Nano Nuclear Energy said Oct. 1 it signed a definitive asset purchase agreement to buy U.S. nuclear fuel processing assets tied to a previously planned depleted uranium hexafluoride deconversion and fluorine extraction facility in Lea County, New Mexico.
The deal would give Nano Nuclear and its wholly owned subsidiary, Haleu Energy Fuel Inc., an NRC license, related intellectual property and technical materials. If the transaction closes and the license transfers, Nano Nuclear said it would own one of 10 NRC-licensed fuel cycle facilities in the United States.
The purchase price is set at $9.5 million in cash and $4.0 million in Nano common stock, for total consideration of $13.5 million. Closing is expected in about 90 to 120 days, subject to NRC consent, other approvals and site-related conditions.
The acquired package includes a license originally issued to construct and operate a DUF6 deconversion and fluorine extraction facility, plus patented technology, engineering and safety analyses, regulatory and permitting materials, equipment and historical project records. The facility itself was never built.
Nano Nuclear said the asset base could support a deconversion facility or other fuel cycle processes through future license amendments. The company said the existing regulatory groundwork could offer a faster path than starting from scratch on a new site.
The company said the transaction would add to its push to build a vertically integrated nuclear fuel platform spanning uranium conversion, enrichment, deconversion and transportation through reactor deployment. Following these announcements, the company's shares moved -0.76%, and are now trading at a price of $15.73. For the full picture, make sure to review Nano Nuclear Energy's 8-K report.
