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Nano Nuclear Energy Inc.(NNE) - 2024 Q4 - Annual Report
NNENano Nuclear Energy Inc.(NNE)2024-12-30 13:00

Business Development and Technology - The company is in the pre-revenue stage and is focused on four business lines related to the development of small nuclear reactors and associated technologies[65] - The company has invested approximately 5.4millioninresearchanddevelopmentover2.8yearsfortheZEUSandODINmicroreactors[77]−TheacquisitionofALIPtechnologyincludesacommitmentofapproximately5.4 million in research and development over 2.8 years for the ZEUS and ODIN microreactors[77] - The acquisition of ALIP technology includes a commitment of approximately 350,000 for further development and aims for SBIR Phase III Award status[47] - The company plans to file for new patents related to the ZEUS reactor in 2025, following successful design audits[73] - The regulatory licensing process for the ODIN and ZEUS prototypes is expected to be completed by 2030 or 2031, with manufacturing facilities being constructed during this phase[74] - The company aims to establish a commercial nuclear fuel processing facility to supply advanced nuclear reactor companies and the U.S. nuclear industry[75] - The company is evaluating international markets for its microreactors and engaging with international regulators[63] - The ALIP technology is expected to be commercialized within a year as a component for salt-based coolant reactors[50] - The company has a highly experienced research and development team with nearly 150 years of collective experience in nuclear energy and reactor design[78] - The company entered into a Strategic Partnership Project agreement with INL for the ZEUS microreactor design, which included a 6-month review period[79] - The company is developing advanced nuclear microreactors, ZEUS and ODIN, with a goal to commercially launch one by 2030-2031[80] - Both ZEUS and ODIN microreactors have progressed to physical test work stages, with initial rig construction underway[81] - The company acquired a 14,000 sq. ft. building in Oak Ridge, Tennessee for 1.7milliontoserveasitsNuclearTechnologyHeadquarters,expectingtoemployupto30personnel[82]−AnassetpurchaseagreementwasexecutedtoacquireUSNC′smicromodularnuclearreactorbusinessfor1.7 million to serve as its Nuclear Technology Headquarters, expecting to employ up to 30 personnel[82] - An asset purchase agreement was executed to acquire USNC's micro modular nuclear reactor business for 8.5 million, with potential additional costs if other assets are acquired[85] - The company is developing a domestic LEU and HALEU fuel supply chain through its subsidiary, HALEU Energy Fuel Inc.[87] - A 2millionstrategicinvestmentwasmadeinLISTechnologiesInc.tosupportthedevelopmentoflaser−baseduraniumenrichmenttechnology[88]−Thecompanyreceivedanexclusivelicenseforahigh−capacityHALEUfueltransportationbasketdesign,aimingtooperateafueltransportationbusinessby2026[89]−Thecompanywasawarded200hoursofSMEsupportatINLaspartoftheNRICResourceTeamprogramtoaccelerateadvancednuclearenergydemonstration[90]−Thecompanyexpectssignificantincreasesinresearchanddevelopmentexpensesasitacceleratesproductandtechnologydevelopment[91]−Thecompanyaimstocapturemarketshareinthegrowingnuclearenergysector,havingestablishedcollaborationswithkeyU.S.governmentagenciesandleadingresearchers[104]−Thecompanyisdevelopingtwoadvancedportablenuclearmicroreactors,ZEUSandODIN,withZEUSutilizingasolidcoredesignandODINemployinglow−pressurecoolanttechnology[108][119]−AmemorandumofunderstandingwassignedwiththeRwandaAtomicEnergyBoardtofacilitatetheintroductionofsmallmodularreactorsandmicroreactorsthroughoutRwanda[111]−ThecompanyhasenteredintoamemorandumofunderstandingwithDigihosttotransitiontocarbon−freeenergyatits60−megawattpowerplant,targetingreactorintegrationby2031[125][126]−ThecompanyplanstoengagewiththeNRCin2025todevelopandsubmitaRegulatoryEngagementPlanfortheODINreactor[119]−Thecompanyhasestablisheda14,000sq.ft.NuclearTechnologyHeadquartersinOakRidge,Tennessee,tosupportitsnuclearfacilitiesandinfrastructuredevelopment[121]−ThecompanyiscollaboratingwiththeDOEtoevaluatethefeasibilityofsitingandoperatingitsmicroreactorsattheIdahoNationalLaboratory[123]−Thecompanyaimstoprovidemobilereactorstopowerprojectsandcommunities,promotingcleanenergysolutionsinremoteareas[117]−In2023,thecompanyestablishedHALEUEnergyFuelInc.tocreateadomesticfuelprocessingfacilityforLEUandHALEU,becomingafoundingmemberoftheDOE′sHALEUConsortium[133]−ThecompanyplanstoacquireorleaselandforitsfirstHALEUintegratedfuelprocessingfacilityintheU.S.duringthefirstquarterof2025,withinitialsitepreparationscheduledfor2025[136]−ThecompanyhasenteredintoanexclusivepatentlicenseagreementwithBEAforHALEUtransportationtechnology,whichincludesperformancemilestonestobemetwithinthefirst48months[138]−ThecompanyaimstoformthefirsttransportationcompanytosupplyHALEUtoemergingSMRandmicroreactorcompanies,withplanstoacquirelandoranexistingtransportationbusinessin2025[152]−ThecompanysignedanagreementwithGNSinSeptember2024toproduceanoptimizedHALEUtransportationsystem,enhancingthecapacityfortransportingvariousnuclearfueltypes[153]−Thecompanyexpectstostartprovidingnuclearservicesupportandconsultationservicesin2025,capitalizingontheincreaseddemandfornuclearenergyexpertise[155]−Anon−bindingmemorandumofunderstandingwassignedwithDigihostTechnologyInc.toprovideconsultingservicesforacarbon−freeenergytransitionproject,expectedtobegininQ12025[156]−TheNRCisexpectedtocompleteitsreviewofthecompany′slicenseapplicationandenvironmentalreportwithin24months,witheffortstocompressthistimelinethroughhigh−qualitysubmissions[147]−Thecompanyisexaminingstrategicacquisitionstoexpanditsbusinessandconsultancyservices,withongoingdiscussionswithpotentialtargets[158]FinancialPerformance−Researchanddevelopmentexpensesincreasedby2 million strategic investment was made in LIS Technologies Inc. to support the development of laser-based uranium enrichment technology[88] - The company received an exclusive license for a high-capacity HALEU fuel transportation basket design, aiming to operate a fuel transportation business by 2026[89] - The company was awarded 200 hours of SME support at INL as part of the NRIC Resource Team program to accelerate advanced nuclear energy demonstration[90] - The company expects significant increases in research and development expenses as it accelerates product and technology development[91] - The company aims to capture market share in the growing nuclear energy sector, having established collaborations with key U.S. government agencies and leading researchers[104] - The company is developing two advanced portable nuclear microreactors, ZEUS and ODIN, with ZEUS utilizing a solid core design and ODIN employing low-pressure coolant technology[108][119] - A memorandum of understanding was signed with the Rwanda Atomic Energy Board to facilitate the introduction of small modular reactors and microreactors throughout Rwanda[111] - The company has entered into a memorandum of understanding with Digihost to transition to carbon-free energy at its 60-megawatt power plant, targeting reactor integration by 2031[125][126] - The company plans to engage with the NRC in 2025 to develop and submit a Regulatory Engagement Plan for the ODIN reactor[119] - The company has established a 14,000 sq. ft. Nuclear Technology Headquarters in Oak Ridge, Tennessee, to support its nuclear facilities and infrastructure development[121] - The company is collaborating with the DOE to evaluate the feasibility of siting and operating its microreactors at the Idaho National Laboratory[123] - The company aims to provide mobile reactors to power projects and communities, promoting clean energy solutions in remote areas[117] - In 2023, the company established HALEU Energy Fuel Inc. to create a domestic fuel processing facility for LEU and HALEU, becoming a founding member of the DOE's HALEU Consortium[133] - The company plans to acquire or lease land for its first HALEU integrated fuel processing facility in the U.S. during the first quarter of 2025, with initial site preparation scheduled for 2025[136] - The company has entered into an exclusive patent license agreement with BEA for HALEU transportation technology, which includes performance milestones to be met within the first 48 months[138] - The company aims to form the first transportation company to supply HALEU to emerging SMR and microreactor companies, with plans to acquire land or an existing transportation business in 2025[152] - The company signed an agreement with GNS in September 2024 to produce an optimized HALEU transportation system, enhancing the capacity for transporting various nuclear fuel types[153] - The company expects to start providing nuclear service support and consultation services in 2025, capitalizing on the increased demand for nuclear energy expertise[155] - A non-binding memorandum of understanding was signed with Digihost Technology Inc. to provide consulting services for a carbon-free energy transition project, expected to begin in Q1 2025[156] - The NRC is expected to complete its review of the company's license application and environmental report within 24 months, with efforts to compress this timeline through high-quality submissions[147] - The company is examining strategic acquisitions to expand its business and consultancy services, with ongoing discussions with potential targets[158] Financial Performance - Research and development expenses increased by 2,191,565, or 143%, to 3,725,565fortheyearendedSeptember30,2024,comparedto3,725,565 for the year ended September 30, 2024, compared to 1,534,000 for the year ended September 30, 2023[568] - General and administrative expenses rose by 2,101,598,or442,101,598, or 44%, to 6,850,993 for the year ended September 30, 2024, compared to 4,749,395fortheyearendedSeptember30,2023[569]−Interestincomeincreasedto4,749,395 for the year ended September 30, 2023[569] - Interest income increased to 359,002 for the year ended September 30, 2024, up from 32,994inthepreviousyear[571]−TheaccumulateddeficitasofSeptember30,2024,wasapproximately32,994 in the previous year[571] - The accumulated deficit as of September 30, 2024, was approximately 17.4 million, with expectations of increasing operating losses and negative cash flows[573] - The company intends to finance future cash requirements through a combination of cash on hand, public or private equity or debt financings, and third-party funding[572] Market Trends and Strategic Goals - The Pylon reactor is scheduled for demonstration by 2027, designed to provide between 1 MWth and 5 MWth of power for various applications[167] - The company aims to leverage newly acquired technologies for remote, industrial, and extra-terrestrial applications, enhancing its position in advanced nuclear energy technologies[169] - The U.S. has set a target of a 50 to 52% reduction in economy-wide net greenhouse gas pollution by 2030, aligning with the company's business plans[171] - The nuclear energy sector is experiencing a revival with substantial investments from tech giants, indicating a growing market for emissions-free electricity[173]