US-based start-up NANO Nuclear Energy has entered into securities purchase agreements with institutional investors for the purchase and sale of 8,490,767 shares of common stock in an oversubscribed private placement priced at the market under Nasdaq rules. This is expected to result in gross proceeds of $400m, before deducting offering expenses.
NANO Nuclear intends to use the net proceeds: to advance development, construction and regulatory licensing activities for its Kronos MMR Energy System; continue development of its other micro reactor projects and other nuclear energy related business lines; pursue potential strategic acquisitions; and for general corporate purposes.
The offering was led by an initial investment from what the company described as a “preeminent asset manager” alongside several new and existing institutional investors. Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the offering.
Following the transaction, NANO Nuclear’s cash position is expected to reach approximately $600m, the company said. While the company’s stock has shown strong momentum with a 150% gain over the past six months, InvestingPro analysis indicates the company is not yet profitable, with analysts not anticipating profitability this year. These developments come amid recent declines in nuclear and uranium stocks, including a 7.0% drop for NANO Nuclear.
The day before, NANO also announced that the Company, alongside Illinois Governor JB Pritzker and the Illinois Department of Commerce & Economic Opportunity (DCEO), is to establish a manufacturing and research & development facility in Illinois.
NANO plans to make an investment of more than $12m with support from the Reimagining Energy & Vehicles in Illinois (REV Illinois) programme, which will enable the company to establish its operations. NANO will receive $6.8m in incentive awards from the REV Illinois programme.
“I’m proud to welcome NANO Nuclear to Illinois’ growing clean energy economy,” said Governor JB Pritzker. “Our qualified workforce, unmatched infrastructure, and competitive incentives all make Illinois the best state for companies investing in clean energy production. With support from REV Illinois, this critical investment from NANO Nuclear will create new jobs for hardworking Illinoisans and promote innovative strides in clean energy solutions.”
“With Illinois being the birthplace of the controlled nuclear chain reaction, and the state with the largest nuclear electricity production, it is really exciting to see NANO Nuclear being selected to advance and grow nuclear energy and expertise in the state,” said Dr Florent Heidet, Chief Technology Officer of NANO Nuclear. “With the strong presence of nuclear utilities and R&D institutions in Illinois, this is the ideal ecosystem for us to thrive.”
NANO recently acquired a property in the Chicagoland area with a 23,537‑square‑foot stand‑alone facility, including a dedicated 7,400‑square‑foot non‑nuclear demonstration area. The facility is expected to support nuclear engineers, component manufacturers, researchers, and support personnel who will work in collaboration with the University of Illinois Urbana-Champaign on the Kronos MMR System.
In September, NANO was awarded a $1.25m Direct to Phase II (D2P2) Small Business Innovation Research (SBIR) contract by AFWERX to explore the feasibility of deploying its Kronos MMR Energy System at Joint Base Anacostia-Bolling (JBAB) in Washington DC. AFWERX is the innovation and venture arm of the US Air Force.
The Kronos MMR design is for a stationary, high-temperature gas-cooled microreactor designed to deliver 15 MWe (45 MWt), for multi-decade use across multiple industries and environments. Using TRISO fuel and passive helium cooling, Kronos is designed to shut down and remain in a safe state automatically without any human intervention or external power.
The Kronos MMR (formerly MMR Energy System) was acquired in January 2025 by NANO from UNSC following its bankruptcy. NANO Nuclear in April signed a strategic collaboration with the University of Illinois Urbana-Champaign (UIUC) to construct the first research Kronos MMR on the university’s campus. NANO’s other reactor designs include Zeus, a solid core battery reactor, Odin, a low-pressure coolant reactor, and the space focused, portable Loki MMR (formerly USNC’s Pylon).
