NEW YORK, NY, Feb. 13, 2023 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (“NANO Nuclear”), a company emerging from the shared micro Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear technical team filled with influential and foremost nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries, is pleased to announce that it has closed an oversubscribed $4.14 Million funding round led by former senior freight and logistics executives. The largest of these investors include a former c-suite level executive of the largest transportation company in the world and their colleagues.
Figure 1 - 'ZEUS' NANO Nuclear Energy's Portable and On-Demand Advanced Nuclear Micro Reactor Design
“It is a great pleasure to announce this successful raise and embark on the next steps of our growth strategy,” said Jay Jiang Yu, NANO Nuclear Energy’s Founder, Chairman and President. “The money raised will be used to further the Company’s numerous efforts to disrupt, revolutionize and progress the sustainable, carbon free and nuclear energy industry. Further, the support of former transportation executives is an important facet as we strive to utilize the existing shipping and logistics infrastructure in the future to distribute “ZEUS”, our proprietary advanced nuclear micro reactor design.”
Figure 2 - NANO Nuclear Energy were the Premier Sponsors at The NEI International Uranium Fuel Seminar in Las Vegas
(Left to Right - Dr. Jeffrey L. Binder (Head of Nuclear Laboratories & Technologies), David Huckeba (Chairman of the Executive Advisory Board for USA), Dr. Ian Farnan (Lead of Nuclear Fuel Cycle, Radiation and Materials), Jaisun Garcha (CFO & Board Member), Jay Jiang Yu (Founder, Chairman & President), James Walker (CEO, Head of Reactor Development & Board Member)
The nuclear industry has had a growing presence on Wall Street in the past few years. NuScale Power, having went public via a $1.9 Billion SPAC in late 2021, completed its Standard Plant Design (SPD) project ahead of schedule. Additionally, X Energy Reactor inked a deal to go public via $2 Billion SPAC deal with Ares Acquisition and a consortium led by Cameco and Brookfield Renewable formed a strategic partnership to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for approximately $7.8 Billion.
“There has been a lot of development and growth in the nuclear energy industry in the recent months,” said James Walker, NANO Nuclear Energy’s CEO and Board Member. “With the $4.14M funding, NANO Nuclear is well positioned to capitalize on the market’s rapid expansion, as it will allow us to make further advancements in our proprietary reactor design, fund addition research and development initiatives and ensure that we remain on the cutting-edge of this dynamic industry.”
Figure 3 - 'ZEUS' NANO Nuclear Energy's Portable and On-Demand Advanced Nuclear Micro Reactor Design
“What attracted me to NANO Nuclear was the global vision of the company’s executives and worldwide commercial viability of the ‘ZEUS’ design,” said David Huckeba, NANO Nuclear Energy’s Chairman of the Executive Advisory Board for the United States of America. “The company’s leadership has been engaged in dynamic discussions with numerous market participants and decision-making cohorts around the world in early efforts to intensify the momentum of the global transition to viable advanced nuclear options. This extensive approach is unique and reinforces my belief in the company’s vision and ability to scale on the global stage.”
In the U.S., Barron’s notes that nuclear power “accounts for about 19% of total U.S. electricity production, a level that hasn’t changed much in the past decade.” This stagnation is, in part, due to the fact that most of the country’s plants were built in a 20-year span between 1970 and 1990 and “six have closed since the end of 2017, with three more expected to go out of operation by 2025.” Meanwhile, France, a country famously reliant on nuclear power for its energy needs, saw its nuclear industry underperform during the recent energy crisis, with long maintenance outages and an ageing fleet blamed for the deficit.
Furthermore, government support has grown throughout the year, as appropriators released the long-expected fiscal 2023 omnibus spending package, worth an estimated $1.7 Trillion, in December. As per the bill, $300 Million are to be allocated to the U.S. Department of Energy to secure U.S. nuclear fuel supplies. On top of that, the DOE’s nuclear energy program would be funded at $1.7 Billion, with the bill supporting a high-assay low-enriched uranium (HALEU) program for advanced reactor fuel development. In fact, the Department of Energy, through the Idaho National Laboratory (“INL”) and the National Reactor Innovation Center (“NRIC”), is enabling developers of µSMR and ANR by providing technical resources, capabilities, and demonstration sites to viable designs.
“We are very conscious of the plethora of opportunities in areas like the Asia-Pacific region and Africa, and establishing a presence in such markets is crucial,” said Winston Chow, NANO Nuclear Energy’s Chief Policy Officer and Board Member. “The funds raised to date will allow NANO Nuclear to broaden its expansion strategy in such markets and puts us in good stead for the year ahead.”
NANO Nuclear is in technical development and working to progress its proprietary portable and on-demand capable advanced nuclear micro reactor, or micro-Small Modular Reactor (µSMR), “ZEUS”. The “ZEUS” design will be modular and enable it to connect with local power grids or power systems, revolutionizing recovery from natural disasters and how remote communities, mining project, and military bases, among others, obtain consistent electricity.
“Creating the next generation advanced nuclear micro reactors requires a lot of effort and manpower,” said Dr. Jeffrey L. Binder, NANO Nuclear Energy’s Head of Nuclear Laboratory and Technologies. “With this funding, we are able to ensure that the best and brightest continue to work on this innovative initiative and that the relationships we have established with regulatory agencies and laboratories continue to deepen.”
Additionally, NANO Nuclear has hailed the Fueling Our Nuclear Future Act, which seeks to establish a program to accelerate the availability of commercially produced High-Assay, Low-Enriched Uranium (HALEU) in the United States and make it available for use in advanced nuclear reactors.
About NANO Nuclear Energy Inc.
The Path to Zero starts here. NANO Nuclear Energy Inc. is a company emerging from the shared micro-Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear technical team filled with influential and foremost nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries. Our company is committed to building Smaller, Cheaper, and Safer nuclear energy for the future by incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, and research methods. Currently in technical development is “ZEUS”, NANO Nuclear Energy’s first generation portable, on-demand capable advanced nuclear micro reactor.
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Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear Energy Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive advanced nuclear reactor technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our other filings with the SEC, including our Annual report on Form 10-K for the year ended December 31, 2022, and our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
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