Everstar’s AI-powered services have the potential to save significant time and resources by transforming the way licensing and regulatory processes are handled.
NEW YORK, N.Y., July 19, 2024 (GLOBE NEWSWIRE) — Nano Nuclear Energy, Inc. (Nasdaq: NNE) (Nano Nuclear Energy), announced today that it has Everstar Nuclear Energy, a vertically integrated microreactor and advanced nuclear technology startup developing portable, clean energy solutions, today announced that it has signed a Memorandum of Understanding (MoU) with Everstar Corporation (Everstar).
Nuclear technology companies face a number of regulatory challenges that can impact or delay the development and commercialization of innovative technologies, or even conventional power plants. These measures often lengthen the approval deadlines for nuclear power projects, increasing costs and extending construction times.
Everstar is developing advanced AI methodologies to enable nuclear technical and regulatory teams across the nuclear supply chain to accelerate and add more accuracy to their design and regulatory licensing processes.
Under the MoU, Nanonuclear and Everstar will explore leveraging Everstar’s suite of AI-based consulting and technology solutions to modernize the regulatory licensing process for Nanonuclear’s manufacturing, conversion, transportation and microreactor development projects. Nanonuclear will also evaluate the addition of additional support services, including AI-based documentation automation, stringent quality and performance assurance, compliance reporting and supply chain management throughout the project lifecycle. The addition of employee training programs, risk mitigation strategies and customized marketing strategies will also be explored as part of a comprehensive assessment of Everstar’s AI capabilities.
We are pleased to enter into this cooperation with Nano Nuclear Company, Kevin Kong, founder of Everstar, said: AI is a powerful lever to reshape how we design, analyze, demonstrate, and regulate complex, safety-critical technologies like nuclear power. By leveraging Everstar’s advanced AI capabilities and vast data bank, companies like NANO Nuclear can focus on their core mission: pioneering progress for humanity’s future. We are proud to support these potentially transformative initiatives and are excited to help build a world of abundant clean energy with forward-thinking companies like NANO Nuclear.
The complex and intricate regulatory process requires significant capital allocation for compliance, comprehensive safety analyses, and a host of other requirements, James Walker, CEO and Head of Reactor Development at Nano Nuclear Energy, said:Addressing these longstanding regulatory challenges in new ways is critical to fostering technological innovation and ensuring that next-generation nuclear solutions are successfully integrated into the global energy landscape. Especially in light of the recent passage of the ADVANCE Act in the United States to support nuclear innovation, we have high hopes that Everstar’s AI technologies can grow alongside NANO Nuclear and provide not only our company, but the entire nuclear energy industry, with a turnkey solution to accelerate regulatory and commercialization efforts.
We consider ourselves to be at the forefront of nuclear energy technology and innovation, and so we are pleased to announce our collaboration with Everstar to explore new and advanced ways to navigate the complex regulatory licensing and commercialization processes in the U.S. nuclear energy industry. Jay Yu, founder and chairman of Nano Nuclear Energy, said: We believe that the opportunity to use AI technology to simplify these regulatory complexities is critical to driving technological innovation and ensuring the successful integration of next-generation nuclear solutions into the global energy landscape. Everstar’s AI-powered services have the potential to save significant time and resources by transforming the way we approach licensing and regulatory processes, and I am excited to see what we can achieve together.
Figure 1 – Nano Nuclear Energy has signed a Memorandum of Understanding with Everstar AI to leverage its robust suite of AI services to improve the handling of the nuclear energy licensing and regulatory framework.
This MOU is preliminary and is intended to provide a two-year, non-binding framework for joint work between Nano Nuclear and Everstar. The companies anticipate that their initial collaboration will lead to the execution of final documents in the future.
About Everstar Inc. (Everstar AI)
Everstar Company It is a New York City-based artificial intelligence company that aims to drive the US nuclear industry forward. Gordian AI Model It is designed to enable customers across the nuclear ecosystem to navigate complex regulations and streamline their operations, from reactor developers, national laboratories, fuel manufacturers and processors, to existing utilities that maintain the U.S. nuclear power plant fleet.
Everstar specializes in building advanced, explainable, and secure AI that is grounded in fundamental facts and scientific knowledge. Its advanced methodologies and vast databank ensure industry-leading performance and accuracy, while its products are designed to solve the most pressing challenges facing nuclear professionals in design, safety, supply chain, and regulatory compliance. Everstar plans to release non-commercial, open-source tools and data that will accelerate innovation in the industry.
Everstar is forging the intelligence layer that is vital to an American nuclear renaissance: making American-made nuclear the safest, most globally competitive option to enable AI data centers, the march toward NetZero, and an energy-rich, multiplanetary world.
About Nano Nuclear Energy Company
Nano Nuclear Energy Corporation (NASDAQ: NNE) Nano Nuclear Energy is an advanced technology-based nuclear energy company that seeks to become a diversified, vertically integrated business across four business lines: (a) advanced portable nuclear reactor technology, (b) nuclear fuel manufacturing, (c) nuclear fuel transportation and (d) nuclear industry consulting services. Nano Nuclear Energy believes it is the first publicly listed portable nuclear reactor company in the United States.
Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are: ZEUS, solid core battery reactor, and ODIN, low pressure cooled reactoreach representing advanced developments in portable, on-demand clean energy solutions and advanced micronuclear reactors.
Advanced Fuel Transport (AFT)AFT, a subsidiary of NANO Nuclear, is led by former executives from the world’s largest transportation company with the goal of building a North American transportation business that will deliver commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, the military, and Department of Energy programs. Through NANO Nuclear, AFT is the exclusive licensee of the patented, high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Upon development and commercialization, AFT is expected to be part of the only vertically integrated nuclear fuel business of its kind in North America.
Halio Energy & Fuel Company (HEF)NANO Nuclear, a subsidiary of NANO Nuclear, is focused on the future development of a domestic source of high-analyte, low-enriched (HALEU) fuel manufacturing pipeline for NANO Nuclear microreactors as well as the broader advanced nuclear reactor industry.
For more information about the company, please visit: https://NanoNuclearEnergy.com/
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Cautionary Note Regarding Forward-Looking Statements
This press release and statements made by Nanonuclear’s management with respect to this press release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements regarding Nanonuclear’s collaboration with Everstar and the anticipated results and benefits of such collaboration) concerning future events that may affect our anticipated future business and financial performance, and often contain words such as “seeks,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “potential,” “will,” “should,” “could,” “would,” “would” or other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this press release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which are beyond our control. Readers are cautioned that actual results may differ materially and adversely from those expressed in the forward-looking statements. For NANO Nuclear, certain risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: (a) risks related to our submission of nuclear fuel manufacturing to the U.S. Department of Energy (DOE) and the development of new or advanced technology, including challenges related to design, testing, cost overruns and competitive technology development; (b) our ability to obtain contracts and financing so that we can continue operations; (c) risks related to uncertainty about our ability to deploy commercially competitive advanced nuclear reactor technology; (d) risks related to the impact of governmental regulations and policies, including those of the DOE and the U.S. Nuclear Regulatory Commission; (v) similar risks and uncertainties associated with the business of a startup operating in a highly regulated industry and (v) risks related to collaborations such as those with Everstar described herein. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and therefore NANO Nuclear encourages investors to review other factors that could affect future results in its filings with the Securities and Exchange Commission, which are available for review at www.sec.gov And when https://ir.nanonuclearenergy.com/financial-information/sec-filingsReaders are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Accordingly, forward-looking statements should not be relied upon as an indicator of actual results. We undertake no obligation to update our forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.