NANO Nuclear Energy Inc. has signed a deal to assume ownership of the patents and intellectual property rights of Ultra Safe Nuclear Corp. (USNC) via a Chapter 11 bankruptcy auction.

Subject to customary closing conditions in a bankruptcy proceeding, the acquisition includes USNC’s Micro Modular Reactor (MMR) system, Pylon reactor and demonstration projects related to the MMR system, New York City-based NANO Nuclear said in a statement.

“The assets are being acquired for $8.5 million in cash through an auction process conducted pursuant to Section 363 of the U.S. Bankruptcy Code in connection with USNC’s pending Chapter 11 bankruptcy proceedings”, said the statement on its website.

The Bankruptcy Court for the District of Delaware approved the acquisition, according to NANO Nuclear.

The MMR system is a zero-carbon nuclear power plant that integrates one or several standardized micro reactors with a heat storage unit and power conversion, according to Seattle, Washington-based USNC.

“The MMR Energy System compliments NANO Nuclear’s own ZEUS and ODIN microreactors in development”, NANO Nuclear said. “However, whereas ‘ZEUS’ and ‘ODIN’ are being designed to be portable and produce 1 to 1.5 megawatts thermal (MWth) of power, the MMR Energy System is stationary and designed to produce power up to 45 MWth, opening additional potential markets to NANO Nuclear”.

The MMR system is being demonstrated at the Canadian Nuclear Laboratories with Ontario Power Generation and at the University of Illinois. It became the first small modular reactor to enter the licensing review phase with the Canadian Nuclear Safety Commission, as announced by USNC May 20, 2021.

Designed to provide between one MWth and five MWth of power, Pylon is a compact nuclear reactor designed for versatility in deployment including remote terrestrial, marine and space, according to USNC.

The Pylon reactor is set to be demonstrated at the Idaho National Laboratory by 2027.

“The newly acquired technologies align closely with the intended uses for ZEUS and ODIN, which are designed for remote, industrial, infrastructural, maritime, and extra-terrestrial applications, including large-scale data and artificial intelligence centers and other energy-intensive operations, positioning NANO Nuclear to capitalize on growing financial investment and societal momentum driving advanced nuclear energy technologies on a global scale”, NANO Nuclear said.

NANO Nuclear founder and chair Jay Yu said, “By integrating these cutting-edge technologies, along with valuable intellectual property and established industry and academic connections, we are positioned to accelerate our development phase and bring innovative solutions to market more efficiently”.

In the U.S., a design by NuScale Power Corp. remains the only small modular reactor (SMR) to have been approved, in August 2020, by the Nuclear Regulatory Commission, according to information on the Commission’s website. The Commission considers reactors with a capacity of 300 MW electric or less as SMRs.

To contact the author, email jov.onsat@rigzone.com



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