NANO Nuclear Energy Joins University of Cambridge Nuclear Industry Club to Nurture Future Scientific Leaders in the Nuclear Sector
New York, N.Y., Aug. 02, 2024 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ:NNE) ("NANO Nuclear"), a vertically integrated advanced nuclear energy and technology company developing portable clean energy solutions, today announced that it has joined the University of Cambridge Nuclear Industry Club (CNIC) as it seeks to cultivate the next generation of professionals in the nuclear energy industry, foster the highest quality nuclear energy education and a showcase a culture of scientific and engineering excellence.
The CNIC is a partnership between industrial member companies and the Cambridge Nuclear Energy Centre (CNEC). The collaboration aims to advance research and education in nuclear energy at the University of Cambridge while proactively addressing the existing shortage of skilled professionals in the nuclear energy sector. The CNIC's members play a crucial role in promoting the education of emerging nuclear talent. NANO Nuclear memberships in the CNIC is expected to help support the development of future nuclear energy leaders, alongside notable organizations such as Rolls Royce, Westinghouse, and Urenco.
Joining the CNIC represents an expansion of NANO Nuclear's relationship with CNEC as the organizations are already collaborating on developing nuclear energy education resources as part of NANO Nuclear's efforts to offer nuclear consulting services to the market.
Figure 1 - NANO Nuclear Energy Inc. Joins the Cambridge Nuclear Industry Club to Champion Top-Tier Education for Future Nuclear Energy Leaders.
As part of its CNIC membership, NANO Nuclear will offer Masters degree candidates at University of Cambridge real-world experience on NANO Nuclear's projects and across its operations. Additionally, NANO Nuclear will actively recruit top talent directly from the distinguished pool of Cambridge graduates to build and support its research and development and commercial activities, such as the research of its proprietary nuclear microreactor designs, including ‘ODIN', a state-of-the-art portable low-pressure coolant reactor in development.
"We are delighted to enhance our collaboration with the University of Cambridge, a globally esteemed institution," said James Walker, Chief Executive Officer, and Head of Reactor Development of NANO Nuclear Energy. "We believe nuclear energy is experiencing a renaissance as governments and industry alike recognize that the sector can provide power in sustainable ways versus other power systems. As the demand for clean, safe, and consistent power rises, the nuclear energy industry must expand accordingly, necessitating a substantial recruitment drive to build the skilled workforce required for this growth. As such, NANO Nuclear and CNEC are taking joint action to train the next generation of nuclear personnel, which is essential for advancing the rapidly growing nuclear energy industry. NANO Nuclear wants to ensure it has the personnel and expertise it will need to expand its own operations and build its planned reactors, while also developing other cutting-edge technologies. It is a pleasure to join the CNIC and be part of the drive to train and inspire the next generation of nuclear leaders that can make a meaningful impact not just for the nuclear industry, but for the global energy ecosystem as well."
As the demand for highly qualified researchers, engineers, and policy leaders grows with the resurgence of the nuclear marketplace, this educational initiative is designed to bridge the growing capability gap. CNEC seeks to offer comprehensive training at all levels, backed by existing programs. To date, the program has already produced over 170 graduates, through schemes such as its Nuclear Energy Masters and Nuclear Energy Futures Centre for Doctoral Training, with a wide range of computational, experimental, and theoretical research projects.
"The CNIC welcomes NANO Nuclear as we continue our work together to help prepare the next generation of researchers, engineers and scientists for tomorrow's challenges," said Prof. Ian Farnan, Director, Cambridge Nuclear Energy Centre. "Our mission has been to address the long-standing skill shortage in the industry and instill the upcoming generation with the culture of safety and technical excellence that marks the nuclear energy industry. Combined with the knowledge of where the technology fits into the energy transition and an in depth understanding of the deployment of advanced nuclear technologies, CNEC students will carry forward the expansion of nuclear energy around the world. Our graduates want to work on delivering nuclear technology for the energy transition and this is their way in."
About Cambridge Nuclear Energy Centre (https://www.cnec.uk/)
Nuclear expertise exists across many disciplines and in many departments at Cambridge, but not in a single department. The role of Cambridge Nuclear Energy Centre is to coordinate research and teaching across the University. This research ranges from systems engineering on the integration of current nuclear energy technology into emerging electricity grids with variable inputs to the atomic scale interaction of materials with radiation that will deliver the high temperature and radiation tolerant materials for next generation reactors.
The main product of the research, in addition to technical breakthroughs, are the people who graduate from our Nuclear Energy Masters and Nuclear Energy Futures PhD programs, who will carry forward the expansion (and regulation) of nuclear energy in the UK and beyond having been immersed in a nuclear energy culture of safety and technical excellence combined with a knowledge of where the technology fits into the energy transition.
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 four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) 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 products in technical development are "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.
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.
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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 or related events 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 (including statements regarding the potential benefits of NANO Nuclear's membership in the CNIC and collaboration with CNEC as described herein) 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. These 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") nuclear fuel manufacturing submission and the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (ii) our ability to obtain contracts and funding to be able to continue operations, (iii) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (v) risks related to the collaborations such as the one with CNEC as described herein, as well as similar risks and uncertainties associated with the business of a start-up business operating a highly regulated 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 the 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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