US-based NANO Nuclear has signed a non-binding Strategic Commercial Framework with Tillman Global Holdings and its global data centre platform, Tillman Digital Gateway, to advance the future deployment of NANO’s KRONOS MMR Energy Systems across Tillman’s planned AI industrial zones.
The framework identifies NANO Nuclear as Tillman’s anticipated preferred nuclear technology provider and establishes a structure for the parties to collaborate on the evaluation and development of nuclear generation opportunities across Tillman’s expanding US data centre pipeline, with a parallel opportunity to expand to certain international markets.
The KRONOS MMR is a high-temperature, gas-cooled microreactor that uses helium coolant and particle fuel. Its compact, modular architecture is intended to support flexible deployment and scalable power output, from single-unit configurations to gigawatt-class multi-reactor clusters capable of powering large industrial and civil campuses as well as other applications, including governmental requirements. It is currently in construction permit pre-application engagement with the Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign. Targeted groundbreaking and initial construction are slated to begin in the second half of 2027.
NANO and Tillman are targeting 2 GWe or more of advanced nuclear capacity by the mid-2030s, with a longer-term objective of 6 GWe or more by 2040 across Tillman projects subject to general and site-specific definitive agreements, customer commitments, financing, regulatory approvals and other project requirements. They are also evaluating opportunities to extend the collaboration to select international markets where Tillman or its affiliates are developing or evaluating large-scale digital infrastructure.
Tillman and NANO Nuclear intend to evaluate candidate sites for future nuclear energy deployment and collaborate on site diligence, development and licensing planning, customer engagement and project structuring as individual opportunities advance. For qualifying projects, the parties contemplate an independent-power-producer-style structure under which Tillman or its affiliates would finance, develop and own project power infrastructure and NANO would develop, support operations, and supply the reactors and fuel, with specific commercial arrangements to be negotiated on a project-by-project basis.
The framework contemplates the proposed issuance to Tillman of fully milestone-vesting warrants to purchase up to $100m of NANO Nuclear common stock. Most of the warrants would vest only upon future binding reactor purchase commitments. The rest would vest only upon achievement of specified project-development milestones. The framework also contemplates an initial restricted common stock grant to Tillman with a notional value of $5m, a portion of which would vest upon execution of definitive equity grant agreements, with the substantial majority vesting only upon achievement of specified project-development milestones.
Tillman is advancing a multi-state pipeline of planned AI industrial zones in the US designed to support gigawatt-scale power requirements from anticipated hyperscale and AI tenant customers. As part of its power-first development strategy, Tillman evaluates sites for their ability to accommodate multiple sources of generation and intends to reserve the space to integrate advanced nuclear power as a medium- to long-term source of reliable, baseload generation.
“Power availability is becoming one of the defining constraints on the continued expansion of AI infrastructure, and addressing this challenge will require both near-term execution and long-term planning,” said NANO CEO James Walker. “This framework represents a milestone in our future customer acquisition strategy, as Tillman brings deep infrastructure-development capabilities, access to capital and relationships across the technology ecosystem, together with a power-first approach to developing the next generation of AI campuses. By planning for nuclear at the earliest stages of site development, we believe we can establish a practical pathway to introduce reliable, baseload power as these campuses scale.”
According to NANO Founder and Chairman Jay Yu, the new framework represents an important potential commercialisation pathway. “Importantly, the structure is intended to align both organisations around measurable project-development and commercial milestones as individual opportunities progress,” he said. “We believe combining Tillman’s infrastructure-development capabilities with our nuclear technology, regulatory licensing pathway and deployment model can create a scalable foundation for future nuclear-powered AI infrastructure.”
Sachit Ahuja, Co-President of Tillman Global Holdings, noted: “We view NANO Nuclear as an emerging leader in advanced nuclear whose progress to date, commercially focused strategy and modular technology platform make it a compelling potential solution for our medium- and long-term power requirements. This framework combines Tillman’s infrastructure-development platform and relationships with large-scale technology customers and NANO Nuclear’s advanced nuclear capabilities, creating a pathway to benefit from the integration of nuclear generation into future Tillman campuses as our portfolio expands.”
