NANO Nuclear Energy Inc. Selected as an Official Founding Member of the U.S. Department of Energy (DOE) New High-Assay Low-Enriched Uranium (HALEU) Consortium, a Crucial Material to Supply Fuel for the Future of Advanced Nuclear Reactors

NEW YORK, NY, Feb. 21, 2023 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (“NANO Nuclear”), a Vertically Integrated Deeptech company emerging from the shared micro Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear technical team filled with influential and foremost nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries, is pleased to announce that it has been selected as a founding member of the U.S. Department of Energy’s new HALEU Consortium.

A part of the HALEU Availability Program, the HALEU Consortium was established on December 7th, 2022, under the Energy Act of 2020 to support the availability of high-assay low-enriched uranium (“HALEU”) for civilian domestic research, development, demonstration, and commercial use. NANO Nuclear’s newest subsidiary, HALEU Energy Fuel Inc., will play a crucial role in the collaboration with the DOE on the future of North America’s HALEU fuel pipeline, reinforcing the United States energy sovereignty. The HALEU Consortium recently met with DOE officials in its first meeting on February 17th,2023 and Centrus Energy Corp., Dow Chemical, TerraPower, and the Nuclear Energy Institute (NEI), among others, have also been announced as founding members. Please see full HALEU Consortium Members List here: https://www.energy.gov/ne/haleu-consortium-members

NANO Nuclear Energy Inc. Subsidiary, HALEU Energy Fuel Inc.

Enriched between 5% and 20% with uranium-235, the main fissile isotope that produces energy during a chain reaction, HALEU fuels bring improved economics and inherent safety features, while also increasing the amount of carbon-free electricity that can be generated. Necessary for advanced nuclear reactors, the industry anticipates it may need nearly 600 metric tons of HALEU by 2030.

“I have always been supportive to establish a strong supply of HALEU during my tenure at numerous national laboratories,” said Dr. Jeffrey L. Binder, Head of Nuclear Laboratory and Technologies. “Now, with the momentum we have been witnessing in the industry, I’m glad to see steps being taken to ensure a domestic source of HALEU will be a cornerstone of the next evolution of the nuclear energy industry and to provide a reliable fuel source for the future of advanced nuclear reactors.”

High Assay Low-Enriched Uranium Infographic.

Courtesy of enrgy.gov.

The consortium will provide a forum through which the Department can work with individual members to support the availability of HALEU for civilian domestic demonstration and commercial use and develop arrangements to provide HALEU to individual members for demonstration projects and commercial uses.

“It is great to see that my former employer, the U.S. Department of Energy, is playing an active role in the evolution of this marketplace,” said Winston Chow, NANO Nuclear Energy’s Chief Policy Officer and Board Member. “Everyone at NANO Nuclear understands the importance of establishing a domestic source for HALEU and government support is vital for this endeavor.”

“We look forward to working with the DOE to establish a domestic supply of HALEU for the United States of America,” said James Walker, NANO Nuclear Energy’s CEO and Head of Reactor Development. “I am thrilled that our company can add value to support the DOE and I am looking forward to all members collaborating under one roof. I believe we have a great opportunity to support the government’s initiative and benefit from the experience and expertise of the entire HALEU Consortium.”

https://www.centrusenergy.com/what-we-do/nuclear-fuel/high-assay-low-enriched-uranium/

“It is an honor to be recognized as a founding member of this consortium,” said Jay Jiang Yu, NANO Nuclear’s Founder, Chairman and President. “It is a pleasure to be working with the U.S. Department of Energy (DOE) and we will explore additional opportunities to infuse capital into establishing a domestic supply chain of this vital fuel and create a revenue generating business in the process.”

About NANO Nuclear Energy Inc.

The Path to Zero starts here. NANO Nuclear Energy Inc. is a Vertically Integrated Deeptech company emerging from the shared micro-Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear technical team filled with influential and foremost nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries. Our company is committed to building Smaller, Cheaper, and Safer nuclear energy for the future by incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, and research methods. Currently in technical development is “ZEUS”, NANO Nuclear Energy’s first generation portable, on-demand capable advanced nuclear micro reactor. For more corporate information please visit: https://NanoNuclearEnergy.com/

About HALEU Energy Fuel Inc.

HALEU Energy Fuel Inc., a subsidiary of NANO Nuclear Energy is focused on the development and manufacture of High Assayed Low Enriched Uranium (HALEU). Given the current civilian nuclear fuel landscape, HALEU Energy Fuel has identified major challenges for fueling its anticipated portable micro reactors and is looking to invest its resources into developing enrichment facilities and securing enriched fuel. For more corporate information please visit: https://HALEUenergyFuel.com/

Full Press Release: https://www.globenewswire.com/en/news-release/2023/02/21/2611962/0/en/NANO-Nuclear-Energy-Inc-Selected-as-an-Official-Founding-Member-of-the-U-S-Department-of-Energy-DOE-New-High-Assay-Low-Enriched-Uranium-HALEU-Consortium-a-Crucial-Material-to-Suppl.html