Cambridge AtomWorks to Acquire ODIN Design for $6.2M

Cambridge AtomWorks LLP has signed a letter of intent to acquire ODIN Design and associated intellectual property from NANO Nuclear Energy Inc. for $6.2 million. The transaction is subject to definitive documentation and customary closing conditions.

Cambridge Atom Works LLP has signed a letter of intent to acquire the ODIN microreactor design and associated intellectual property from NANO Nuclear Energy Inc. for a total purchase price of $6.2 million. The transaction, subject to the execution of definitive documentation and customary closing conditions, is expected to streamline NANO Nuclear's product line and enable it to focus resources on its gas-cooled reactor portfolio.

The ODIN microreactor, a low-pressure coolant reactor, is one of several advanced nuclear technologies developed by NANO Nuclear. The sale of ODIN to Cambridge Atom Works, a UK-based advanced reactor developer, aligns with NANO Nuclear's strategic decision to consolidate its micro reactor portfolio. This move aims to maximize developmental and regulatory efficiencies and long-term commercial advancement.

NANO Nuclear's portfolio now includes the patented KRONOS MMR™ Energy System, LOKI MMR™, and ZEUS™, all of which share underlying features with the flagship KRONOS MMR™. The sale of ODIN to Cambridge Atom Works, which is led by University of Cambridge nuclear science leaders, seeks to build on the momentum generated within the industry following the recent agreement between the United States and the United Kingdom to accelerate nuclear power development.

The Atlantic Partnership for Advanced Nuclear Energy represents a significant step toward aligning regulatory frameworks and scaling down licensing timelines for next-generation advanced nuclear reactors in both countries. This strategic sale is designed to allow NANO Nuclear to recoup its investment in ODIN to date and create the potential for future royalty revenue, while enabling it to focus on its flagship reactor technology.

NANO Nuclear remains committed to advancing its KRONOS MMR™ Energy System, which is in construction permit pre-application engagement with the U.S. Nuclear Regulatory Commission (NRC) in collaboration with the University of Illinois Urbana-Champaign (UIUC). The company is also working on a developmental KRONOS MMR reactor in Ontario, Canada.

The sale of ODIN to Cambridge Atom Works is expected to close by the end of 2025, if not sooner. This strategic transaction reflects NANO Nuclear's positioning and consolidation of its micro reactor portfolio to maximize developmental and regulatory efficiencies and long-term commercial advancement.