Acquisition provides NANO Nuclear with Canadian licensing application for KRONOS MMR™ demonstration project in Ontario and positions the company as a leading North American microreactor developer, with concurrent construction and licensing programs in the U.S. and Canada
New York, N.Y., Oct. 22, 2025 (GLOBE NEWSWIRE) — 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 the closing of its previously announced acquisition of Global First Power Limited (GFPL) from affiliates of Ultra Safe Nuclear Corporation (USNC).
With this strategic acquisition, NANO Nuclear now directly owns the regulatory licensing application with the Canadian Nuclear Safety Commission (CNSC) to construct a KRONOS MMR™ Energy System demonstration project at Chalk River Laboratories in Ontario, Canada. The acquisition will allow NANO Nuclear to continue its advance towards submission of the License to Prepare Site (LTPS) step of the CNSC’s licensing process.
Figure 1 – NANO Nuclear Energy Finalizes Acquisition of Global First Power (Canada), Strengthening its Position as a North American Leader in Nuclear Microreactor Development
The acquisition follows NANO Nuclear’s January 2025 acquisition from USNC of intellectual property and other rights in the U.S. and Canada related to the KRONOS MMR™ microreactor and NANO Nuclear’s portable LOKI MMR™ microreactor.
The acquisition of GFPL represents an important step forward in NANO Nuclear’s efforts to construct, demonstrate, gain regulatory approval for and ultimately commercialize its KRONOS MMR™ Micro Modular Reactor Energy System and establish a North American footprint spanning both the United States and Canada. GFPL’s previous completion of the several key pre-licensing steps in Canada, including successful completion of the Vendor Design Review and early submission of the first part of the LTPS, means NANO Nuclear will continue this project from a strong foundation, enabling it to benefit from several years of regulatory engagement and progresses by GFPL and allowing it to move directly into the LTPS phase.
“The acquisition of Global First Power marks another key defining moment for NANO Nuclear,” said Jay Yu, Founder and Chairman of NANO Nuclear. “This move unifies our North American development strategy and allows us to rapidly advance both licensing and construction, making us one of the very few companies positioned to deploy advanced microreactors in both the U.S. and Canada. Following this acquisition, we are no longer theorizing about North American nuclear collaboration, we are building it.”
With this advancement, NANO Nuclear is now positioned to move expeditiously toward licensing, construction, and deployment of its KRONOS MMR™ microreactor technology within Canada’s supportive nuclear innovation framework. Importantly, NANO Nuclear believes that it has now acquired from USNC all remaining contractual, intellectual property, or regulatory applications in Canada that are necessary to progress the KRONOS MMR™ in Canada.
In parallel with its Canadian licensing progress, NANO Nuclear has initiated drilling and site preparation activities at its University of Illinois Urbana-Champaign (UIUC) project site in the United States. A milestone ceremony, scheduled for October 24, will highlight site characterization and drilling work being carried out by global infrastructure leader AECOM. NANO Nuclear intends to run its KRONOS MMR™ commercial licensing and constructions programs in the U.S. and Canada concurrently, demonstrating the Company’s capability to advance dual-path deployment strategies across North America.
By synchronizing these programs, NANO Nuclear is establishing itself as a true North American leader in microreactor technology, capable of serving diverse markets and jurisdictions with safe, scalable, and transportable nuclear power. This milestone also enhances NANO Nuclear’s portfolio of projects, which includes its three microreactors in development and supporting technologies, all aimed at expanding access to clean, reliable, and decentralized power for defense, industrial, and remote community applications.
“This acquisition represents a critical advancement toward our goal of establishing a leadership position in North American microreactor development,” said Florent Heidet, Ph.D., Chief Technology Officer and Head of Reactor Development of NANO Nuclear. “With being able to resume the licensing efforts in Canada where GFPL left off, we can remain focused on advancing the KRONOS MMR™ technology through the next stages of design and regulatory readiness. Streamlining this process significantly reduces both financial and scheduling burdens associated with licensing, allowing us to allocate capital and technical expertise more strategically to accelerate development and deployment.”
The principal consideration paid by NANO Nuclear for the GFPL acquisition was NANO Nuclear’s assumption of an approximately $640,000 liability owned by GFPL to the CNSC, which NANO Nuclear expects to pay in the near future. Additional details and background information regarding the GFPL acquisition will be provided by NANO Nuclear in a Form 8-K to be filed with the U.S. Securities and Exchange Commission.