NNE Nano Nuclear Energy Inc

NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced the addition of Andrew Steer, Ph.D., a recognized specialist in nuclear safety case development as its Head of Regulatory Engagement.

Dr. Andrew Steer is a nuclear safety case and regulatory engagement expert with over 18 years of experience in the nuclear industry. Until recently, Dr. Steer served as Head of Licensing and Regulation at MoltexFLEX, a British nuclear energy company developing advanced small modular molten salt reactors. Dr. Steer led the strategy, scope and development of the safety, environmental, and security cases for the FLEX reactor, working with regulators and supporting safety informed design development as part of the senior leadership team.

Dr. Steer is experienced in leading teams in regulatory engagement, ensuring regulatory expectations are met and that reactor design integrity is maintained. His deep understanding of nuclear safety cases and regulatory practices will be especially valuable as NANO Nuclear moves forward with reactor licensing and engages with both U.S. and international regulators.

Previously, while working with General Nuclear System Limited, Dr. Steer was a safety case lead for the HPR1000 generic design assessment (GDA) in the U.K., which achieved a design acceptance confirmation in 2022. He has provided safety case support to a range of clients across the U.K. nuclear sector, specializing in internal and external hazard analysis and safety case strategy development. He is based in the U.K. and now works with NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks, led by Professors Ian Farnan and Eugene Shwageraus. Dr. Steer received his doctorate in nuclear physics from the University of York.

Figure 1 - NANO Nuclear Energy Inc. Appoints Dr. Andrew Steer as Head of Regulatory Engagement.

“In a very short period of time, NANO Nuclear has developed a strong reputation in the nuclear energy industry,” said Dr. Andrew Steer, Head of Regulatory Engagement of NANO Nuclear. “I am delighted to join this team as it begins to engage with key regulatory agencies and move forward with licensing operations on its suite of innovative nuclear energy systems.”

“Dr. Steer’s addition to NANO Nuclear exemplifies our vision and determined approach to assembling a world-class team to oversee the development and licensing of our advanced reactor solutions as we position ourselves as an emerging leader in the microreactor and advanced nuclear fuel sectors,” said Professor Ian Farnan, Lead for Nuclear Fuel Cycle, Radiation and Materials of NANO Nuclear. “Andrew is a leading professional and has honed a deep understanding of the regulatory and licensing frameworks that will be crucial to NANO Nuclear as we look to advance our designs towards demonstration, regulatory licensing and ultimately commercialization.”

“Dr. Steer’s leadership in regulatory engagement will help NANO Nuclear navigate the complexities of the licensing process, which can vary significantly from one country to another,” said James Walker, Chief Executive Officer of NANO Nuclear. “His addition marks a significant step in that direction, and we anticipate drawing on his expertise to navigate regulatory processes at a prudent pace, ensuring that all essential considerations, including environmental factors, remain a priority.”

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 five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) 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 reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (UIUC), “ZEUS”, a solid core battery microreactor, “ODIN”, a low-pressure coolant microreactor, and the space focused, portable LOKI MMR™, 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.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon's surface.

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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 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. In this press release, forward-looking statements includes those related to the anticipated benefits to NANO Nuclear of Dr. Steer’s appointment as well as the Company’s regulatory plans in general as described herein. These and other 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, which may be beyond our control. 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”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving 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, 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. 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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