By Owen Tucker-Smith

Nano Nuclear Energy shares climbed Thursday after the nuclear energy company said it acquired patents that will protect its developing microreactor technology.

Shares of the company were recently up 19% to $43.42 and earlier reached $46.52, a 52-week high. The stock has climbed more than 74% this year.

The New York-based company said Thursday that it had acquired an array of patents allowing it to protect its portable and modular microreactor designs. The company has a handful of microreactors and reactors in active development, and it is focused on reactors that can be used in remote locations for residential, commercial, shipping, medical and other uses.

Nano Nuclear said it has also obtained related international patents issued in Canada, Russia, Japan, China and South Korea.

The company said the patents would help protect its Zeus and Odin microreactors and its Kronos MMR and Loki MMR reactors, which are currently in development.

Benchmark analyst Subash Chandra noted Thursday that Kronos and Loki are new additions for Nano Nuclear. Kronos has a higher technology readiness level than the rest of the portfolio, Chandra added, and it is the first small reactor to begin a formal licensing review with the Canadian Nuclear Safety Commission.

"The addition of these patents, issued in the United States and internationally, will help to safeguard our technologies as we continue to develop, refine, and advance our nuclear energy systems toward demonstration, regulatory licensing and eventual commercialization," said Nano Nuclear founder and Chairman Jay Yu.

Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com

(END) Dow Jones Newswires

January 23, 2025 13:03 ET (18:03 GMT)

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