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Investing.com -- Snow Lake Resources Ltd. (NASDAQ:LITM) stock surged 18% after the uranium exploration company announced its expansion into the nuclear power sector with the creation of Kadmos Energy Services LLC, a new subsidiary focused on small modular reactor (SMR) development.
The company, which operates as Snow Lake Energy, will invest up to $10 million for a 49% ownership stake in Kadmos, with an initial $2 million investment already completed. This strategic move transforms Snow Lake from a uranium exploration company into a vertically integrated player in the nuclear energy value chain.
Kadmos will be led by Dr. Youssef Ballout, a veteran nuclear technology expert with decades of experience in U.S. reactor programs, including 26 years with the U.S. Naval Reactor Program and leadership roles at the Idaho National Laboratory. The new subsidiary will focus initially on developing light water reactors for utilities, data centers, and industrial energy users facing growing electricity demands.
"Our mission at Kadmos is clear and bold: to deliver turnkey, near-term deployable nuclear power plant solutions that are reliable, cost-competitive, and fully integrated with proven fuel and component supply chains," said Dr. Youssef Ballout, CEO of Kadmos.
The remaining ownership of Kadmos includes a 14.5% stake held by Exodys Energy, which will contribute technical expertise, while the Kadmos management group will retain the rest of the interest.
Snow Lake CEO Frank Wheatley described the move as "a pivotal moment" that positions the company to help "power the world with clean, dependable nuclear energy." The initiative aligns with U.S. administration policies aimed at expanding nuclear energy capacity, including goals to quadruple nuclear energy in the U.S. by 2050.
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