NANO Nuclear Energy Inc. Signs Letter of Intent to Sell its ODIN™ Portable Low-Pressure Coolant Microreactor to Cambridge Atom Works Ltd. for $6.2 million plus future royalties.
The proposed deal values the transaction at $6.2 million. It includes a $250,000 upfront non-refundable down payment and a $5.95 million payment in 2026. In addition, NANO Nuclear would receive low single-digit royalties on net sales if ODIN is commercialized. The agreement is subject to final documentation and customary closing conditions.
NANO Nuclear said the sale is part of its strategy to consolidate its microreactor portfolio, streamline its product lines, and enhance developmental and regulatory efficiency. Proceeds from the sale would allow the company to focus resources on its gas-cooled, modular microreactors: the KRONOS MMR™ Energy System, LOKI MMR™, and ZEUS™.
Cambridge Atom Works is led by nuclear science leaders from the University of Cambridge. The company highlighted that the sale aligns with growing momentum in the industry, following a recent United States–United Kingdom agreement to accelerate nuclear power development. The Atlantic Partnership for Advanced Nuclear Energy seeks to harmonize regulatory frameworks and shorten licensing timelines for advanced reactors.
Jay Yu, Founder and Chairman of NANO Nuclear, said: “Following our acquisition of the patented, gas-cooled KRONOS MMR™ and LOKI MMR™ micro reactor technologies earlier this year, NANO Nuclear has assumed a leadership role in advancing the next generation of nuclear reactors in the United States. While we remain confident in the ODIN design, we concluded that a sale of the low-pressure cooled ODIN to a natural buyer familiar with the technology would allow us to move more efficiently going forward with our gas-cooled reactor portfolio. This strategic sale is designed to allow us to recoup our investment in ODIN to date and creates the potential for our receipt of future royalty revenue, all while enabling us to focus our development efforts on our flagship reactor technology to help ensure timely progress across our key projects.”
The KRONOS MMR™ Energy System remains NANO Nuclear’s flagship program. It is designed as an advanced stationary micro modular reactor with high technology readiness. A single unit can generate up to 45 MWth, while multiple units combined can provide gigawatt-level output. The system is being developed with leading institutions and is undergoing regulatory engagement with the U.S. Nuclear Regulatory Commission through the University of Illinois Urbana-Champaign. NANO Nuclear is also advancing a KRONOS MMR project in Ontario, Canada.
The company recently acquired an engineering and manufacturing facility in Oak Brook, Illinois, which will support construction, testing, licensing, and deployment in North America.
Florent Heidet, Ph.D., Chief Technology Officer, emphasized that KRONOS, LOKI, and ZEUS share underlying features, enabling complementary development and regulatory efficiencies. James Walker, Chief Executive Officer, added that the ODIN transaction is expected to close by the end of 2025, if not earlier.
