro SMRs and seeks collaborative partnerships to which it can deploy financing, provide personnel, and advance technology and development opportunities. The Company also looks to capitalize on the rapid evolution and adoption of the marketplace, as the U.S. federal government throws its support behind the development of SMRs through funding and legislation. Additionally, the Idaho National Laboratory (INL) and the National Reactor Innovation Center (NRIC) are enabling developers by providing technical resources, capabilities and a demonstration site, as the U.S. advanced reactor industry is developing several microreactor concepts. Furthermore, the U.S. DOE just announced that it is seeking applications for a $6 billion Civil Nuclear Credit Program (CNC) to support the continued operation of U.S. nuclear reactors — the nation’s largest source of clean energy. Meanwhile, Rolls Royce expects U.K. regulatory approval for its SMR by mid-2024 and be able to produce grid power by 2029, Paul Stein, chairman of Rolls-Royce Small Modular Reactors, told Reuters.
In a recent example of the burgeoning relationship between regulators and the nuclear marketplace, the Governor of Wyoming, Mark Gordon signed legislation that amends the state’s nuclear power and storage regulations into law. The law stipulates that any advanced nuclear reactor operating in the state would be exempt from state taxes until June 30, 2035. Meanwhile, Alaska has also taken steps to welcome the next generation of nuclear reactors, namely microreactors, to its power grid. Two bills were introduced in early March aimed at simplifying the legal requirements for the implementation of nuclear microreactors in Alaska. Furthermore, the U.S. Air Force plans to install a microreactor with a power rating of about 5 megawatts at Eielson Air Force Base, which is expected to be operational by 2027.
Additionally, BlackRock Inc. recently made headlines when it joined an investment pact focused on reducing carbon emissions, Climate Action 100+, which represents more than $41 trillion dollars in investments.
“I have long held the belief that nuclear is the next logical step for meeting the growing energy demands of the world, to also combat against global warming and climate change. As such, it is an incredibly exciting opportunity to be involved in this innovative space and I believe that we have the right world class pedigree to disrupt. In addition, micro SMRs represent the future of nuclear energy production, propagation and their proliferation around the globe is an important step on the path to net zero carbon emissions, as well as ensuring that our children’s children have a safe and clean environment to grow up in” said Jay Jiang Yu, Founder, Chairman and President of NANO Nuclear Energy Inc. “The ability to be a future changemaker in ESG investing, the green energy marketplace, both in terms of technological innovations and public perception, is an opportunity and challenge too good to pass up. We strive to ensure that NANO nuclear technologies are smaller, cheaper, safer and cleaner energy solution for generations to come.”
Mr. Yu is a serial entrepreneur with over 16 years of capital markets experience on Wall Street. Mr. Yu’s experience includes advising both private and public company executives and providing corporate advisory services with respect to equity financings, mergers and acquisitions, structured financings, initial public offerings and listings on recognized stock exchanges in North America. Mr. Yu previously worked as an analyst as part of the Corporate & Investment Banking Division at Deutsche Bank on Wall Street in New York City. Mr. Yu is an active philanthropist and the founder of a non-profit organization that provides access to sports and education to underprivileged youth in New York City. In 2021, Mr. Yu was honored as one of The Outstanding 50 Asian Americans in Business. Mr. Yu holds a Bachelor of Arts (Psychology) degree from the City College of New York and has also completed core courses at the Borough of Manhattan Community College and Columbia University in the City of New York.
Mr. Yu will take a leading role in corporate structuring, capital financings, executive level recruitment, governmental relationships, and international brand growth of NANO Nuclear Energy Inc.
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