NANO Nuclear has entered into a definitive agreement to acquire selected nuclear power technology assets from Ultra Safe Nuclear Corporation and certain of its subsidiaries. The acquired assets include USNC’s patented Micro Modular Reactor system, together with all associated patents and other intellectual property rights, as well as its Pylon reactor technology and related intellectual property, and certain project partnerships demonstration related to the MMR system. The assets are being acquired for $8.5 million in cash through an auction process conducted pursuant to Section 363 of the US Bankruptcy Code in connection with USNC’s pending Chapter 11 bankruptcy proceedings. On December 18, 2024, the United States Bankruptcy Court for the District of Delaware, the Bankruptcy Court overseeing the USNC Chapter 11 case, held a hearing and approved the transaction. Closing of the acquisition is expected to occur in the near future, subject to the satisfaction of customary closing conditions in a bankruptcy proceeding. The MMR Energy System is a zero-carbon nuclear power plant, which integrates one or more standardized microreactors with a heat storage unit. and the adjacent plant for energy conversion and utilization. The system, which is under development, could be used to provide high-quality, carbon-free process heat for embedded industrial applications and for high-efficiency hydrogen production. The MMR power system complements NANO Nuclear’s “ZEUS” and “ODIN” microreactors under development. However, while “ZEUS” and “ODIN” are designed to be portable and produce 1 to 1.5 megawatts of thermal power, the MMR power system is stationary and designed to produce power up to 45 MWth, opening up additional potential markets to NANO Nuclear. The MMR power system is being demonstrated at Canadian nuclear laboratories with Ontario Power Generation and at the University of Illinois at Urbana-Champaign. It was also the first small modular reactor to enter the formal license review phase with the Canadian Nuclear Safety Commission.

First published in The Fly – the ultimate source of real-time, breaking financial news that moves the market. Try now >>

Check out the best stocks recommended by analysts >>

Read more about NNE: