NANO Nuclear’s KRONOS MMR™ Program Advancing Through U.S. NRC Review with the University of Illinois Urbana-Champaign

NANO Nuclear and the university see an opportunity to finish the current audit phase in the coming months, subject to NRC review timing.

Rhea-AI Summary

NANO Nuclear Energy (NASDAQ: NNE) is advancing its KRONOS MMR construction permit application through NRC review with the University of Illinois Urbana-Champaign.

The university submitted the application on March 31, 2026. The U.S. Nuclear Regulatory Commission accepted it for review on May 18 and began formal review activities on June 23. Both teams have since answered questions and supplied information during the ongoing technical audit.

The NRC’s public schedule targets draft environmental and safety assessments in February 2027, a final Environmental Assessment in May 2027 and a final Safety Evaluation in September 2027. NANO Nuclear continues to expect an opportunity to begin initial construction at the university in the second half of 2027, subject to required regulatory approvals and other customary project requirements. The application remains under review; acceptance was not a construction permit approval.

5 points · 0 major

PositiveiHow this balance works

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointConstruction permit application accepted for NRC review May 18, 2026; formal review began June 23, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Initial construction remains a company-expected opportunity in the second half of 2027.
• Minor pointOngoing technical audit has included months of engagement, responses to NRC questions and additional information.
• Minor point. Forward-looking: it has not happened yet and may not happen.NRC schedule targets draft assessments in February 2027, final environmental assessment in May and final safety evaluation in September.
• Minor point. Forward-looking: it has not happened yet and may not happen.Audit completion is an opportunity NANO Nuclear and the university see in the coming months.

Negative

• Minor pointRequired regulatory approvals remain a condition for initial construction of the KRONOS MMR project.
• Minor point. Forward-looking: it has not happened yet and may not happen.Audit completion timing depends on NRC scheduling, additional information requests and other regulatory considerations.

Key Figures

Draft assessment milestones: February 2027 Final Environmental Assessment: May 2027 Final Safety Evaluation: September 2027 +1 more

Draft assessment milestones

February 2027

NRC public schedule targets draft Environmental Assessment and draft Safety Evaluation

Final Environmental Assessment

May 2027

NRC public project schedule target

Final Safety Evaluation

September 2027

NRC public project schedule target

Initial construction timing

Second half of 2027

Company's previously disclosed expectation, subject to required regulatory approvals and other project requirements

Key Terms

construction permit application, environmental assessment, safety evaluation, high-assay, low-enriched uranium (hालेu)

4 terms

construction permit application regulatory

"review of the Construction Permit Application ("CPA") for deployment"

A construction permit application is the formal request a company files with local or regional authorities to get official permission to build, modify, or demolish a physical structure. For investors it matters because approval affects project timing, costs and legal risk—like needing a driver’s license before hitting the road, a permit must be granted before work can proceed, and delays or denials can change expected revenue, asset value and cash flow.

environmental assessment regulatory

"a draft Environmental Assessment and draft Safety Evaluation in February 2027"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

safety evaluation regulatory

"a draft Environmental Assessment and draft Safety Evaluation in February 2027"

A safety evaluation is the process of assessing whether a product, drug, procedure, or operation poses acceptable risks to people, typically through testing, monitoring, and review of harmful side effects or incidents. For investors, it matters because a positive safety evaluation helps secure regulatory approval and wider market access, while safety concerns can delay product launches, prompt recalls, or create legal and reputational costs—similar to how a vehicle crash-test report affects consumer and regulator trust.

high-assay, low-enriched uranium (hालेu) technical

"a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline"

Uranium in which the concentration of the fissile isotope uranium-235 has been increased above the level used in conventional commercial light‑water reactor fuel but remains below 20 percent by weight. The phrase "high‑assay" refers to the higher percentage (assay) of U‑235 compared with standard low‑enriched uranium (LEU, typically up to 5% U‑235); the cutoff at 20% distinguishes it from highly enriched uranium (HEU). HALEU is used as reactor fuel for certain advanced and research reactors and is subject to stricter regulatory controls, handling and safeguarding requirements than conventional LEU because of its higher enrichment level.

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U. of I. and NANO Nuclear have continued technical engagement with the NRC through the ongoing audit process following formal acceptance of the KRONOS MMR^™ Construction Permit Application for review

Continued licensing progress supports NANO Nuclear’s previously disclosed expectation for the opportunity to begin initial construction activities in the second half of 2027

New York, N.Y., Oct. 13, 2026 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or the “Company”), an advanced nuclear energy and technology company developing microreactors, nuclear fuel cycle capabilities and nuclear transportation solutions, today announced continued progress in the U.S. Nuclear Regulatory Commission’s (“NRC”) review of the Construction Permit Application (“CPA”) for deployment of NANO Nuclear’s KRONOS MMR^™ Energy System at the University of Illinois Urbana-Champaign (“U. of I.”).

Following the submission of the CPA by U. of I. on March 31, 2026, formal acceptance of the CPA for review by the NRC on May 18, 2026, and the initiation of formal review activities on June 23, 2026, U. of I. and NANO Nuclear have since been engaging with the NRC as part of its detailed audit and technical review process for several months.

Throughout the ongoing audit, technical teams from U. of I. and NANO Nuclear have maintained frequent engagement with NRC staff, responding to questions, providing additional information and discussing technical areas identified by the NRC as part of its review. NANO Nuclear believes this sustained interaction represents an important component of advancing the CPA through the NRC’s safety, environmental and technical review process.

The current audit activities are expected to continue over the near-term, with U. of I. and NANO Nuclear seeing opportunity for completion of this phase in the coming months, subject to the NRC’s review schedule, the scope and timing of any additional information requests and other regulatory considerations.

Figure 1- Rendering of NANO Nuclear Energy’s KRONOS MMR^™ Energy System on the U. of I. Campus.

The NRC’s current public project schedule targets completion of a draft Environmental Assessment and draft Safety Evaluation in February 2027 with a final Environmental Assessment in May 2027, followed by issuance of the final Safety Evaluation in September 2027. These milestones remain consistent with NANO Nuclear’s previously disclosed expectation for initial construction activities for the KRONOS MMR^™ project at the U. of I. to commence during the second half of 2027, subject to receipt of the required regulatory approvals and other customary project requirements.

“The continued progress of the KRONOS MMR^™ through the NRC’s review process reflects the years of technical, regulatory and engineering work that have gone into this program,” said Jay Yu, Chairman and President of NANO Nuclear Energy. “Together with U. of I., we are steadily advancing one of the most important objectives for NANO Nuclear: moving our flagship reactor technology from engineering and development toward construction and real-world demonstration. Each step forward in the licensing process brings us closer to that goal and strengthens the foundation for our broader deployment strategy.”

“The NRC’s review of the KRONOS MMR^™ Construction Permit Application is a detailed and rigorous process, and the sustained engagement between the NRC, U. of I. and our technical teams is exactly what we expect at this stage of the program,” said James Walker, Chief Executive Officer of NANO Nuclear Energy. “Our focus is on working methodically through the NRC’s questions and technical areas of review and providing the information necessary to support its independent evaluation. We are encouraged by the progress to date and remain focused on maintaining the technical and regulatory discipline required to advance the KRONOS MMR^™ project toward the opportunity to begin initial construction activities in the second half of 2027.”

“A project of this nature requires extensive and sustained engagement with the NRC to demonstrate the safety basis of the technology and provide the rigorous technical information necessary for the regulator’s independent review,” said Caleb Brooks, Abel Bliss Professor and Donald Biggar Willett Faculty Scholar of Nuclear, Plasma and Radiological Engineering at the U. of I.’s Grainger College of Engineering. “The ongoing audit provides an important forum for our teams to work through detailed technical questions with NRC staff as the Construction Permit Application progresses. We remain committed to this rigorous process and to advancing the KRONOS MMR^™ project as a potentially unique platform for nuclear research, education, workforce development and at-scale demonstration.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is a North American advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel supply chain, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include the proprietary KRONOS MMR^™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign, the ZEUS^™ system, a portable solid core battery reactor, and the space focused, portable LOKI MMR^™ system, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, bolstered by the May 2026 acquisition of Secured Transportation Services (STS), is led by former executives from the largest transportation company in the world and provides nuclear engineering and materials transport services in the U.S. and globally. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon's surface.

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Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management and collaborators in connection with this news release 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 related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “explore,” “plans”, “aim,” “goal,” “believes”, “potential”, “future,” “will”, “should”, “could”, “would” or “may” or derivations of these words and other words of similar meaning about the future, although forward-looking statements could be denoted by other terms as well. In this press release, forward-looking statements include those relating to the timing for NRC review of the Construction Permit Application for the KRONOS MMR^™ at U. of I. and the anticipated timing for commencement of initial construction activities for the KRONOS MMR^™ at U. of I. These and other forward-looking statements are based on information available to us as of the date of this news 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, which may be beyond our control. For NANO Nuclear, particular 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, risks associated with the timing for and nature of the NRC’s review of the KRONOS MMR^™ Construction Permit Application, including risks beyond NANO Nuclear’s control which may cause review or other delays which may cause the Company’s timing estimates expressed herein to be inaccurate, as well as the following: (i) risks related to our U.S. Department of Energy (“DOE”), NRC, Canadian Nuclear Safety Commission (“CNSC”) or related state or other U.S. or non-U.S nuclear licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complementary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) risks related to our ability to obtain key vendor, technology and customer contracts and the significant funding necessary to execute on our business plan, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the U.S. Department of Energy, and the NRC, including those associated with the recently enacted ADVANCE Act and the May 23, 2025 Executive Orders seeking to streamline nuclear regulation, and (vi) similar risks and uncertainties associated with the operating a developing business a highly regulated, competitive and rapidly evolving industry, including that our plans may change and we may use our cash on hand faster or in different ways than anticipated as our business requires. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Has NANO Nuclear’s KRONOS MMR construction permit been approved?

The KRONOS MMR construction permit application has been accepted for review, not approved as a construction permit. The NRC accepted the application on May 18, 2026, and began formal review activities on June 23, 2026. The university and NANO Nuclear continue to participate in the technical audit.

When does NANO Nuclear expect KRONOS MMR construction to begin at the University of Illinois?

NANO Nuclear expects an opportunity to begin initial construction in the second half of 2027, subject to required regulatory approvals and other customary project requirements. The NRC’s public schedule targets the final Environmental Assessment in May 2027 and the final Safety Evaluation in September 2027.

When could the current KRONOS MMR NRC audit phase finish?

NANO Nuclear and the university see an opportunity to complete the current audit phase in the coming months. Timing remains subject to the NRC’s review schedule, the scope and timing of additional information requests and other regulatory considerations. Current audit activities are expected to continue over the near term.