NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a vertically integrated advanced nuclear energy and technology company developing portable clean energy solutions, today celebrates the signing of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act into law on July 9, 2024.
The ADVANCE Act was passed in Congress with overwhelming bipartisan support. The new law passed the Senate by a vote of 88-2 and passed the House by a vote of 393-13 before being signed into law by President Biden. NANO Nuclear believes this tremendous support from the U.S. government signals the continuing revitalization the U.S. nuclear energy industry, including emerging nuclear technology companies like NANO Nuclear, as the U.S. strives for clean energy solutions.
Among a host of other transformative actions, the ADVANCE Act includes numerous benefits to the nuclear microreactor segment where NANO Nuclear operates. For instance, it requires the Nuclear Regulatory Commission (NRC) to report to Congress within 9 months on the particular licensing requirements for advanced reactor operations, non-electric uses, and co-location with industrial facilities. Within 18 months, the NRC is mandated to implement specific licensing strategies for microreactors, considering their special characteristics and regulatory aspects such as staffing, security, and transportation. These mandates are expected to help provide clarity and more certainty to the nuclear licensing process for companies like NANO Nuclear.
The ADVANCE Act also aims to streamline the Department of Energy’s process for approving the export of American technology while maintaining strong nuclear non-proliferation standards. It also seeks to update outdated rules that restrict international investment in the U.S. nuclear energy sector, empowering this market to grow and foster innovation.
These initiatives could transform the regulatory pathway for NANO Nuclear, potentially reducing costs and resistance, and accelerating the commercialization of its advanced nuclear technology solutions. On a broader scale, the ADVANCE Act lays the foundation for next-generation advanced nuclear energy solutions by dedicating significant investments to expand domestic uranium enrichment capacity and ensuring a steady supply of high-assay low-enriched uranium (HALEU) essential for advanced reactors. In addition to developing advanced nuclear microreactors, NANO Nuclear is seeking to become vertically integrated by developing HALEU fuel fabrication and transportation capabilities in coordination with government agencies.
“It is a great day for America and for its energy future,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “The ADVANCE Act significantly revitalizes the U.S. nuclear energy industry and incorporates our vision of nuclear energy as a carbon-free, baseload power source capable of driving a transformative shift in quality of life, infrastructure potential and a plethora of other benefits to humanity. We are particularly excited by the incredible bipartisan support for this new law, with members of Congress from both parties and the President helping this very important industry for America’s future.”
“We have been heavily supportive of the ADVANCE Act, and it is great to know that the American people are on our side,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Simply modernizing the regulatory and licensing processes in the industry would have been an enormous boon, but this legislation goes above and beyond to bring down costs and foster innovation in the marketplace. It also tackles numerous timely issues such as the dearth in supply and domestic production capabilities of HALEU, spent nuclear fuel management and even introduces prizes to incentivize the successful deployment of next-generation reactor technologies. The ADVANCE Act is key piece of legislation that will enable the United States to maintain its competitiveness in the global nuclear energy landscape, and a great achievement for America.”
