NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), an
emerging vertically integrated microreactor and advanced nuclear
technology company led by a world-class nuclear engineering team
developing proprietary, portable, and clean energy solutions, is
pleased to announce that is has committed its support to the World
Nuclear Association’s Net Zero Nuclear (“NZN”) initiative.
Partners of the initiative, including other U.S.
corporations such as Uranium Energy Corp. and Centrus Energy Corp.,
recognize that nuclear generation is the largest source of clean,
low-carbon electricity in member countries of the Organisation for
Economic Co-operation and Development (OECD) and that a resilient
strategy for achieving net-zero should include an increase in the
share of electricity provided by nuclear energy.
Figure 1 - NANO Nuclear Energy Inc. (NASDAQ NNE)
Signs the Net Zero Nuclear Industry Pledge in Solidarity with the
Declaration to Triple Nuclear Energy made at COP28.
The initiative aims to focus the industry’s
collective efforts on realistic, actionable, solutions-focused
dialogue to enable the rapid expansion of the global nuclear fleet
and the acceleration research and development into emerging nuclear
technologies.
“Nano Nuclear Energy has joined the more than
120 companies that have pledged to support global efforts to triple
nuclear energy capacity by 2050. I welcome NANO Nuclear’s
endorsement of the Net Zero Nuclear Industry Pledge and encourage
other companies to follow their example” said Sama Bilbao y
León, Director General of World Nuclear Association”
The 128 companies currently involved with the
NZN seek to at least triple nuclear capabilities by 2050 to help
achieve global goals for decarbonization, clean energy supply and
enhanced energy resiliency and security, as outlined by more than
20 countries from four continents during the World Climate Action
Summit of the 28th Conference of the Parties to the U.N. Framework
Convention on Climate Change.
Nuclear technologies are expected to have a
significant role in helping decarbonize hard to abate sectors, for
example through the provision of high temperature industrial
process heat, hydrogen production, district heating and the
production of synthetic fuels. This is a belief that is shared by
NANO Nuclear.
“The Net Zero Nuclear initiative is a testament
to the rekindled interest in the nuclear energy industry and shows
a collective commitment to sustainable energy solutions we are very
proud to support,” said Jay Yu, Executive Chairman and
President of NANO Nuclear Energy. “By supporting the
initiative to triple nuclear energy capacity by 2050, we are
contributing to the significant momentum in the industry as we aim
to meaningfully contribute to a sustainable energy future. This
initiative aligns with our mission to advance nuclear technology
and underscores our dedication to achieving net zero emissions. We
are honored to join leading nuclear and technology companies around
the world in our collective commitment to sustainable energy
solutions.”
A core principle of NANO Nuclear’s mission is
the comprehensive revitalization of the nuclear energy industry in
the United States. As such, NANO Nuclear has positioned itself at
the forefront of numerous business verticals, including nuclear
fuel fabrication and transportation, in addition to developing its
own portable microreactor solutions and providing nuclear
consulting services.
Assuming the development and commercialization
of its exclusively licensed high-capacity HALEU fuel transportation
basket, created by three major U.S. national nuclear laboratories
and funded by the Department of Energy, we believe that NANO
Nuclear’s wholly owned subsidiaries, Advanced Fuel Transportation
and HALEU Energy Fuel, may become part of the only vertically
integrated nuclear fuel business of its kind in North America.
Many next-generation Small Modular Reactor
(SMRs) and microreactors (defined as reactors generating less than
20 megawatts of power) are designed to utilize High-Assay
Low-Enrichment Uranium (HALEU) fuel. With the expectation that
demand and competition for HALEU will continue to grow, NANO
Nuclear is taking measures to ensure it has the material necessary
to power its reactors, ensure manufacture of its products and
support the broader industry.
“The global community is gradually recognizing
the critical role of nuclear energy in achieving a sustainable
future,” said James Walker, Chief Executive Officer of NANO
Nuclear Energy. “The nuclear energy industry must overcome
several challenges, including the bottleneck in the supply of
HALEU, which will intensify once the recent ban on Russian uranium
imports goes into effect this summer. However, this ban also
releases $2.72 billion in federal funding to expand the U.S.
uranium industry, signifying a pivotal opportunity to address
supply chain constraints, bolster domestic production, and take a
step closer to achieving the goals set out at COP28.”
About Net Zero Nuclear
Net Zero Nuclear is an initiative that calls for
unprecedented collaboration between government and industry leaders
to at least triple global nuclear capacity to achieve carbon
neutrality by 2050. The initiative aims to focus the industry’s
collective efforts on realistic, actionable, solutions-focused
dialogue to enable the rapid expansion of the global nuclear fleet
and the acceleration research and development into emerging nuclear
technologies.
About NANO Nuclear Energy
Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an emerging, advanced technology-driven nuclear
energy company seeking to become a commercially focused,
diversified, and vertically integrated company across four business
lines: (i) cutting edge portable microreactor technology, (ii)
nuclear fuel fabrication, (iii) nuclear fuel transportation and
(iv) nuclear industry consulting services. NANO Nuclear believes it
is the first portable nuclear microreactor company to be listed
publicly in the U.S.
Led by a world-class nuclear engineering team,
NANO Nuclear’s products in technical development are
“ZEUS”, a solid core battery reactor, and “ODIN”, a
low-pressure coolant reactor, each representing advanced
developments in clean energy solutions that are portable, on-demand
capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc.
(AFT), a NANO Nuclear subsidiary, is led by former
executives from the largest transportation company in the world
aiming to build a North American transportation company that will
provide commercial quantities of HALEU fuel to small modular
reactors, microreactor companies, national laboratories, military,
and DOE programs. Through NANO Nuclear, AFT is the exclusive
licensee of a patented high-capacity HALEU fuel transportation
basket developed by three major U.S. national nuclear laboratories
and funded by the Department of Energy. Assuming development and
commercialization, AFT is expected to form part of the only
vertically integrated nuclear fuel business of its kind in North
America.
HALEU Energy Fuel Inc. (HEF), a
NANO Nuclear subsidiary, is focusing on the future development of a
domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel
fabrication pipeline for NANO Nuclear’s own microreactors as well
as the broader advanced nuclear reactor industry.
For more corporate information please
visit: https://NanoNuclearEnergy.com/
For further information, please
contact:
Email: IR@NANONuclearEnergy.comBusiness
Tel: (212) 634-9206
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of NANO
Nuclear’s management in connection with this news release or
related events contain or may contain "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",
“potential”, "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, particular risks and uncertainties that could
cause our actual future results (including the anticipated benefits
of Gen. Clark’s association with the Company or the results of NANO
Nuclear’s microreactor development activities as described herein)
to differ materially from those expressed in our forward-looking
statements include but are not limited to the following: (i) risks
related to our U.S. Department of Energy (“DOE”) nuclear fuel
manufacturing submission and the development of new or advanced
technology, including difficulties with design and testing, cost
overruns, development of competitive technology, (ii) our ability
to obtain contracts and funding to be able to continue operations;
(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 similar risks and uncertainties
associated with the business of a start-up business operating a
highly regulated industry. 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. 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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