NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the
Company”), a leading vertically integrated advanced nuclear energy
and technology company developing portable clean nuclear energy
solutions, today announced that it has appointed Michael A. Norato,
Ph.D., as its Director of Nuclear Facilities and Infrastructure.
Dr. Norato will oversee the construction,
development and licensing of NANO Nuclear's key facilities,
including its recently acquired 14,000 sq. ft. Oak Ridge, Tennessee
Nuclear Technology Headquarters and future test bed reactor sites
for experiments related to its ‘ZEUS’ and ‘ODIN’ microreactors
currently in development. He will also lead the establishment of
deconversion and fuel processing facilities, helping to further
NANO Nuclear’s goal of being a vertically integrated leader in the
U.S. nuclear fuel cycle. In his role, Dr. Norato will ensure
compliance with all current environmental and safety regulations
while liaising with the U.S. Nuclear Regulatory Commission (NRC) to
expedite navigation of relevant regulatory pathways. His
appointment marks a significant milestone as NANO Nuclear advances
to the next phase of its strategy to gain regulatory approval of,
and ultimately commercialize, its technologies and take a leading
role in the United States' nuclear renaissance.
“The United States urgently needs commercially
focused, forward-thinking and innovative companies to revitalize
its nuclear energy potential. I am joining NANO Nuclear because of
my confidence that they are an emerging leader in driving this
effort,” said Michael Norato, Ph.D., Director of Nuclear
Facilities and Infrastructure of NANO Nuclear Energy. “I
am thrilled to join this exceptional team following my retirement
from the Idaho National Laboratory and bring my years of expertise
in both the technical and regulatory aspects of the nuclear energy
industry and the nuclear fuel cycle. I look forward to spearheading
NANO Nuclear’s development and licensing of its nuclear research
and testing, fuel processing and fuel transportation facilities and
services that will play a crucial role in the long-term success not
only of NANO Nuclear, but the nation's renewed commitment to
nuclear energy. This is a pivotal moment for the nuclear energy
industry, and I’m excited to contribute to NANO Nuclear’s efforts
in shaping the future of clean and reliable energy.”
Dr. Norato has over 25 years of experience in
chemical separations technologies involving used nuclear fuel and
radioactive waste processing, as well as experience in commercial
nuclear industry regulation and nuclear facility decommissioning.
Dr. Norato has extensive knowledge of the entire nuclear fuel cycle
as well as experience in the commercial regulatory regime and all
aspects of licensing, constructing, and regulating nuclear fuel
cycle facilities, in addition to broad knowledge of fuel cycle
research development and demonstration at all scales and technology
readiness levels.
Figure 1 – NANO Nuclear Energy Inc. Appoints
Michael Norato, Ph.D., as its Director of Nuclear Facilities and
Infrastructure.
His broad nuclear energy related background
includes leadership positions at the Idaho National Laboratory
(INL), U.S. Department of Energy Office of Environmental Management
(DOE-EM), the NRC and the Savannah River National Laboratory
(SRNL). In his recent role at the INL, Dr. Norato served as a
Senior Advisor for Research Operations and Strategic Projects,
after serving four years as Division Director for Fuel Cycle
Science & Technology. His primary focus was the research and
development of advanced technologies for nuclear fuel cycle and
used nuclear fuel management, as well as other chemical and
physical separations applications. At DOE-EM, he served as Director
of the Office of Operations and Processes, as well as Acting
Director of the Office of Major Construction and Modifications
where he provided leadership and developed mission strategies,
policy, and guidance for complex-wide engineering operations and
processes, as well as to major construction projects and facility
modifications to support DOE-EM’s mission. His NRC experience
spanned the spectrum from lead chemical safety reviewer for the MOX
Fuel Fabrication Facility license application, to component
engineering reviews for new boiling water reactors, to contract
management, to nuclear materials facility decommissioning. Dr.
Norato holds BS, MS and Ph.D. degrees in Chemical Engineering from
the Syracuse University.
“Dr. Norato has been a pivotal figure throughout
his 25-year career in the nuclear energy sector, and I am confident
he will play a vital role in NANO Nuclear’s next phase of growth,”
said Jay Yu, Founder and Chairman of NANO Nuclear
Energy. “As an expert in the nuclear fuel cycle, with
extensive experience in the regulatory aspects of the industry, his
expertise will be invaluable as we advance our technologies toward
commercialization. We are very pleased to have him join the team
and look forward to the impact his expertise will bring.”
“The next phase of NANO Nuclear’s development
and future growth demands that we broaden our expertise by bringing
on experienced and proven leaders to strengthen our management and
technical teams,” said James Walker, Chief Executive
Officer and Head of Reactor Development of NANO Nuclear
Energy. “Dr. Norato is a highly respected leader with
extensive experience navigating the complex regulations that ensure
the safety and security of the United States’ nuclear energy
infrastructure. I am thrilled to welcome him to NANO Nuclear and am
confident that his expertise will be invaluable as we work to
position ourselves at the forefront of the nation’s nuclear energy
industry.”
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 five business lines: (i)
cutting edge portable microreactor technology, (ii) nuclear fuel
fabrication, (iii) nuclear fuel transportation, (iv) nuclear
applications for space and (v) 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.
NANO Nuclear Space Inc. (NNS),
a NANO Nuclear subsidiary, is exploring the potential commercial
applications of NANO Nuclear’s developing micronuclear reactor
technology in space. NNS is focusing on applications such as power
systems for extraterrestrial projects and human sustaining
environments, and potentially propulsion technology for long haul
space missions. NNS’ initial focus will be on cis-lunar
applications, referring to uses in the space region extending from
Earth to the area surrounding the Moon's surface.
For more corporate information please
visit: https://NanoNuclearEnergy.com/
For further information, please
contact:
Email: IR@NANONuclearEnergy.comBusiness Tel:
(212) 634-9206
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of Company
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 related
to future events, which may impact our expected future business and
financial performance, and often contain words such as “future,”
“seek,” "expects", "anticipates", "intends", "plans", "believes",
“potential”, "will", "should", "could", "would" or "may" and other
words of similar meaning. In this press release, forward-looking
statements relate to the anticipated benefits of Dr. Norato’s
contributions to the Company and the Company’s development,
regulatory and commercialization plans in general. 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, some of which may be beyond our control. Readers are
cautioned that actual results may differ materially and adversely
from the results implied in forward-looking statements. 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”), U.S. Nuclear Regulatory Commission (“NRC”) or related
state or other nuclear technology-related licensing submissions,
(ii) risks related the development of new or advanced technology,
including difficulties with design and testing, cost overruns,
regulatory delays and the development of competitive technology,
(iii) our ability to obtain contracts and funding to be able to
progress operations, (iv) risks related to uncertainty regarding
our ability to technologically develop and commercially deploy a
competitive advanced nuclear reactor or other technology in the
timelines we anticipate, if ever, (v) risks related to the impact
of government regulation and policies including by the DOE and the
NRC, and (vi) 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 of the
factors that could cause actual results to differ from those
discussed in any forward-looking statement, and the Company
therefore encourages investors to review other factors that may
affect future results in the Company’s filings with the SEC, which
are available for review at www.sec.gov and at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Readers are cautioned not to place undue reliance on
forward-looking statements, which apply only as of the date of this
news release, and 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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