Nano Nuclear Energy Inc. (NASDAQ:NNE) rose Tuesday after the microreactor developer unveiled plans to open a manufacturing and research hub in Illinois, expanding its U.S. footprint and advancing development of its KRONOS MMR microreactor platform.
The company said it will establish operations in the Chicagoland area in partnership with Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity, supported by the state’s REV Illinois program.
Nano Nuclear plans to invest more than $12 million to launch the site and create 50 full-time positions.
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The company will receive $6.8 million in REV Illinois incentives tied to capital spending and job creation, reflecting the state’s push to grow advanced manufacturing and clean-energy supply chains.
The firm recently bought a 23,537-square-foot standalone property that includes a 7,400-square-foot non-nuclear demonstration area.
The facility is expected to support engineers, component manufacturers, and researchers developing and validating the KRONOS MMR Microreactor Energy System in collaboration with the University of Illinois Urbana-Champaign.
“With Illinois being the birthplace of the controlled nuclear chain reaction, and the state with the largest nuclear electricity production, it is really exciting to see Nano Nuclear being selected to advance and grow nuclear energy and expertise in the state,” said Dr. Florent Heidet, chief technology officer of Nano Nuclear.
“This new hub will play a central role in our work to construct, demonstrate, and ultimately commercialize our KRONOS MMR Energy System in collaboration with the University of Illinois Urbana-Champaign,” said James Walker, Nano Nuclear’s chief executive officer.
Price Action: NNE shares were trading higher by 7.48% to $57.64 at last check Tuesday.
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