Wedoany.com Report-Dec 30,NANO Nuclear Energy, a nuclear energy and technology company focused on developing portable, clean energy solutions, executed a definitive agreement to acquire select nuclear energy technology assets from Ultra Safe Nuclear Corporation and certain of its subsidiaries (collectively, “USNC”).
The acquired assets include USNC’s patented Micro Modular Reactor (MMR) system, along with all associated patents and other intellectual property rights, as well as its Pylon reactor technology and related intellectual property, and certain demonstration project partnerships 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 18 December 2024, the United States Bankruptcy Court for the District of Delaware, the Bankruptcy Court overseeing USNC’s chapter 11 case, conducted a hearing and approved the transaction. The closing of the acquisition is expected to occur in the near future subject to satisfaction of customary closing conditions in a bankruptcy proceeding.
The MMR Energy System is a zero-carbon nuclear power plant, integrating one or several standardized micro reactors with a heat storage unit and the adjacent plant for power conversion and utilization. The system, which is under development, could be used to provide carbon-free, high-quality process heat for co-located industrial applications, and for high-efficiency hydrogen production.
The MMR Energy System compliments NANO Nuclear’s own ‘ZEUS’ and “ODIN’ microreactors in development. However, whereas ‘ZEUS’ and “ODIN’ are being designed to be portable and produce 1 to 1.5 megawatts thermal (“MWth”) of power, the MMR Energy System is stationary and designed to produce power up to 45 MWth, opening additional potential markets to NANO Nuclear.
The MMR Energy System is being demonstrated at the 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 licensing review phase with the Canadian Nuclear Safety Commission.
The Pylon reactor is a compact nuclear reactor designed for versatility in application and deployment. It is designed to provide between 1 MWth and 5MWth of power and can be integrated with modular balance of plants tailored to specific applications including remote terrestrial, marine, and space deployments. The Pylon reactor is scheduled to be demonstrated at the Idaho National Laboratory’s DOME facility by 2027, following USNC's selection for the National Reactor Innovation Center (NRIC) Front-End Engineering program.
The newly acquired technologies align closely with the intended uses for ‘ZEUS’ and ‘ODIN,’ which are designed for remote, industrial, infrastructural, maritime, and extra-terrestrial applications, including large-scale data and artificial intelligence centers and other energy-intensive operations, positioning NANO Nuclear to capitalize on growing financial investment and societal momentum driving advanced nuclear energy technologies on a global scale. NANO Nuclear will leverage its world-class technical team to analyze and optimize these technologies, key components, and intellectual property, before integrating them into its operational frameworks and ongoing innovation efforts.
Additionally, NANO Nuclear intends to build upon and strengthen the extensive industry relationships that USNC established during its operations. This includes ensuring continuity in licensing, regulatory, and grant-related efforts wherever feasible. The acquired technology will also enable NANO Nuclear to refine and better tailor its offerings within previously announced collaborations and partnerships, including ongoing initiatives.
