NANO Nuclear said its microreactor designs are for reactors that would produce 1 megawatt to 2 megawatts of electric output. (Source: Shutterstock/ NANO Nuclear Energy)
Microreactor startup NANO Nuclear Energy on May 13 said it is now publicly listed in the U.S., where it raised $10.25 million in an initial public offering (IPO).
The New York-based company began trading on the Nasdaq Capital Market under the symbol NNE on May 8. Its IPO of 2,562,500 shares of common stock had a public price tag of $4 per share on May 10, according to a news release.
“NANO Nuclear believes that it is the first U.S. publicly listed company focusing on the design and development of portable nuclear microreactors,” the company said in a news release. “According to the U.S. Department of Energy, microreactor designs vary, but most are designed to produce 1 to 20 megawatts of thermal energy that could be used directly as heat or converted to electric power.”
NANO Nuclear said its microreactor designs are for reactors that would produce 1 megawatt to 2 megawatts of electric output.
Proceeds from the IPO will go toward continued R&D of NANO Nuclear’s Zeus and Odin microreactor designs, advancement of its license to transport commercial quantities of High-Assay, Low-Enriched Uranium (HALEU) fuel and development of a domestic source for a HALEU fuel fabrication pipeline, according to the release.
Proceeds will also go toward general corporate purposes and working capital, the company said.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-10-04 - The oil and gas rig count fell by two to 585 in the week to Oct. 4.
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
Bowman Consulting to Manage, Monitor Delaware Basin Wells
2024-10-14 - Bowman Consulting Group’s scope of work includes conducting detailed field surveys of above-ground infrastructure assets across well sites of up to to 8 acres.
E&P Highlights: Oct. 7, 2024
2024-10-07 - Here’s a roundup of the latest E&P headlines, including a major announcement from BP and large contracts in the Middle East.
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
2024-12-02 - Spurned or simply ignored by the big publics, the Permian Basin’s conventional zones—the Central Basin Platform, Northwest Shelf and Eastern Shelf—remain playgrounds for independent producers.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.