June 28, 2024
NANO Nuclear Energy Praises Congress for its Bipartisan Passage of the ‘ADVANCE’ Act to Boost Advanced Nuclear Technology Deployment and Strengthen U.S. Energy Independence

The Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act of 2023 has been successfully passed by the U.S. Senate after earlier House approval and is awaiting President Biden’s approval

NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a vertically integrated advanced nuclear energy and technology company, led by a world-class nuclear engineering team, developing portable clean energy solutions, today offered praise for the bipartisan passage by the U.S. Senate of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act (ADVANCE Act), which aims to accelerate the deployment of advanced nuclear energy in the United States.

The Senate overwhelmingly voted 88-2 on June 18, 2024 to approve the legislation. On May 8, 2024, the U.S. House of Representatives passed the ADVANCE Act on a 393-13 vote. The bill is now expected to be signed into law by President Biden.

The ADVANCE Act plays exactly into NANO Nuclear’s mission of developing cutting edge portable micro nuclear reactors. Among other things, the ADVANCE Act provides funding and directives for developing and deploying new nuclear technologies and reduces regulatory costs for companies seeking government licenses for advanced nuclear reactors. It also authorizes significant investments to bolster the domestic uranium enrichment capacity, ensuring a reliable supply of high-assay low-enriched uranium (HALEU), which is crucial for advanced nuclear reactors.

“The passage of the ADVANCE Act marks an important moment for our company and the broader domestic nuclear technology industry. We are particularly pleased with the overwhelmingly bipartisan support it received in both the House and Senate” said Jay Yu, Founder and Executive Chairman of NANO Nuclear Energy. “As the first advanced portable nuclear microreactor company to publicly list in the U.S., we welcome the support that the ADVANCE ACT will provide to new advanced nuclear technology companies like NANO Nuclear. This legislation significantly enhances our ability to innovate as a U.S.-based new nuclear technology company. It seeks to streamline the regulatory processes and reduce the barriers to innovation, enabling faster deployment of advanced nuclear reactors. The Act not only strengthens America’s energy independence by fostering domestic nuclear energy production but also signals a robust, bipartisan commitment to restoring the United States’ leadership in global nuclear technology. This comprehensive support ensures that we are well- positioned to contribute to a sustainable and secure energy future for our nation.”

Figure 1 – NANO Nuclear Energy Founder and Executive Chairman Jay Yu, alongside Speaker of the House Mike Johnson and Rep. Brandon Williams (NY-22), who both voted for the ADVANCE Act.

“This landmark legislation is set to revolutionize the nuclear energy landscape in the United States by significantly streamlining processes and enhancing its nuclear infrastructure,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “The bipartisan support for this Act demonstrates a unified recognition of the critical role nuclear energy will play in our sustainable energy future and we are delighted to see the government take initiative in modernizing the regulatory and licensing pathways and enabling innovation in this burgeoning industry.”

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