NANO Nuclear Energy Inc. (NASDAQ: NNE) developing small nuclear fission reactors that can be moved with trucks announced that it has executed a definitive agreement to acquire select nuclear energy technology assets from Ultra Safe Nuclear Corporation and certain of its subsidiaries (collectively, “USNC”).
The acquired assets include USNC’s patented Micro Modular Reactor (MMR) system, along with all associated patents and other intellectual property rights, as well as its Pylon reactor technology and related intellectual property, and certain demonstration project partnerships related to the MMR system. The assets are being acquired for $8.5 million in cash through an auction process conducted pursuant to Section 363 of the U.S. Bankruptcy Code in connection with USNC’s pending Chapter 11 bankruptcy proceedings. The deal is expected to occur in the near future subject to satisfaction of customary closing conditions in a bankruptcy proceeding.
The MMR® Energy System is a zero-carbon nuclear power plant, integrating one or several standardized micro reactors with a heat storage unit and the adjacent plant for power conversion and utilization. The system, which is under development, could be used to provide carbon-free, high-quality process heat for co-located industrial applications, and for high-efficiency hydrogen production. The MMR Energy System compliments NANO Nuclear’s own ‘ZEUS’ and “ODIN’ microreactors in development. However, whereas ‘ZEUS’ and “ODIN’ are being designed to be portable and produce 1 to 1.5 megawatts thermal (“MWth”) of power, the MMR Energy System is stationary and designed to produce power up to 45 MWth, opening additional potential markets to NANO Nuclear. The MMR Energy System is being demonstrated at the Canadian Nuclear Laboratories with Ontario Power Generation and at the University of Illinois at Urbana-Champaign. It was also the first small modular reactor to enter the formal licensing review phase with the Canadian Nuclear Safety Commission.
The Pylon reactor is a compact nuclear reactor designed for versatility in application and deployment. It is designed to provide between 1 MWth and 5MWth of power and can be integrated with modular balance of plants tailored to specific applications including remote terrestrial, marine, and space deployments. The Pylon reactor is scheduled to be demonstrated at the Idaho National Laboratory’s DOME facility by 2027, following USNC’s selection for the National Reactor Innovation Center (NRIC) Front-End Engineering program.
The newly acquired technologies align closely with the intended uses for ‘ZEUS’ and ‘ODIN,’ which are designed for remote, industrial, infrastructural, maritime, and extra-terrestrial applications, including large-scale data and artificial intelligence centers and other energy-intensive operations, positioning NANO Nuclear to capitalize on growing financial investment and societal momentum driving advanced nuclear energy technologies on a global scale. NANO Nuclear will leverage its world-class technical team to analyze and optimize these technologies, key components, and intellectual property, before integrating them into its operational frameworks and ongoing innovation efforts.
Additionally, NANO Nuclear intends to build upon and strengthen the extensive industry relationships that USNC established during its operations. This includes ensuring continuity in licensing, regulatory, and grant-related efforts wherever feasible. The acquired technology will also enable NANO Nuclear to refine and better tailor its offerings within previously announced collaborations and partnerships, including ongoing initiatives.
“The acquisition of the MMR system and the Pylon reactor from USNC aligns perfectly with our mission to usher in the next generation of advanced nuclear energy technologies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “By integrating these cutting-edge technologies, along with valuable intellectual property and established industry and academic connections, we are positioned to accelerate our development phase and bring innovative solutions to market more efficiently. This is a significant step forward in achieving our long-term goals and strengthening our leadership in the advanced nuclear energy sector.”
“This acquisition marks a transformative event for our company and evidences our strategy of acquiring complimentary technologies that help to position us at the forefront of our industry,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “The addition of MMR technology strengthens the technical foundation we have established through the design and development of our proprietary ‘ZEUS’ and ‘ODIN’ systems and enables us to scale our power solutions to meet the demands of larger, energy-intensive operations like data centers. Furthermore, the integration of the Pylon reactor technology enhances the versatility and robustness of our existing designs, as well as positioning us to deliver pioneering solutions for cis-lunar, orbital, and other space-based initiatives.”
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You see how this scam worked out, right?
Some mediocre thought experiment with some academic backing possible government agency backing has an IPO and raises some money and pays some engineers for a couple of years and then lo and behold it goes bankrupt because there is no cash flow. So, the same people exchange $8.5M in paper money left hand to right hand and continue with the same until it inevitably fades away. It’s just a soft landing buyout for one investor to continue with the next [same, indistinguishable]. Shareholders have been defrauded basically. Nobody cared about them anyway – tech bro smooth brained wallstreetbets x atomicinsights readers. And you were stupid if you invested.
The $60,000 question in my opinion is who is funding Kairos power? Who is the benefactor? Has to be some silicon valley tycoon – some Steve Wozniak type that has been convinced molten salt is the way to go. Only thing that makes sense
I’m weeping for that $8.5M.. certainly make more heat burning the currency.
Two of these 45MW thermal could power the largest cargo ships, travelling faster than Diesel engines. I wonder if these reactors could be built cheaply enough to make economic sense?
How serious are ship owners about decarbonizing the industry?
Interesting question regarding nuclear powered cargo ships. Back in 1959, the US launched the SS Savannah. A few months before, the Russians launched a nuclear powered ice breaker. can’t recall her name… These were the first two nuclear powered commercial ships launched, far as I know. Don’t know what became of the icebreaker, but the SS Savannah didn’t last long. There were certain “problems” with the design of the Savannah. Nuclear fuel, in those days, lasted 5-8years. Refueling the Savannah would require, basically DISMANTLING it. OOps… Certain people didn’t do their homework. Oil was also very cheap in the 1960’s, economics rules.
But then, nuclear power requires highly educated, dedicated people to “deal” with it. Or things go from boring to what the f***, very fast. That kind of training, takes years. Our US Navy does that very well. (There’s a reason we have seat belts on our nuclear subs. Why? Use your imagination…)
“Don’t know what became of the icebreaker, but the SS Savannah didn’t last long.”
Russians currently operate a fleet of nuclear icebreakers. LightBridge been trying to sell icebreaker fuel in the western market since 2000 or so to no avail. Savannah was a PR tool – built to look sleek like a yaght.
I agree, with SS Savannah being a sleek PR exercise, but understand at the the time that WAS THE point? It worked quite well for a short time, and then things started to “break down”. As any engineer knows, any engine that’s “breaks down”, has to be “fixed”. Nuclear or non-nuclear. Yeah, I agree with the guy above. Any ship you can’t refuel unless you “TAKE IT APART”, is crazy. When dozens of REALLY good engineers say “this design DOES NOT make sense!”
Listen to them. The many, may not understand what some of the few do know. It doesn’t hurt to listen, to what you do not want to hear. Might not like it, but what’s to fear about you do not know? No one can get the right answers, unless we ask the right questions. It’s very scary to go where you’ve never been. But a joy beyond words, if you have the balls (or you ladies) have whatever, to get there.
A discussion of power generation must include the cost per kWh of electricity. Green California electricity costs $0.60/kWh.