US-based start-up NANO Nuclear Energy has closed of the sale of an additional 317,646 shares of its common stock at $17.00 per share in connection with its recent underwritten follow-on public offering. The gross proceeds, inclusive of the full over-allotment exercise, before deducting underwriting discounts and other offering expenses, were approximately $41.4m, and net proceeds were approximately $37.7m.
“The investor demand for this follow-on offering was significant, and we are grateful for the full exercise of the underwriter’s over-allotment option,” said Founder & Chairman Jay Yu. “With the support of our investors, we are building a dynamic, commercially focused nuclear energy company led by world-class nuclear engineers and scientists as well as esteemed national leaders in military and civilian energy policy, former nuclear regulatory licensing and government energy professionals.” The goal is to develop “the best in class, smaller, cheaper and safer advanced portable nuclear microreactors and other nuclear energy technologies and services”.
The Benchmark Company, acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole acted as counsel to NANO Nuclear. Lucosky Brookman acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the US.
NANO Nuclear founded in 2022, is developing ZEUS, a solid core battery reactor, and ODIN, a low-pressure coolant reactor, each representing clean energy solutions that are portable, on-demand NANO’s subsidiaries include Advanced Fuel Transportation (AFT), HALEU Energy Fuel (HEF) and NANO Nuclear Space (NNS).
AFT “led by former executives from the largest transportation company in the world” aims to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors (SMRs), microreactor companies, national laboratories, military, and US Department of Energy (DOE) programmes. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major US national nuclear laboratories and funded by DOE. NANO says, “assuming development and commercialisation, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America”.
HEF 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.
NNS is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’s 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.
