NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO
Nuclear”), a vertically integrated advanced nuclear energy and
technology company developing portable clean energy solutions,
today announced that it has signed a Memorandum of Understanding
(MOU) with Blockfusion Ventures, an affiliate of data center
operator Blockfusion USA, Inc.
Under the MOU, NANO Nuclear will lead the
technical assessment of advanced power supply systems for
Blockfusion's datacenter in Niagara Falls, NY. NANO Nuclear will
explore the potential integration of its advanced microreactor
technologies, evaluating compatibility between its microreactors’
electric output and the artificial intelligence (AI) datacenter's
energy requirements. NANO Nuclear will also assist Blockfusion in
assessing the potential for other clean energy source alternatives
like wind and solar. Additionally, considerations will be made in
relation to environmental and regulatory constraints, as well as
economic feasibility, alongside risk assessments. The MOU is
non-binding and non-exclusive, but establishes a collaboration
framework for a period of twenty-three months which could lead to
the execution of definitive agreements in the future.
“We are thrilled to be collaborating with NANO
Nuclear on this exciting endeavor,” said Alex Martini, CEO of
Blockfusion. “The groundbreaking microreactor technology NANO
Nuclear is developing has the potential to revolutionize the way
data centers are powered, ensuring a sustainable future while
meeting the very large and ever-growing energy demands of data
center and artificial intelligence sectors.”
“We have long considered datacenters focused on
AI, quantum computing and crypto mining as an ideal potential
customer for our micro nuclear reactors in development, and this
MOU provides an excellent opportunity to explore the real-world
demands our microreactors can meet for this important sector,”
said Jay Yu, Founder and Chairman of NANO Nuclear. “We are
pleased to collaborate with Blockfusion as a fellow New York State,
clean energy-focused company on the next steps of optimizing our
innovative microreactors. Together, we are committed to maintaining
environmentally sustainable operations to meet the high energy
demands of artificial intelligence and data centers. We believe
that the data and observations arising out of this MOU will be
instrumental in further refining and optimizing our microreactor
solutions.”
Figure 1 - NANO Nuclear Energy Signs Memorandum
of Understanding with Blockfusion.
Blockfusion’s facility has undergone a
multi-million-dollar conversion from a decommissioned coal power
plant to a state-of-the-art data center powered by the
hydroelectric energy of Niagara Falls. NANO Nuclear has been tasked
with exploring its potential to supplement the Blockfusion’s
datacenter’s energy demands during off peak hours or times of
disruption. With its potential for reliability and capacity for
providing a consistent and clean baseload energy, nuclear power is
well-suited for this purpose. NANO Nuclear’s microreactors are
being designed for use in remote applications and efficient space
usage, and are seeking to offer an environmentally sustainable
alternative to other renewable energy solutions which may require
additional land or construction.
Figure 2 - Blockfusion's State-of-the-Art
Datacenter, Converted from a Decommissioned Dirty-Coal Power
Plant.
The 'ZEUS' microreactor, designed to fit within
the dimensions of a 45-foot high-cube container, features a power
conversion unit capable of generating 1 to 2 MW of electricity
without the need for a fluid coolant. This fluid-free design
simplifies the system, relying entirely on passive components to
enhance safety and reliability. Its configuration is being designed
to make ‘ZEUS’ suitable for a wide range of applications, including
remote data centers, AI and quantum computing, and cryptocurrency
mining, among others.
“We are delighted that Blockfusion has chosen us
to help research and to meet their energy demands with our
next-generation, cutting-edge microreactor solutions,” said
James Walker, Chief Executive Officer and Head of Reactor
Development of NANO Nuclear Energy. “The ability to meet remote
energy demands like Blockfusion’s with minimal environmental impact
and high reliability was the driving force behind the inception of
NANO Nuclear. It is very gratifying to partner with an established
and forward-thinking company that recognizes the potential of our
microreactors to provide a sustainable solution to their baseload
energy needs.”
About Blockfusion
Blockfusion owns, develops and operates
data centers powered by clean energy.
About NANO Nuclear Energy
Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an advanced technology-driven nuclear energy
company seeking to become a commercially focused, diversified, and
vertically integrated company across four business lines: (i)
cutting edge portable microreactor technology, (ii) nuclear fuel
fabrication, (iii) nuclear fuel transportation and (iv) nuclear
industry consulting services. NANO Nuclear believes it is the first
portable nuclear microreactor company to be listed publicly in the
U.S.
Led by a world-class nuclear engineering team,
NANO Nuclear’s products in technical development are
“ZEUS”, a solid core battery reactor, and “ODIN”, a
low-pressure coolant reactor, each representing advanced
developments in clean energy solutions that are portable, on-demand
capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc.
(AFT), a NANO Nuclear subsidiary, is led by former
executives from the largest transportation company in the world
aiming to build a North American transportation company that will
provide commercial quantities of HALEU fuel to small modular
reactors, microreactor companies, national laboratories, military,
and DOE programs. Through NANO Nuclear, AFT is the exclusive
licensee of a patented high-capacity HALEU fuel transportation
basket developed by three major U.S. national nuclear laboratories
and funded by the Department of Energy. Assuming development and
commercialization, AFT is expected to form part of the only
vertically integrated nuclear fuel business of its kind in North
America.
HALEU Energy Fuel Inc. (HEF), a
NANO Nuclear subsidiary, is focusing on the future development of a
domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel
fabrication pipeline for NANO Nuclear’s own microreactors as well
as the broader advanced nuclear reactor industry.
For more corporate information please
visit: https://NanoNuclearEnergy.com/
For further information, please
contact:
Email: IR@NANONuclearEnergy.com Business Tel: (212)
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of NANO
Nuclear’s management in connection with this news release or
related events contain or may contain "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. In this context, forward-looking statements mean
statements (including statements regarding the potential benefits
of the MOU with Blockfusion and related technologies in development
as described herein) related to future events, which may impact our
expected future business and financial performance, and often
contain words such as "expects", "anticipates", "intends", "plans",
"believes", “potential”, "will", "should", "could", "would" or
"may" and other words of similar meaning. These forward-looking
statements are based on information available to us as of the date
of this news release and represent management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve significant known
and unknown risks, uncertainties and other factors, which may be
beyond our control. For NANO Nuclear, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include but are not limited to the following: (i) risks related to
our U.S. Department of Energy (“DOE”) nuclear fuel manufacturing
submission and the development of new or advanced technology,
including difficulties with design and testing, cost overruns,
development of competitive technology, (ii) our ability to obtain
contracts and funding to be able to continue operations, (iii)
risks related to uncertainty regarding our ability to
technologically develop and commercially deploy a competitive
advanced nuclear reactor technology, (iv) risks related to the
impact of government regulation and policies including by the DOE
and the U.S. Nuclear Regulatory Commission, including those
associated with the recently enacted ADVANCE Act, and (v) risks
related to the collaborations such as the one with Blockfusion
described herein, as well as similar risks and uncertainties
associated with the business of a start-up business operating a
highly regulated industry. Readers are cautioned not to place undue
reliance on these forward-looking statements, which apply only as
of the date of this news release. These factors may not constitute
all factors that could cause actual results to differ from those
discussed in any forward-looking statement, and the NANO Nuclear
therefore encourages investors to review other factors that may
affect future results in its filings with the SEC, which are
available for review at www.sec.gov and at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Accordingly, forward-looking statements should not be relied upon
as a predictor of actual results. We do not undertake to update our
forward-looking statements to reflect events or circumstances that
may arise after the date of this news release, except as required
by law.
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