Why Is Nano Nuclear Stock Jumping Today?

Nano Nuclear Energy Inc. NNE shares are trading higher on Wednesday.

The company revealed that it has entered into an agreement with GNS Gesellschaft für Nuklear-Service mbH to develop an advanced transportation system for HALEU.

This project will utilize NANO Nuclear’s proprietary fuel transportation basket design.

The agreement includes a study on transporting various HALEU nuclear fuel types, such as uranium oxide, TRISO particles, uranium-zirconium hydride, uranium mononitride, and salt fuel for molten salt reactors.

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GNS’s expertise is pivotal in rapidly developing a compliant solution. GNS is a German specialist in radioactive material management with a strong track record in developing, licensing, and manufacturing transport and storage casks as well as waste processing and dismantling technology.

The agreement outlines the development of a new HALEU transportation solution specifically designed to meet the requirements of various fuel types.

This study will be conducted under the NRC Quality Assurance program to ensure regulatory compliance and alignment with NANO Nuclear’s commitment to safe and efficient fuel transportation.

Additionally, the agreement provides an option for GNS to perform an in-depth analysis of four specific fuel types: TRISO pebbles, uranium-zirconium hydride (U-ZrHx), uranium mononitride (UN), and molten salt reactor fuel salt.

“In addition to enhancing safety and efficiency of our fuel transportation designs, this agreement with GNS represents a critical step towards our goal of achieving full self-sufficiency in transporting nuclear fuel across the country for each of our deployed microreactor systems,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. 

Yesterday, Nano Nuclear Energy announced that, effective September 23, 2024, it has been selected as one of only 12 companies for inclusion into the broad-market Russell 3000 Index.

Price Action: NNE shares are trading higher by 27.5% to $11.21 at last check Wednesday.

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