NANO Nuclear Energy (NNE) TD Cowen’s 10th Annual Nuclear Fuel Cycle and Next Generation Nuclear Roundtable summary

Company background and strategic vision

• Founded in 2022 to address macro trends in clean, reliable energy and capitalize on bipartisan support for nuclear solutions.

• Assembled a team with deep nuclear and regulatory expertise, including experience at Rolls-Royce, Argonne National Lab, DOE, and NRC.

• Focused on microreactors to overcome traditional nuclear challenges like long permitting, high costs, and bespoke construction.

• IPO completed in May 2024, leveraging favorable market conditions.

• Vision centers on factory-fabricated, modular microreactors for scalable deployment at data centers and remote sites.

Portfolio evolution and technology focus

• Streamlined portfolio by divesting Odin, focusing on Kronos, Zeus, and Loki microreactors, all based on high-temperature gas reactor technology.

• Kronos acquired from USNC, with $120 million invested and advanced licensing in both the US and Canada.

• Zeus and Loki are scaled-down versions of Kronos, targeting different markets and benefiting from Kronos's progress.

• Kronos offers a de-risked, flexible design suitable for data centers, military, industrial, mining, and remote communities.

• Key differentiator is the ability to use LEU Plus fuel, reducing dependency on HALU and enhancing deployment flexibility.

Commercialization, economics, and capital position

• Kronos enables co-location at data centers due to lower safety risks and smaller exclusion zones, supporting off-grid and behind-the-meter power.

• Projected levelized cost of energy for Kronos is $50–$100/MWh at scale, potentially outperforming SMRs and traditional nuclear.

• Team expansion underway, aiming for up to 100 engineers in 12–18 months, with new facilities in Illinois and Canada.

• $600 million on balance sheet, with an additional $620 million shelf under review, supporting commercialization and execution.

• Estimated capital requirement for each project is $300–$400 million, with timelines targeting operation by 2029–2030.