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 portable clean energy solutions, today
announced its acquisition of novel annular linear induction pump
(ALIP) intellectual property used in small nuclear reactor cooling
and heat transfer from noted physicist, research engineer and
project manager Carlos O. Maidana, PhD. of Maidana Research.
Dr. Maidana has agreed to collaborate with NANO
Nuclear as a consultant on further development of the ALIP
technology with a view towards achieving SBIR Phase III Award
status. These efforts will build on previous Department of Energy
grants for the technology, aggregating over $1.37 million in prior
phases. NANO Nuclear will provide funding (estimated to be
approximately $350,000) and other resources necessary for the Phase
III project, and Dr. Maidana will be the Principal Investigator on
this project.
The ALIP technology, which is based on
electromagnetic (rather than mechanical) pumps, is a key-enabling
technology to NANO Nuclear’s ODIN’, a clean energy, portable micro
nuclear reactor in development. Following the previously announced
completion of Idaho National Laboratory’s (INL) review of the
‘ODIN’ microreactor design in February 2024, NANO Nuclear engineers
have diligently worked to identify relevant technologies to further
optimize and simplify ODIN’s design. The acquired ALIP technology,
to be refined during the SBIR Phase III program, is an example of
this strategy in action.
Figure 1: NANO Nuclear Energy’s Annular Linear
Induction Pump (ALIP) MR-12 internal structure (skeleton)
rendering.
Moreover, NANO Nuclear believes there is
significant potential for this technology to be separately
commercialized within a year as a component for liquid metal and
molten salt-based nuclear reactors. Most advanced nuclear reactor
designs utilize liquid-metals and molten salts for cooling and heat
transfer functions in the fission and fusion energy industries, as
well as in the advanced materials, space exploration, marine
propulsion, and high-temperature and industrial process sectors.
Some groups that employ technologies where NANO Nuclear's ALIP
technology could potentially be utilized include TerraPower, Oklo,
Commonwealth Fusion Systems, Tokamak, NASA, The Department of
Energy, GE-Hitachi and Rolls-Royce Marine.
“Although based on known physical principles,
this technology is cutting edge,” said Prof. Eugene
Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear
Energy. “It allows pumping of electrically conducting
liquids without moving parts. The technology will offer a major
advantage to our ‘ODIN’ design. Forced circulation of coolant at
normal operation will allow a substantial increase in the core
power density, while improving reliability and reducing maintenance
requirements. The low flow resistance of these pumps also improves
the passive decay heat removal capability using natural circulation
- another key feature of the ODIN reactor design.”
Figure 2 - NANO Nuclear Energy Acquires Rights to
the Annular Linear Induction Pumps (ALIPs) IP and Will Fund a
Department of Energy SBIR Phase III Project.
The SBIR program is a federal initiative
designed to support small businesses in conducting research and
development with strong potential for commercialization. By funding
these projects, the SBIR program aims to stimulate technological
innovation and facilitate the transition of research into viable
products and services. SBIR Phase I focuses on feasibility and
technical merit, Phase II involves further development and
prototype creation, and Phase III centers on commercialization,
requiring external funding to bring the innovation to market.
The SBIR Phase III project acquired by NANO
Nuclear integrates several previous SBIR efforts, specifically:
- Grant
Number DE-SC0019835: Development of a Small
Electromagnetic Pump for Molten Salt.
- Grant
Number DE-SC0022805: Software for Multiphysics Analysis
and Design of Annular Linear Induction Pumps.
- Grant
Number DE-SC0013992: Computational Tools for the Design of
Liquid Metal Thermomagnetic Systems.
Figure 3: Annular Linear Induction Pump (ALIP)
MR-24 internal structure rendering.
“NANO Nuclear is an emerging leader in the
microreactor technology space. I am very impressed with their world
class team of nuclear engineers, former senior U.S. military,
government leaders and corporate professionals” said Dr.
Carlos O. Maidana, CEO and Founder at Maidana Research. “I
am excited that the NANO Nuclear team sees the value of this
technology and am delighted to work with them in the SBIR Phase III
program as we seek to bring this technology to market in the near
term.”
The aim of the Phase III program is to enhance
thermal management systems through the development of advanced
electromagnetic pump solutions. The approach integrates innovative
software, robust hardware designs, and optimized manufacturing
processes to address challenges in high-efficiency thermal fluid
management for clean energy and high-temperature industrial
processes. This technology is particularly applicable to NANO
Nuclear’s ‘ODIN’ microreactor design, as its design aims to take
maximum advantage of natural convection of coolant for heat
transfer to the power conversion cycle at full power and for decay
heat removal during reactor shutdown, operational transients, and
off-normal conditions.
Figure 4 - The SBIR and STTR programs are U. S.
Government programs, intended to help certain small businesses
conduct R&D.
“This is an exciting development for NANO
Nuclear, as we believe this ALIP technology will enable even
greater efficiency and savings for our ‘ODIN’ microreactor once it
enters commercialization,” said Jay Jiang Yu, Executive
Chairman and President of NANO Nuclear Energy. “Dr.
Maidana’s designs not only align seamlessly with our commitment to
sustainability but also have the capability to complement and
enhance our microreactor designs, driving us closer to a future of
more efficient and innovative energy solutions. Beyond the
application for our own microreactors, which we believe will give
our designs a competitive edge, our goal is to also see this
technology commercialized within a year, which could lead to
revenue generation by our company. We will also look to acquire
other complimentary assets like this, which creates the potential
for near term revenues and helps further de-risk the company.”
Certain high-temperature nuclear reactors, like
the NANO Nuclear’s proprietary portable advanced microreactor
‘ODIN’, make use of molten salts or molten metals and their alloys
for cooling the reactor core due to their favorable heat transfer
properties. Pumping of these liquids by classical mechanical radial
or axial pumps is, however, technologically challenging and the
lifetime of such devices is relatively short. It is known that
electromagnetic pumps have several advantages over mechanical
pumps: absence of moving parts, low noise and vibration level,
simplicity of flow rate regulation, easy maintenance and so on,
making them a logical and very efficient option for molten salt and
liquid metal-cooled reactors.
Figure 5: NANO Nuclear Energy’s Annular Linear
Induction Pump MR-24 external view rendering.
Electromagnetic pumps are a key enabling
technology towards the development of advanced molten-salt and
liquid-metal reactors which can lead to low-waste, emission-free
nuclear power plants. Electromagnetic pumps allow the safe use of
molten salts and liquid metals as working fluids in high
temperature applications in the energy, propulsion, and industrial
sectors. The operation at high temperatures also enables higher
efficiency of power conversion cycle.
“I would like to thank Dr. Maidana for all of
his amazing efforts to date in developing this novel technology,”
said James Walker, Chief Executive Officer
and Head of Reactor Development of NANO Nuclear Energy
“The technology behind the SBIR Phase III program is very exciting,
and complimentary to the technology behind our portable
microreactor designs, and particularly ‘ODIN’. This technology is
also of potential benefit to many reactor companies that utilize
salt coolants. We believe we can assist all of them to reduce the
size and complexity of their reactor systems by reducing the number
of pumps and the associated mechanical components. This could allow
for manufacturing cost reductions and simplified reactors, which
assists the commercialization of the new generation of reactors.
Dr. Maidana’s proven track record of collaboration with DOE
entities to innovate and stimulate technological advancements
aligns perfectly with NANO Nuclear’s strategic focus on fostering
close partnerships with government labs and organizations. He will
also be instrumental in growing our consulting business as
well.”
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.
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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.
These risks and uncertainties could cause actual results (including
the anticipated benefits of the acquired technology described
herein and the timing for and results of the associated Phase II
SBIR program and NANO Nuclear’s commercialization efforts) to
differ materially and adversely from the results implied by the
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. 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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