US microreactor developer goes public
08 May 2024
NANO Nuclear Energy Inc said it intends to use the net proceeds from its initial public offering (IPO) to continue R&D of its proprietary ZEUS and ODIN microreactor designs as well as its high-assay low-enriched uranium (HALEU) activities.
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(Image: NANO)
The company announced that its IPO of 2,562,500 shares of its common stock was being priced to the public at USD4.00 per share, less underwriting discounts and commissions. The stock began trading on the Nasdaq Capital Market on Wednesday, and it expects gross proceeds of about USD10.25 billion from the IPO, which is expected to close on 10 May.
"NANO Nuclear intends to use the net proceeds from this offering to continue the research and development of its proprietary micro nuclear reactor designs, ZEUS and ODIN, advancing its exclusive licensed technology to transport commercial quantities of high-assay, low-enriched uranium (HALEU) fuel needed for the future of the advanced nuclear industry, development of a US domestic source of HALEU fuel fabrication for NANO Nuclear's own microreactors and the broader advanced nuclear reactor industry as well as general corporate purposes and working capital," the company said.
NANO was set up by entrepreneur Jay Jiang Yu who became the company's first chairman and president in April 2022. It is developing the ZEUS solid core battery reactor and ODIN low-pressure coolant reactor. Its Advanced Fuel Transportation Inc subsidiary is aiming to build a North American transportation company to provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies and other customers, while its HALEU Energy Fuel Inc subsidiary is focusing on the future development of a domestic source for a HALEU fuel fabrication pipeline.
Researched and written by World Nuclear News