US-based NANO Nuclear Energy has closed an oversubscribed $4.14m funding round. Jay Jiang Yu, NANO Nuclear Energy’s Founder, Chairman & President said the money raised will be used to further the company’s efforts “to disrupt, revolutionise and progress the sustainable, carbon free and nuclear energy industry”.
NANO Nuclear Energy says it is “committed to building smaller, cheaper, and safer nuclear energy for the future by incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, and research methods”. Currently in technical development is ZEUS, the company’s first generation portable, on-demand capable advanced nuclear micro reactor. “The ZEUS design will be modular and enable it to connect with local power grids or power systems, revolutionising recovery from natural disasters and how remote communities, mining project, and military bases, among others, obtain consistent electricity,” the company notes.
The company website has extensive information on the global potential for nuclear in general and small reactors in particular. However, it has no information on the technology or reactor-type planned for ZEUS. It notes: “A handful of microreactor designs are under development and they could be ready to roll out within the next decade. These compact reactors will be small enough to transport by truck and could help solve energy challenges in a number of areas.
It adds: “Microreactors would produce 1-20 megawatts of thermal energy that could be used directly as heat or converted to electric power. They can be used to generate clean and reliable electricity for commercial use or for non-electric applications such as district heating, water desalination and hydrogen fuel production.”
Dr Jeffrey L Binder, NANO Nuclear Energy’s Head of Nuclear Laboratory and Technologies says: “Creating the next generation advanced nuclear micro reactors requires a lot of effort and manpower. With this funding, we are able to ensure that the best and brightest continue to work on this innovative initiative and that the relationships we have established with regulatory agencies and laboratories continue to deepen.”
CEO and Board Member James Walker notes: “There has been a lot of development and growth in the nuclear energy industry in the recent months. With the $4.14m funding, NANO Nuclear is well positioned to capitalise on the market’s rapid expansion, as it will allow us to make further advancements in our proprietary reactor design, fund addition research and development initiatives and ensure that we remain on the cutting-edge of this dynamic industry.”
Image: 'ZEUS', NANO Nuclear Energy's first generation portable advanced nuclear micro reactor (courtesy of NANO Nuclear Energy)