NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO
Nuclear”), a vertically integrated advanced nuclear energy and
technology company developing portable clean energy solutions,
today celebrates the signing of the Accelerating Deployment of
Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act into law
on July 9, 2024.
The ADVANCE Act was passed in Congress with
overwhelming bipartisan support. The new law passed the Senate by a
vote of 88-2 and passed the House by a vote of 393-13 before being
signed into law by President Biden. NANO Nuclear believes this
tremendous support from the U.S. government signals the continuing
revitalization the U.S. nuclear energy industry, including emerging
nuclear technology companies like NANO Nuclear, as the U.S. strives
for clean energy solutions.
Among a host of other transformative actions,
the ADVANCE Act includes numerous benefits to the nuclear
microreactor segment where NANO Nuclear operates. For instance, it
requires the Nuclear Regulatory Commission (NRC) to report to
Congress within 9 months on the particular licensing requirements
for advanced reactor operations, non-electric uses, and co-location
with industrial facilities. Within 18 months, the NRC is mandated
to implement specific licensing strategies for microreactors,
considering their special characteristics and regulatory aspects
such as staffing, security, and transportation. These mandates are
expected to help provide clarity and more certainty to the nuclear
licensing process for companies like NANO Nuclear.
The ADVANCE Act also aims to streamline the
Department of Energy’s process for approving the export of American
technology while maintaining strong nuclear non-proliferation
standards. It also seeks to update outdated rules that restrict
international investment in the U.S. nuclear energy sector,
empowering this market to grow and foster innovation.
These initiatives could transform the regulatory
pathway for NANO Nuclear, potentially reducing costs and
resistance, and accelerating the commercialization of its advanced
nuclear technology solutions. On a broader scale, the ADVANCE Act
lays the foundation for next-generation advanced nuclear energy
solutions by dedicating significant investments to expand domestic
uranium enrichment capacity and ensuring a steady supply of
high-assay low-enriched uranium (HALEU) essential for advanced
reactors. In addition to developing advanced nuclear microreactors,
NANO Nuclear is seeking to become vertically integrated by
developing HALEU fuel fabrication and transportation capabilities
in coordination with government agencies.
“It is a great day for America and for its
energy future,” said Jay Yu, Founder and Chairman of NANO
Nuclear Energy. “The ADVANCE Act significantly revitalizes
the U.S. nuclear energy industry and incorporates our vision of
nuclear energy as a carbon-free, baseload power source capable of
driving a transformative shift in quality of life, infrastructure
potential and a plethora of other benefits to humanity. We are
particularly excited by the incredible bipartisan support for this
new law, with members of Congress from both parties and the
President helping this very important industry for America’s
future.”
“We have been heavily supportive of the ADVANCE
Act, and it is great to know that the American people are on our
side,” said James Walker, Chief Executive Officer and Head
of Reactor Development of NANO Nuclear
Energy. “Simply modernizing the regulatory and
licensing processes in the industry would have been an enormous
boon, but this legislation goes above and beyond to bring down
costs and foster innovation in the marketplace. It also tackles
numerous timely issues such as the dearth in supply and domestic
production capabilities of HALEU, spent nuclear fuel management and
even introduces prizes to incentivize the successful deployment of
next-generation reactor technologies. The ADVANCE Act is key piece
of legislation that will enable the United States to maintain its
competitiveness in the global nuclear energy landscape, and a great
achievement for America.”
About NANO Nuclear Energy Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an 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)
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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 (including statements related to the anticipated
benefits of the ADVANCE Act to NANO Nuclear as described herein)
related to future events, which may impact our expected future
business and financial performance, and often contain words such as
“seek,” "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 significant known and
unknown risks, uncertainties and other factors, some of which may
be beyond our control. Readers are cautioned that actual results
may differ materially and adversely from the results implied in
forward-looking statements. For NANO Nuclear, 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: (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, and (iv)
risks related to the impact of evolving 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. These factors may not constitute all of the factors that
could cause actual results to differ from those discussed in any
forward-looking statement, and NANO Nuclear therefore encourages
investors to review other factors that may affect future results in
its filings with the SEC, which are available for review at
www.sec.gov and at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Readers are cautioned not to place undue reliance on
forward-looking statements, which apply only as of the date of this
news release, and 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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