Why Is Nano Nuclear Energy Stock Gaining Today?

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

In fact, shares of all nuclear-linked stocks are trading higher after Amazon Web Services announced plans to invest over $500 million in nuclear power.

AWS, Amazon’s cloud computing subsidiary, has signed three agreements to support nuclear energy development, including building Small Modular Reactors (SMRs).

This includes a deal with Energy Northwest for four SMRs generating up to 960 MW and partnerships with X-energy and Dominion Energy to explore additional projects in Virginia.

Read More: Nuclear Stocks Soar As Amazon Becomes Latest Tech Giant To Invest In Nuclear Power

The company has appointed John G. Vonglis, the former Chief Financial Officer of the U.S. Department of Energy and Acting Director of its Advanced Research Projects Agency-Energy, as the Chairman of its Executive Advisory Board for Strategic Initiatives.

Vonglis served as the Senate-confirmed Chief Financial Officer and Chief Risk Officer of the DOE from 2017 to 2019.

Last month, the firm announced the launch of NANO Nuclear Space to explore the potential commercial applications of its developing micronuclear reactor technology in space.

Nano Nuclear Energy said that NNS would optimize NANO’s existing reactor designs, including the “ZEUS” solid core battery and “ODIN” low-pressure coolant reactor, for potential use in cis-lunar space—the area between Earth and the Moon. The company said these technologies aim to support extraterrestrial power systems, human habitation and propulsion for long-distance missions.

Price Action: NNE shares are trading higher by 14% to $17.76 at last check Wednesday.

Photo by Sundry Photography via Shutterstock

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