NANO Nuclear Energy Inc. (NASDAQ: NNE), a leading advanced nuclear micro modular reactor and technology company focused on developing clean energy solutions, and Quadrant Nuclear Industries, Inc. (QNI), a developer of integrated nuclear fuel cycle capabilities, today announced they have entered into a memorandum of understanding (MoU) establishing a non-binding framework for collaboration on the future supply of high-assay low-enriched uranium (HALEU) fuel.
The MoU reflects a shared commitment to strengthening the domestic nuclear fuel supply chain, accelerating deployment of advanced reactors, including NANO Nuclear’s KRONOS MMRTM Energy System, and supporting U.S. energy security and decarbonization objectives.
Under the MoU, NANO Nuclear and QNI will engage in discussions over the coming years regarding the potential supply and long-term offtake of HALEU produced at QNI's planned Vanguard facility at Idaho National Laboratory (INL).
"We are pleased to establish this MoU with QNI as we continue advancing our multi-pronged business plan, including development of our microreactor technologies and future deployment strategies," said CEO James Walker.
"Access to reliable, domestically produced HALEU will be a key element in supporting the growth of advanced nuclear energy. We look forward to collaborating with QNI as we evaluate additional fuel supply options that can enhance flexibility and strengthen the resilience of our long-term commercialization strategy."
NNE shares dropped 88 cents, or 4.5%, to $18.71.
