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 Eric R. Oesterle has joined NANO Nuclear as
its Head of Microreactor Regulatory Licensing.
Mr. Oesterle has extensive knowledge of the U.S.
regulatory frameworks for licensing, construction, operation, and
regulation of new reactors, small modular reactors, and advanced
non-light water microreactors. Mr. Oesterle has over 38 years of
licensing, regulatory, project management, engineering, industrial
and construction experience in both the public and private sectors,
including at the Nuclear Regulatory Commission (NRC), Westinghouse,
Bechtel, and OnSite Engineering. His 15-year NRC career included
several supervisory roles as Branch Chief for Operating Reactor
Licensing, Reactor Safety Systems, License Renewal and Subsequent
License Renewal and development of application guidance for new
reactors as well as risk-informed, performance-based and technology
inclusive application guidance for advanced non-light water
reactors, small modular reactors, and microreactors.
Figure 1 - NANO Nuclear Energy Inc (NASDAQ: NNE)
Appoints Eric R. Oesterle as its Head of Microreactor Regulatory
Licensing.
Mr. Oesterle joins an expanding in-house team of
nuclear regulatory and licensing experts at NANO Nuclear following
last month’s appointment of David Tiktinsky, a nearly 40-year
veteran of the NRC, as NANO Nuclear’s Head of Nuclear Regulatory
Licensing. Mr. Tiktinsky brings extensive overall knowledge of
nuclear regulatory licensing and will focus on the licensing
requirements for the nuclear fuel fabrication and fuel
transportation aspects of NANO Nuclear’s business plans. Working in
parallel with Mr. Tiktinsky, Mr. Oesterle is expected to focus his
efforts primarily on the regulatory licensing process for
‘ZEUS’ and ‘ODIN’, NANO Nuclear’s
next generation microreactors in development.
“I’m delighted to join the NANO Nuclear team and
begin leading the regulatory engagement and licensing processes for
the very promising ‘ZEUS’ and ‘ODIN’ microreactors,” said
Eric R. Oesterle, Head of Microreactor Regulatory Licensing of NANO
Nuclear Energy. “The technical teams behind NANO Nuclear’s
innovative designs are exemplary, and I am eager to collaborate
with them to ensure their technologies navigate the regulatory
pathway towards commercialization with minimal resistance and in a
timely manner. The U.S. government has demonstrated its commitment
to supporting innovation within the nuclear energy industry, with
legislation such as the recently enacted ADVANCE Act reshaping how
nuclear technologies are evaluated in the United States. It is at
this exciting juncture that I join NANO Nuclear, and I could not be
more eager to begin.”
Mr. Oesterle has been involved with well-known
advanced nuclear technology companies in the application of the
NRC’s risk-informed, performance-based, technology-inclusive and
advanced non-light water reactor application guidance as well as
industry guidance in Nuclear Energy Institute (NEI) document NEI
18-04 for developing the licensing and safety cases for these
applications while also providing critical input to NEI efforts to
advance proposals for more efficient and effective licensing of
microreactors.
“Eric is one of the foremost experts in the
field of advanced nuclear reactor licensing,” said Jay
Yu, Founder and Chairman of NANO Nuclear. “Since our
inception, we have understood that successfully navigating the
complex nuclear regulatory landscape for our reactor designs would
be challenging and would require us to recruit leaders with
extensive experience and connections in the licensing community. As
such, we are thrilled to welcome Eric to our expanding team. As a
prominent and highly experienced leader in this field, we are
confident that Eric will play a crucial role in ensuring our
regulatory strategy is meticulously aligned with our
commercialization goals.”
The NRC has established numerous guidelines for
estimated licensing timelines covering a wide range of nuclear
technologies and fuels. As a microreactor developer, approval of
NANO Nuclear’s advanced portable microreactor designs will most
likely fall under the Part 52 regulations, which currently
stipulate an estimated licensing timeline of 36 months. However,
the ADVANCE Act introduces several measures designed to streamline
and enhance regulatory pathways for advanced nuclear technologies,
including microreactors, aiming to improve the overall efficiency
and effectiveness of the licensing process. These measures include
requiring the NRC to develop a pathway for the timely licensing of
microreactors and nuclear facilities at brownfields and retired
fossil-fuel energy generation sites and directing the NRC to
establish an accelerated licensing review process for siting and
constructing reactors at existing nuclear sites.
“The regulatory and licensing aspect of nuclear
energy is an extensively labor intensive and complicated effort, so
we are fortunate to have been able to recruit one of the leading
experts in the field to help us on our regulatory pathway and
ultimately to commercialization,” said James Walker, Chief
Executive Officer, and Head of Reactor Development of NANO Nuclear
Energy. “Eric will play an enormously important role
for NANO Nuclear, and we are very pleased with the foundational
efforts that now enable us to approach the Nuclear Regulatory
Commission and commence work in earnest to license our reactors. I
am confident that Eric’s extensive experience with the NRC will be
invaluable to our efforts, helping to ensure that we achieve
reactor licensing within a timeframe that aligns with our roadmap
and that of the NRC itself.”
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.
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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 related to the potential benefits
to NANO Nuclear of Mr. Oesterle’s engagement) 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 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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