NANO Nuclear Expands Capabilities with Strategic Acquisition
In a significant move to bolster its nuclear energy technology portfolio, NANO Nuclear has finalized a definitive agreement to acquire select assets from Ultra Safe Nuclear Corporation (USNC) and its subsidiaries. The acquired assets include USNC’s patented Micro Modular Reactor (MMR) system, Pylon reactor technology, and associated intellectual property rights, as well as demonstration project partnerships related to the MMR system.
A Strategic Fit
The acquisition, valued at $8.5 million in cash, was facilitated through an auction process conducted under Section 363 of the U.S. Bankruptcy Code, in connection with USNC’s pending Chapter 11 bankruptcy proceedings. The United States Bankruptcy Court for the District of Delaware approved the transaction on December 18, 2024, paving the way for a near-future closing, subject to customary closing conditions.
Unlocking Zero-Carbon Potential
The MMR Energy System, a zero-carbon nuclear power plant, integrates standardized micro reactors with a heat storage unit and adjacent plant for power conversion and utilization. Currently under development, the system has the potential to provide carbon-free, high-quality process heat for co-located industrial applications and high-efficiency hydrogen production.
Complementary Technologies
The MMR Energy System complements NANO Nuclear’s own ‘ZEUS’ and ‘ODIN’ microreactors, which are designed to be portable and produce 1 to 1.5 megawatts thermal of power. In contrast, the MMR Energy System is stationary and capable of producing power up to 45 MWth, opening up additional markets for NANO Nuclear.
Demonstration and Licensing Progress
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. Notably, it was the first small modular reactor to enter the formal licensing review phase with the Canadian Nuclear Safety Commission.
A New Chapter for NANO Nuclear
With this strategic acquisition, NANO Nuclear is poised to expand its capabilities and accelerate its growth in the nuclear energy sector. As the company continues to develop its innovative technologies, it is well-positioned to capitalize on the increasing demand for clean, reliable energy solutions.
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