NANO Nuclear Energy to receive $6.8M REV Illinois incentive award

CHICAGO - NANO Nuclear Energy Inc. (NASDAQ:NNE), whose stock has surged nearly 40% in the past week and is trading near its 52-week high of $56.46, will establish a manufacturing and research facility in Illinois with support from the state’s Reimagining Energy and Vehicles (REV Illinois) program, the advanced nuclear company announced Tuesday.

The company, currently valued at $2.23 billion, plans to invest more than $12 million in the project and will receive $6.8 million in incentives through the REV Illinois program. The initiative is expected to create 50 new full-time jobs in the state. According to InvestingPro data, NANO Nuclear maintains a strong financial position with more cash than debt on its balance sheet.

NANO Nuclear has acquired a property in the Chicagoland area featuring a 23,537-square-foot facility, including a 7,400-square-foot non-nuclear demonstration area. The facility will support work on the company’s KRONOS MMR Microreactor Energy System in collaboration with the University of Illinois Urbana-Champaign.

"With Illinois being the birthplace of the controlled nuclear chain reaction, and the state with the largest nuclear electricity production, it is really exciting to see NANO Nuclear being selected to advance and grow nuclear energy and expertise in the state," said Dr. Florent Heidet, Chief Technology Officer of NANO Nuclear.

Governor JB Pritzker welcomed the company’s investment, noting that Illinois offers "a qualified workforce, unmatched infrastructure, and competitive incentives" for clean energy companies.

The REV Illinois program targets clean energy production and advanced manufacturing as part of the state’s Economic Growth Plan. NANO Nuclear joins other clean energy manufacturers that have recently expanded in Illinois, including Richardson Electronics and Pure Lithium. InvestingPro analysis reveals 16 additional investment insights about NANO Nuclear, including detailed financial health metrics and growth indicators.

NANO Nuclear Energy describes itself as a technology-driven nuclear energy company developing portable microreactors, with its KRONOS MMR Energy System currently in pre-application engagement with the U.S. Nuclear Regulatory Commission.

The information in this article is based on a company press release statement. Based on InvestingPro’s Fair Value analysis, NANO Nuclear appears to be trading above its estimated Fair Value, making it one of several growth stocks currently commanding premium valuations in the clean energy sector.

In other recent news, NANO Nuclear Energy Inc. announced several significant developments. The company has secured a $1.25 million contract from AFWERX, the innovation arm of the Department of the Air Force, for its KRONOS MMR Energy System, a microreactor designed to deliver 15 MWe of power. This contract focuses on research, development, testing, and evaluation efforts to deploy the system at a military base in Washington, D.C. Additionally, NANO Nuclear has been included in the S&P Global Broad Market Index, which covers 48 developed and emerging market countries. This inclusion also qualifies the company for the S&P Total Market Index and the SPX Completion Index as of the September 19 reconstitution. In another strategic move, NANO Nuclear signed a 10-year Cooperative Research and Development Agreement with Idaho National Laboratory, under the U.S. Department of Energy. This agreement will support the development of the company’s advanced nuclear microreactors, including the KRONOS MMR and LOKI MMR systems.

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