Retired vice admiral Leidig joins NANO Nuclear as advisory chair

NEW YORK - NANO Nuclear Energy Inc. (NASDAQ:NNE), a $1.49 billion market cap company whose stock has surged over 57% in the past six months, announced Tuesday the appointment of Vice Admiral Charles J. Leidig, Jr. (Ret.) as Chairman of its Executive Advisory Board for Naval Nuclear Initiatives. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it’s currently trading above its Fair Value.

In his new role, Leidig will guide the company’s initiatives to support U.S. Naval operations with nuclear power solutions, including potential applications of NANO Nuclear’s microreactors for propulsion and baseload power on operating bases. While the company shows promising technological potential, InvestingPro analysis reveals it’s not yet profitable, with an EBITDA of -$26.17 million in the last twelve months.

Leidig capped a 39-year Navy career as Deputy to the Commander for Military Operations at U.S. Africa Command from 2010 to 2013. His naval career included serving as the 80th Commandant of Midshipmen at the U.S. Naval Academy and commanding the USS Cavalla submarine, where his crew earned two Meritorious Unit Commendations.

"The U.S. Navy’s long record of safe, reliable nuclear propulsion has shown how compact reactors can deliver consistent power under demanding conditions," Leidig said in the press release.

NANO Nuclear is developing several microreactor products, including the KRONOS MMR Energy System, which the company states is in construction permit pre-application engagement with the U.S. Nuclear Regulatory Commission in collaboration with University of Illinois Urbana-Champaign.

The company describes itself as an advanced technology-driven nuclear energy company working on portable microreactor technologies, nuclear fuel fabrication, transportation, space applications and industry consulting services.

Jay Yu, Founder and Chairman of NANO Nuclear, said the company is "moving steadily toward constructing the first U.S. commercial microreactor" and assembling a leadership team to match the technology’s potential. The company maintains strong financial flexibility with a current ratio of 27.2, and InvestingPro subscribers can access 12 additional key insights about NANO Nuclear’s financial health and market position.

In other recent news, NANO Nuclear Energy Inc. has made several notable advancements. The company reported a significant step forward in its microreactor project by engaging AECOM to provide engineering and environmental services for the KRONOS MMR microreactor at the University of Illinois Urbana-Champaign. This collaboration is part of NANO Nuclear’s plan to conduct detailed environmental reviews and regulatory planning. Additionally, NANO Nuclear announced the appointment of retired Vice Admiral Charles J. Leidig, Jr. as Chairman of its Executive Advisory Board for Naval Nuclear Initiatives, aiming to leverage his experience in nuclear power solutions for U.S. Naval operations.

Furthermore, NANO Nuclear has signed a Memorandum of Understanding with UrAmerica Ltd. to explore strategic development in Argentina’s uranium-fuel supply chain, which includes potential uranium offtake agreements and investments in mineral production. This partnership seeks to strengthen U.S. energy security by sourcing materials from Argentina, one of the largest uranium repositories in the world. In related industry news, nuclear energy stocks, including NANO Nuclear, experienced gains following positive comments from the Secretary of Energy, signaling a possible regulatory shift favorable to nuclear power. These developments indicate NANO Nuclear’s ongoing efforts to expand its capabilities and partnerships in the nuclear energy sector.

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