- NANO Nuclear Energy Inc. has signed an MOU with Everstar Inc. to use AI-driven services to streamline and modernize its regulatory licensing processes.
- Everstar’s AI methodologies aim to enhance and expedite nuclear technology design and regulatory licensing, potentially reducing approval timelines and costs for NANO Nuclear’s projects.
- The collaboration, driven by the ADVANCE Act, aims to foster technological innovation and expedite the commercialization of next-generation nuclear solutions, with potential for definitive agreements in the future.
NANO Nuclear Energy Inc. (NASDAQ:NNE) (“NANO Nuclear”), an emerging vertically integrated microreactor and advanced nuclear technology company developing proprietary, portable and clean energy solutions, announced today that it has signed a Memorandum of Understanding (MOU) with Everstar Inc. (Everstar). The collaboration seeks to improve NANO Nuclear’s regulatory licensing processes through the use of Everstar’s AI-driven services. The partnership aims to update the complex and lengthy regulatory framework faced by nuclear technology companies, potentially speeding up approval timelines and lowering costs.
Nuclear technology companies encounter various regulatory hurdles that can hinder or delay the advancement and commercialization of new technologies, as well as traditional power plants. These regulatory processes often result in extended approval timelines for nuclear energy projects, escalating costs, and extended construction periods.
Start-up Everstar is creating cutting-edge artificial intelligence (AI) methodologies to help nuclear energy technical and regulatory teams across the supply chain, enhance and expedite their design and regulatory licensing processes.
Under the MOU, NANO Nuclear and Everstar will explore how Everstar’s AI-driven advisory and technology solutions can modernize the regulatory licensing for NANO Nuclear’s projects, including fabrication, deconversion, transportation, and microreactor development. NANO Nuclear will also consider integrating additional support services such as AI-enhanced documentation automation, rigorous quality and performance assurance, compliance reporting, and supply chain management throughout its project lifecycles.
“We are delighted to enter into this collaboration with NANO Nuclear,” said Kevin Kong, Founder of Everstar. “Artificial intelligence is a powerful lever to reshape how we design, analyze, validate, and regulate complex and safety-critical technologies like nuclear power. By leveraging Everstar’s cutting-edge AI capabilities and giga data bank, companies like NANO Nuclear can concentrate on their core mission: pioneering advancements for the future of humanity. We are honored to support these potentially transformative initiatives and are excited to help build a world of clean energy abundance with forward-thinking companies like NANO Nuclear.”
“The intricate and complex regulatory process requires substantial capital to be allocated towards compliance, comprehensive safety analyses, and a glut of other requirements,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Addressing these often antiquated regulatory difficulties in new ways is crucial for fostering technological innovation and ensuring that next-generation nuclear solutions are successfully integrated into the global energy landscape. Particularly in light of the recent passage of the ADVANCE Act law in the U.S. to support nuclear innovation, we have high hopes that Everstar’s AI technologies can grow in tandem with NANO Nuclear and offer not just our company, but the entire nuclear industry a turnkey solution to expedite regulatory and commercialization efforts.”
“We consider ourselves on the cutting edge of nuclear energy technology and innovation, and so we are delighted to announce our collaboration with Everstar to explore new and cutting edge ways to navigate the complex regulatory licensing and commercialization processes in the U.S. nuclear energy industry,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “We believe the opportunity to use AI tech to streamline these regulatory intricacies is crucial for fostering technological innovation and ensuring the successful integration of next-generation nuclear solutions into the global energy landscape. Everstar’s AI-driven services have the potential to save significant time and resources by transforming the way we handle licensing and regulatory processes and I’m very excited to see what we can achieve together.”
The MOU serves as an initial, non-binding framework for a two-year collaboration between NANO Nuclear and Everstar. The companies anticipate that this preliminary agreement could pave the way for formal, definitive agreements in the future.
If successful, the collaboration between NANO Nuclear and Everstar could result in definitive agreements in the future, representing a major advancement in incorporating AI into the nuclear energy industry’s regulatory practices.
