NANO Nuclear Energy Announces LOKI MMR as the New Tradename for its Newly Acquired Patented Pylon Transportable Reactor Platform
New York, N.Y., Jan. 15, 2025 (GLOBE NEWSWIRE) -- 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 rebranding of its recently acquired, patented Pylon Transportable Reactor Platform, which will now be known as LOKI MMR™.
The LOKI MMR™ is a portable nuclear reactor designed for versatility in application and deployment. Designed to provide between 1.5MWe and 5MWe of power, it is tailored to specific applications ranging from remote terrestrial, marine, and space deployments. Its transportability via road, rail, sea, and air ensures adaptability for diverse deployment scenarios and supports scalability through interconnected systems to meet greater energy demands. While NANO Nuclear will explore different applications for LOKI MMR™, it is anticipated that the LOKI MMR™ will particularly compliment NANO Nuclear's previously announced efforts to apply nuclear energy in space exploration.
Figure 1 - NANO Nuclear Energy Inc. Designates its Newly Acquired and Patented Reactor as LOKI MMRTM
"We are pleased to unveil the rebranding of this newly acquired technology and officially welcome LOKI MMR™ to the NANO Nuclear's portfolio of advanced nuclear energy solutions," said Jay Yu, Founder and Chairman of NANO Nuclear Energy. "This acquisition not only complements the cutting-edge work already being carried out by our world-class technical teams and also creates meaningful synergies with our other portable proprietary reactor technologies in development, including our ‘ZEUS' and "ODIN' microreactors. We believe adding LOKI MMR™ and related intellectual property to our portfolio will accelerate the progress of all of our innovative reactor designs toward demonstration. Together, these technologies position us to deliver scalable, reliable energy solutions around the world and in space."
LOKI MMR™'s design supports long-term extra-terrestrial applications, including powering resource extraction facilities, space-based manufacturing, and electric propulsion engines for deep space missions. Scalable from 10kWe to 3MWe and compatible with lander configurations, the LOKI MMR™ power system is designed to ensure safe and reliable electricity and thermal energy generation beyond the bounds of Earth.
Initial testing of LOKI MMR™ was originally anticipated to begin in 2026 through the National Reactor Innovation Center (NRIC) Front End Engineering program. While this timeline is now under review following the recent acquisition of the technology, NANO Nuclear is committed to making every effort to align with the original schedule and advance the LOKI MMR™ toward demonstration at the DOME facility at Idaho National Laboratory (INL) by 2027.
Figure 2 - NANO Nuclear Energy Inc. Newly Acquired Microreactor LOKI MMRTM in its Space Configuration
"The integration of the LOKI MMR™ significantly strengthens our position at the forefront of the modular nuclear reactor industry and specifically enhances our ability to potentially deliver innovative power systems for applications beyond Earth's orbit," said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. "Its advanced development stage gives our world-class technical teams a robust foundation to continue preparing for the reactor's demonstration at the Idaho National Laboratory's DOME facility by 2027. This progress will also benefit the development of our proprietary portable microreactors, ‘ZEUS' and ‘ODIN,' as well as our key enabling annular linear induction pipe (ALIP) technology, which is currently in the subject of a U.S. Department of Energy-backed Small Business Innovation Research (SBIR) Phase III project."
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 "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. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.
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. Forward-looking statements in this press release include those regarding the Company's development plans (including timing for demonstration) for, as well as the overall potential anticipated benefits to the Company of, the LOKI MMR™ system. 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 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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