Nano Nuclear Energy Inc. (NASDAQ:NNE) shares are trading higher on Wednesday.

According to Benzinga Pro, Nano Nuclear Energy stock gained more than 52% in the past year.

On Wednesday, Rwanda announced an agreement with the company, to advance nuclear energy development through mini-reactors in the East African nation, reported Barron's.

According to the Rwanda Atomic Energy Board (RAEB), Nano Nuclear Energy will provide technical assistance, training and education and build several small modular reactors (SMRs) and microreactors.

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Nano Nuclear Energy CEO James Walker stated at a press conference in Rwanda that the construction of the SMRs and microreactors is expected to occur over the "next few years," envisioning a "very smooth path towards a highly developed civil nuclear program."

"In Rwanda, you have small communities with a few thousand people that doesn't justify a big reactor system, but you could put a microreactor there and it could serve up to 3,000 people for 20 years without need for refuelling," Walker added, according to Barron's.

In a separate release, the company announced the appointment Daniel M. Donovan Jr., a former U.S. congressman, to its executive advisory board. Donovan has been appointed as the chairman for Market Intelligence.

Price Action: NNE shares are trading higher by 20.15% to $7.99 at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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