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NEW YORK - NANO Nuclear Energy Inc. (NASDAQ:NNE), a $1.42 billion market cap company whose stock has surged 121% over the past year according to InvestingPro data, announced Wednesday that its proprietary Annular Linear Induction Pump (ALIP) technology has been assembled onto a test loop and integrated into a controllable test setup at the company’s Demonstration Facility in Westchester County, New York.
The ALIP technology, which uses electromagnetic rather than mechanical pumps, is designed as a thermal management and distribution system for advanced nuclear reactors utilizing molten salts or liquid metals. The company stated that this assembly milestone demonstrates its ability to move technology from initial design to construction and demonstration. With a strong current ratio of 27.2 and minimal debt-to-equity of 0.02, InvestingPro data shows NANO Nuclear maintains a solid financial position to support its development initiatives.
"This initial milestone with ALIP shows in a small but very promising way what we can do as a company in the real world," said James Walker, Chief Executive Officer of NANO Nuclear in the press release.
The company indicated it hopes to begin commercial sales activities for ALIP by the end of this year or next year. The technology is being developed under an SBIR Phase III program that was previously funded by the U.S. Department of Energy.
NANO Nuclear is collaborating with aRobotics Company to support the ongoing development and testing. Current efforts at the demonstration facility focus on developing the first operational ALIP prototype and collecting manufacturing and performance data.
According to the company, future work will include testing pump performance with different working fluids, simulating component failure scenarios, and material testing.
NANO Nuclear describes itself as an advanced technology-driven nuclear energy company developing portable microreactors, including its KRONOS MMR Energy System, which is in pre-application engagement with the U.S. Nuclear Regulatory Commission.
The information in this article is based on a press release statement from NANO Nuclear Energy.
In other recent news, NANO Nuclear Energy Inc. has announced several strategic developments. The company has engaged AECOM to provide engineering and environmental services for its planned KRONOS MMR microreactor deployment at the University of Illinois Urbana-Champaign. This agreement includes site-specific engineering, environmental analysis, and regulatory planning, which are crucial steps toward obtaining a construction permit from the U.S. Nuclear Regulatory Commission. Additionally, NANO Nuclear has signed a Memorandum of Understanding with UrAmerica Ltd. to explore strategic development across Argentina’s uranium-fuel supply chain, aiming to secure material sources for future supply chain options.
Further bolstering its initiatives, NANO Nuclear appointed retired Vice Admiral Charles J. Leidig, Jr. as Chairman of its Executive Advisory Board for Naval Nuclear Initiatives. Leidig will guide the company’s efforts to support U.S. Naval operations with nuclear power solutions, including potential applications of its microreactors. In related news, nuclear energy stocks, including NANO Nuclear, saw a rise following positive comments from Secretary of Energy Chris Wright, indicating potential regulatory support. These developments highlight NANO Nuclear’s active role in advancing nuclear energy solutions and strategic partnerships.
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