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WESTCHESTER COUNTY, NY - NANO Nuclear Energy Inc. (NASDAQ: NNE), a $931 million market cap advanced nuclear technology company, has announced the completion of its multimillion-dollar demonstration and testing facility in Westchester County, New York. The company’s stock, which according to InvestingPro data has gained over 10% in the past week, is currently trading near $25. The facility is designed to support the development of the company’s microreactors, including the ZEUS™ model, and its Annular Linear Induction Pump (ALIP), a subsystem for liquid metal and molten salt reactor technologies.
Testing operations are set to begin shortly and will continue throughout the year, focusing on mechanical and thermal evaluations crucial for the design and integration of ALIP, which has applications in both terrestrial and space reactors. The data obtained from these tests will be instrumental in the final design process.
The facility retrofit was conducted in partnership with aRobotics Company, a New York-based firm specializing in robotic systems and high-precision prototyping. This collaboration has been extended to include the development of ALIP components and support for NANO Nuclear’s broader reactor portfolio. Analysts following the company maintain a bullish outlook, with price targets ranging from $45 to $50, according to InvestingPro data.
The Westchester facility houses several key features, including a Liquid-Metal and Molten-Salt Test Loop for fluid dynamics and pump efficiency assessment, a magnetic field mapping system for examining ALIP’s electromagnetic properties, and a custom-engineered thermal chamber for high-temperature material testing.
Jay Yu, Founder and Chairman of NANO Nuclear, emphasized the importance of the facility in the company’s research and development program, stating that it will enable them to ensure their non-nuclear systems perform optimally. Dr. Carlos O. Maidana, Head of Thermal Hydraulics and Space Program at NANO Nuclear, highlighted the facility’s role in validating software models and refining system performance before larger-scale assembly.
James Walker, CEO of NANO Nuclear, pointed out the facility’s strategic location near the company’s headquarters in New York City, which will facilitate operational coordination and provide a space for stakeholders to observe development processes.
NANO Nuclear Energy Inc. is publicly traded and focuses on portable microreactor technologies, nuclear fuel fabrication and transportation, space nuclear applications, and industry consulting services. The company’s developments include patented microreactor systems and a collaboration with the University of Illinois Urbana-Champaign for the KRONOS MMR™ Energy System. While the company maintains strong liquidity with a current ratio of 51.04, InvestingPro data shows it is not yet profitable, with an EBITDA of -$3.86 million. InvestingPro subscribers have access to over 10 additional key insights about NANO Nuclear’s financial health and market position.
This news is based on a press release statement and does not include any forward-looking statements from the company.
In other recent news, NANO Nuclear Energy Inc. received approval from the U.S. Nuclear Regulatory Commission for its Fuel Qualification Methodology related to the KRONOS microreactor. This approval allows the company to proceed with its construction permit application, marking progress in the deployment of the reactor at the University of Illinois Urbana-Champaign. Concurrently, NANO Nuclear has initiated a recruitment drive to expand its engineering and project development team, aiming to support the construction and regulatory approval efforts for its KRONOS microreactor systems in the United States and Canada. The company has also formed a strategic collaboration with the University of Illinois to construct a research micro modular reactor on the university’s campus, with the university playing a significant role in the licensing and regulatory engagement processes.
Benchmark has maintained its Buy rating on NANO Nuclear Energy with a price target of $45, citing the company’s strategic personnel acquisitions and significant progress in product development. The company has bolstered its team with the appointment of Brent Hamilton as Director of Quality Assurance, who brings over two decades of experience in quality control and assurance within the nuclear sector. Hamilton’s appointment is part of NANO Nuclear’s strategy to advance its nuclear microreactor designs through various stages, including construction, demonstration, and regulatory licensing. These developments reflect NANO Nuclear’s ongoing efforts to bring its nuclear technology to a commercial stage, with a focus on ensuring the highest quality standards in its projects.
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