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NEW YORK - NANO Nuclear Energy Inc. (NASDAQ:NNE), a $2.1 billion market cap company that has seen its stock surge over 160% in the past year according to InvestingPro, marked the beginning of drilling work for its KRONOS MMR™ micro modular reactor prototype at the University of Illinois Urbana-Champaign during a milestone ceremony held Friday.
The ceremony highlighted site characterization and geotechnical activities performed by infrastructure company AECOM, setting the stage for the eventual construction of the company’s flagship 15 MWe (45 MWth) high-temperature gas-cooled microreactor.
NANO Nuclear plans to use data from the drilling activities to submit a construction permit application for the KRONOS MMR™ Energy System around the first quarter of 2026, according to the company’s press release statement.
The event featured remarks from company executives including Founder and Chairman Jay Yu, CEO James Walker, and CTO Florent Heidet, alongside University of Illinois leadership and representatives from engineering firms Hatch and PCL.
"This milestone shows our investors and the public that our work in just a year and half since becoming a public company is moving from concept to reality," said Yu during the ceremony. The company maintains a strong financial position with a current ratio of 73.0, indicating robust liquidity to fund its development plans. InvestingPro analysis reveals 12 additional key insights about NANO Nuclear’s financial health and market position.
The KRONOS MMR™ is designed to provide carbon-free power for multiple decades across various applications including data centers, industrial projects, military applications, and remote communities. The company claims the reactor will feature "walk-away safety" through the use of TRISO fuel and passive helium cooling. While currently operating at a negative EBITDA of $35.45 million, analysts have set price targets ranging from $40 to $50, reflecting market confidence in the company’s innovative technology. Get deeper insights into NANO Nuclear’s growth potential with a comprehensive Pro Research Report, available exclusively on InvestingPro.
The prototype at the University of Illinois is intended to serve as a demonstration model for future deployments in North America and globally. The university’s Grainger College of Engineering will provide technical support for the project.
NANO Nuclear describes itself as the first publicly listed portable nuclear microreactor company in the U.S., with business lines spanning reactor technologies, nuclear fuel fabrication, transportation, space applications, and industry consulting services.
In other recent news, NANO Nuclear Energy Inc. announced a $400 million private placement of common stock, with the offering being oversubscribed and priced at market under Nasdaq rules. The company expects the transaction to close around October 10, 2025, pending customary closing conditions. NANO Nuclear also plans to establish a manufacturing and research facility in Illinois, supported by a $6.8 million incentive from the state’s REV Illinois program. The initiative is set to create 50 new full-time jobs, with the company investing over $12 million in the project. Additionally, NANO Nuclear has been added to the S&P Global Broad Market Index, which includes over 14,000 companies worldwide. This inclusion also qualifies the company for the S&P Total Market Index and the SPX Completion Index. These developments come as part of NANO Nuclear’s strategic growth initiatives.
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