NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO
Nuclear”), an emerging vertically integrated microreactor and
advanced nuclear technology company developing proprietary,
portable and clean energy solutions, announced today that it has
signed a Memorandum of Understanding (MOU) with Everstar Inc.
(Everstar).
Companies in the nuclear technology space face
numerous regulatory challenges that can impact or delay the
development and commercialization of innovative technologies, or
even traditional power plants. These procedures often lead to
extended approval timelines for nuclear energy projects, increasing
costs and prolonging construction.
Start-up Everstar is developing cutting-edge
artificial intelligence (AI) methodologies to enable nuclear energy
technical and regulatory affairs teams across the nuclear supply
chain to accelerate and add rigor to their design and regulatory
licensing processes.
Under the MOU, NANO Nuclear and Everstar will
explore the potential of leveraging Everstar’s developing suite of
artificial intelligence driven advisory and technology solutions to
modernize the regulatory licensing process for NANO Nuclear’s
fabrication, deconversion, transportation and microreactor
development projects. NANO Nuclear will also evaluate the addition
of auxiliary support services, including AI-driven documentation
automation, stringent quality and performance assurance, compliance
reporting and supply chain management throughout its project
lifecycles. The addition of employee training programs, risk
mitigation strategies and tailored commercialization strategies
will also be explored as part of the comprehensive assessment of
Everstar’s AI capabilities.
“We are delighted to enter into this
collaboration with NANO Nuclear,” said Kevin Kong, Founder
of Everstar. “Artificial intelligence is a powerful lever
to reshape how we design, analyze, validate, and regulate complex
and safety-critical technologies like nuclear power. By leveraging
Everstar' s cutting-edge AI capabilities and giga data bank,
companies like NANO Nuclear can concentrate on their core mission:
pioneering advancements for the future of humanity. We are honored
to support these potentially transformative initiatives and are
excited to help build a world of clean energy abundance with
forward-thinking companies like NANO Nuclear.”
“The intricate and complex regulatory process
requires substantial capital to be allocated towards compliance,
comprehensive safety analyses, and a glut of other requirements,”
said James Walker, Chief Executive Officer and Head of
Reactor Development of NANO Nuclear Energy. “Addressing
these often antiquated regulatory difficulties in new ways is
crucial for fostering technological innovation and ensuring that
next-generation nuclear solutions are successfully integrated into
the global energy landscape. Particularly in light of the recent
passage of the ADVANCE Act law in the U.S. to support nuclear
innovation, we have high hopes that Everstar’s AI technologies can
grow in tandem with NANO Nuclear and offer not just our company,
but the entire nuclear industry a turnkey solution to expedite
regulatory and commercialization efforts.”
“We consider ourselves on the cutting edge of
nuclear energy technology and innovation, and so we are delighted
to announce our collaboration with Everstar to explore new and
cutting edge ways to navigate the complex regulatory licensing and
commercialization processes in the U.S. nuclear energy industry,”
said Jay Yu, Founder and Chairman of NANO Nuclear
Energy. “We believe the opportunity to use AI tech to
streamline these regulatory intricacies is crucial for fostering
technological innovation and ensuring the successful integration of
next-generation nuclear solutions into the global energy landscape.
Everstar’s AI-driven services have the potential to save
significant time and resources by transforming the way we handle
licensing and regulatory processes and I’m very excited to see what
we can achieve together.”
Figure 1 - NANO Nuclear Energy Signs Memorandum
of Understanding with Everstar AI to Leverage its Powerful Suite of
AI Services to Better Navigate the Licensing and Regulatory
Framework for Nuclear Energy
The MOU is preliminary and intended to provide a
two-year non-binding framework for NANO Nuclear and Everstar’s work
together. The companies expect that their initial collaboration
could lead to the execution of definitive documentation in the
future.
About Everstar Inc. (Everstar
AI)
Everstar Inc. is a New York
City-based artificial intelligence company on a mission to propel
the American nuclear industry forward. Its AI model
“Gordian” is designed to empower customers across the
nuclear ecosystem to navigate intricate regulations and streamline
their operations, from reactor developers, national laboratories,
fuel fabricators and processors, to established utilities
maintaining the fleet of US nuclear power plants.
Everstar specializes in building cutting-edge,
explainable, secure AI that is firmly rooted in ground truth and
scientific knowledge. Its advanced methodologies and giga data bank
ensure industry-leading performance and accuracy, while its product
is engineered to solve nuclear professionals’ most pressing
challenges in design, safety, supply chain, and regulatory
compliance. Everstar plans to open-source tools and non-commercial
data that would accelerate innovation for the industry.
Everstar is forging the intelligence layer that
is vital for an American nuclear renaissance: to make American-made
nuclear power the safest and most globally competitive option for
enabling AI data centers, the march towards NetZero, and an
energy-abundant multi-planetary world.
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.
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visit: https://NanoNuclearEnergy.com/
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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 NANO Nuclear’s
collaboration with Everstar and the anticipated results and
benefits of such collaboration) 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, (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 and (v) risks related to the
collaborations such as the one with Everstar described herein.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement, and the 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 these
forward-looking statements, which apply only as of the date of this
news release. 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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