US-based start-up NANO Nuclear Energy has signed a letter of intent for the proposed sale of its ODIN low-pressure coolant microreactor design and all associated intellectual property to UK-based Cambridge Atom Works.
The letter of intent calls for a total purchase price of $6.2m, with a $250,000 upfront non-refundable down payment to NANO Nuclear and a $5.95m payment in 2026 as well as future low single-digit royalties payable to NANO Nuclear based on net sales if and when ODIN is commercialised. Cambridge Atom Works, which is led by University of Cambridge nuclear science leaders, is already developing ODIN for NANO Nuclear on an outsourced consulting basis. The transaction remains subject to execution of definitive documentation and the satisfaction of customary closing conditions.
NANO said the transaction reflects the positioning and consolidation of its micro reactor portfolio to maximise developmental and regulatory efficiencies and long-term commercial advancement. “The sale of ODIN would streamline NANO Nuclear’s product line, enabling it to concentrate resources on its related portfolio of gas-cooled, advanced, highly modular microreactors: the KRONOS MMR Energy System, LOKI MMR, and ZEUS. The KRONOS MMR (formerly MMR Energy System) was acquired in January 2025 by NANO Nuclear from UNSC following its bankruptcy along with the LOKI MMR, formerly USNC’s Pylon.
“The shared foundation of our reactor portfolio should help us improve performance, manufacturability, and regulatory efficiency, while allowing us to maximise shareholder value and protect against developmental cost overruns,” said NANO Nuclear CEO James Walker. “We look forward to closing the ODIN sale by the end of 2025, if not sooner.”
According to company information, ODIN will use high-assay low-enriched uranium (HALEU) fuel with up to 20% enrichment, with a low-pressure coolant to minimise the stress on structural components and improve their reliability and service life. It will also use a unique reactivity control system design, aimed at high reliability and robustness by minimising the number of moving parts. The reactor will operate at higher than conventional water-cooled reactor temperatures, and take maximum advantage of natural convection of coolant for heat transfer to the power conversion cycle at full power and for decay heat removal during reactor shutdown, operational transients, and off-normal conditions.
NANO Nuclear Founder & Chairman Jay Yu said, following the acquisition of the patented, gas-cooled KRONOS MMR and LOKI MMR technologies earlier this year, NANO Nuclear had assumed a leadership role in advancing the next generation of nuclear reactors in the US. “As our product portfolio expanded, we conducted an internal review to best align with the energy goals and the increasing demand for reliable power in our target markets. While we remain confident in the ODIN design, we concluded that a sale of the low-pressure cooled ODIN to a natural buyer familiar with the technology would allow us to move more efficiently going forward with our gas-cooled reactor portfolio.”
He added: “This strategic sale is designed to allow us to recoup our investment in ODIN to date and creates the potential for our receipt of future royalty revenue, all while enabling us to focus our development efforts on our flagship reactor technology to help ensure timely progress across our key projects. Moreover, this decision also comes at a fitting moment, as the recently announced Atlantic Partnership for Advanced Nuclear Energy underscores government support in both the United States and the UK for technologies such as ODIN and the KRONOS MMR. By aligning our portfolio with this momentum, we are positioning NANO Nuclear to benefit from strengthened transatlantic collaboration and policy support.”
NANO Nuclear continues to focus on the KRONOS MMR Energy System as its flagship, high technology readiness programme. KRONOS MMR is an advanced stationary micro modular reactor. A single-unit configuration of the KRONOS MMR is designed to deliver up to 45 MWt, while a multi-unit configuration can deliver giga-watt level power while significantly enhancing energy resiliency and economics. NANO Nuclear is currently working with the US Nuclear Regulatory Commission (NRC), through the University of Illinois Urbana Champaign (UIUC), to license KRONOS MMR in the US, with site preparation and other activities moving forward at UIUC. NANO Nuclear in April signed a strategic collaboration with UIUC to construct the first research KRONOS MMR on the university’s campus. NANO Nuclear is also working on a developmental KRONOS MMR reactor in Ontario, Canada.
In addition, NANO Nuclear’s recently acquired engineering and manufacturing facility in Oak Brook, Illinois, positions NANO Nuclear to further its plans for construction, testing, regulatory licensing, and commercial deployment of its technologies across the US and Canada.
NANO Nuclear highlighted that retaining the LOKI MMR and ZEUS microreactors was a strategic decision, as they share most of their underlying features with the flagship KRONOS MMR Energy System. “Continued development of our KRONOS MMR will have direct benefits for LOKI and ZEUS, providing value and benefit across our portfolio,” said Dr Florent Heidet, Chief Technology Officer and Head of Reactor Development at NANO Nuclear. “Together, they form a complementary offering, enabling us to achieve synergistic development, regulatory and ultimately commercial progress. As KRONOS MMR advances through construction and licensing, LOKI and ZEUS directly benefit from the aligned technology, regulatory, and supply chain efficiencies.”
