From the JB Peritzker Administration:
Governor Pritzker Announces NANO Nuclear to Establish Operations in Illinois
OAK BROOK – Governor JB Pritzker, the Illinois Department of Commerce and Economic Opportunity (DCEO) and NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, will establish a manufacturing and research & development facility in Illinois.
NANO Nuclear plans to make an investment of more than $12 million with the support from the Reimagining Energy and Vehicles in Illinois (REV Illinois) program, which will enable the company to establish its operations and create 50 new full-time jobs.
“I’m proud to welcome NANO Nuclear to Illinois’ growing clean energy economy,” said Governor JB Pritzker. “Our qualified workforce, unmatched infrastructure, and competitive incentives all make Illinois the best state for companies investing in clean energy production. With support from REV Illinois, this critical investment from NANO Nuclear will create new jobs for hardworking Illinoisans and promote innovative strides in clean energy solutions.”
“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. “With the strong presence of nuclear utilities and R&D institutions in Illinois, this is the ideal ecosystem for us to thrive.”
NANO Nuclear recently acquired a property in the Chicagoland area featuring a 23,537 square foot stand alone facility, including a dedicated 7,400 square foot non nuclear demonstration area.
The facility is expected to support nuclear engineers, component manufacturers, researchers, and support personnel who will work in collaboration with the University of Illinois Urbana-Champaign on NANO Nuclear’s lead project, the KRONOS MMR™ Microreactor Energy System.
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Overview [of the Product]
KRONOS MMR™ is a 4th Generation nuclear energy system that is designed to deliver safe, clean, and cost-effective electricity to users anywhere.
The KRONOS MMR™ is designed to provide carbon-free, high-quality process heat and/or electricity, for co-located industries such as data and A.I. centers, chemical and industrial operations, and population centers. KRONOS MMR™ is designed as a stationary installation capable of producing power up to 45 MWth in a single-unit configuration, while a multi-unit configuration can readily deliver giga-watt level power.
The modular system is capable of being transported by road and assembled on site, and is designed to form part of a multi-system deployment to allow for scaling and lowering levelized cost of electricity.
The proprietary KRONOS MMR™ is anchored by many issued and pending or published patents, including in the U.S. and Canada, as well as associated trademarks.
NANO Nuclear has extended an existing KRONOS MMR™ collaboration with the University of Illinois at Urbana-Champaign with the aim of demonstrating the reactor’s high technology readiness level at the University. In parallel, NANO Nuclear will continue the MMR® licensing process with the U.S. Nuclear Regulatory Commission. Pending Canadian governmental approvals of the acquisition, further demonstrations of KRONOS MMR™ are expected to take place at the Canadian Nuclear Laboratories. KRONOS MMR™ is the first small modular reactor to enter the Canadian Nuclear Safety Commission’s formal licensing review.
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“We’re proud to support Illinois’ efforts to drive innovation in the U.S. nuclear energy sector and to bring high level engineering jobs to the state,” said James Walker, Chief Executive Officer of NANO Nuclear.
“This new hub will play a central role in our work to construct, demonstrate, and ultimately commercialize our KRONOS MMR energy system in collaboration with the University of Illinois Urbana-Champaign. We are committed to using this facility to attract top talent from across the country to achieve our goals, and we’re excited to continue growing our story in Illinois.”
“The U. of I. has a long history of advancing nuclear energy innovation and research,” said Rashid Bashir, dean of The Grainger College of Engineering. “NANO Nuclear Energy’s investment in a research and development facility in Illinois reinforces our leadership in this critical sector. Working with NANO Nuclear Energy and the state of Illinois, we’ll deliver the technological advances and workforce development that will drive the future of nuclear energy.”
Guided by Illinois’ Economic Growth Plan, the REV Illinois program supports a targeted industry for the state – clean energy production and advanced manufacturing – which continues to expand because of strong state leadership and a commitment to fostering innovation, sustainability, and long-term economic competitiveness. The company will join a growing list of clean energy manufacturers that have recently chosen to expand or establish their business in Illinois, including Richardson Electronics and Pure Lithium.
As part of the State’s incentive package, NANO Nuclear received a REV Illinois tax credit for their capital investment and commitment to job creation, which can be found here.
“Illinois continues to lead the way in clean energy innovation and advanced manufacturing, and we’re proud to welcome NANO Nuclear to our state’s growing ecosystem,” said DCEO Director Kristin Richards. “Through programs like REV Illinois, we’re creating the conditions for cutting-edge companies to thrive while bringing high-quality jobs and transformative technologies to communities across Illinois.”
