NANO Nuclear Energy shares rise on DOE Idaho laboratory microreactor deal from Investing.com

NANO Nuclear Energy Inc. (NASDAQ:NNE) shares rose 4% after announcing a memorandum of understanding (MOU) with the U.S. Department of Energy’s (DOE) Idaho Operations Office. This agreement creates a collaborative framework for the company to explore the possibility of locating its experimental microreactors at Idaho National Laboratory (INL) facilities.

The INL is considered the leading center for nuclear research in the United States. NANO Nuclear, a leader in advanced nuclear technology, aims to further develop its microreactor prototypes “ZEUS” and “ODIN” through this partnership. These microreactors are designed to provide clean, portable power for long-distance and industrial use, consistent with U.S. energy security and environmental goals.

The collaboration includes various activities that are essential to the development of the test reactors. This includes site assessments, support for Nuclear Regulatory Commission (NRC) licensing processes and the creation of operational and safety plans. Both NANO Nuclear and the DOE will conduct assessments to determine the suitability of the INL infrastructure for these experimental reactors, with a focus on site selection, feasibility studies, and comprehensive safety and emergency planning. The parties have agreed that each will bear its own costs as set out in the Memorandum of Understanding.

Jay Yu, founder and chairman of NANO Nuclear Energy, emphasized the company’s commitment to developing advanced nuclear technologies with high safety and environmental standards. He expressed his honor to work with the DOE and INL to bring their portable clean energy solutions to fruition, especially as the “ZEUS” and “ODIN” microreactors approach the demonstration phase.

James Walker, CEO and head of reactor development at NANO Nuclear, also emphasized the importance of the MOU in demonstrating the economic feasibility and practical application of their microreactor technology. The partnership is expected to leverage INL’s expertise and facilities to advance NANO Nuclear’s goal of providing safe and sustainable energy.

The agreement includes provisions for regulatory coordination, communications strategies, and environmental compliance under the National Environmental Policy Act (NEPA). Both parties agree to comply with all relevant laws and regulations.

This letter of intent has a term of five years and can be extended. This represents a significant step for NANO Nuclear as the company seeks to demonstrate and deploy its microreactor technology.

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