Shares of NANO Nuclear Energy Inc. (NASDAQ:NNE) increased by 4% following the announcement of a Memorandum of Understanding (MOU) with the U.S. Department of Energy's (DOE) Idaho Operations Office. This agreement establishes a cooperative framework for the company to explore the possibility of siting its experimental microreactors at the Idaho National Laboratory (INL) facilities.
The INL is recognized as a leading center for nuclear research in the United States. NANO Nuclear, a prominent company in the advanced nuclear technology sector, aims to advance its 'ZEUS' and 'ODIN' microreactor prototypes through this partnership. These microreactors are designed to provide clean, portable power for remote and industrial use, aligning with U.S. energy security and environmental goals.
The collaboration will involve various activities essential for the development of the test reactors. These include site evaluations, support for Nuclear Regulatory Commission (NRC) licensing processes, and the creation of operational and security plans. Both NANO Nuclear and the DOE will conduct assessments to determine the suitability of INL's infrastructure for these experimental reactors, with a focus on site selection, feasibility studies, and comprehensive security and emergency planning. The parties have agreed that each will cover its own expenses as detailed in the MOU.
Jay Yu, Founder and Chairman of NANO Nuclear Energy, emphasized the company’s dedication to developing advanced nuclear technologies with high safety and environmental standards. He expressed honor in partnering with the DOE and INL to bring their portable, clean energy solutions to fruition, especially as the 'ZEUS' and 'ODIN' microreactors approach the demonstration phase.
James Walker, CEO and Head of Reactor Development at NANO Nuclear, also highlighted the importance of the MOU in demonstrating the economic viability and practical applications of their microreactor technology. The partnership is expected to capitalize on INL's expertise and facilities to further NANO Nuclear's goal of providing safe and sustainable energy.
The agreement includes provisions for regulatory coordination, communication strategies, and environmental compliance under the National Environmental Policy Act (NEPA). Both parties are committed to following all relevant laws and regulations.
This MOU is set to last for five years and may be renewed, marking a significant step for NANO Nuclear as it seeks to demonstrate and deploy its microreactor technology.
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