Nano Nuclear Energy Inc. (NASDAQ:NNE) shares are trading higher Thursday potentially following a corporate announcement regarding a key addition to the company's leadership. Here's what you need to know.
What To Know: Nano Nuclear Energy announced that John Vonglis, former CFO of the U.S. Department of Energy, has taken an active corporate role at NANO Nuclear as executive director of Global Government Affairs. His responsibilities include managing relationships with government agencies and aligning the company's nuclear energy projects with public funding opportunities and policy initiatives.
Vonglis, who has extensive experience in energy financing and government programs, previously held roles as the acting director of the DOE's Advanced Research Projects Agency-Energy (ARPA-E) and as chief risk officer of the DOE.
"His decision to step into an operational position is an important validation of our efforts to lead on the cutting edge of the U.S. nuclear energy industry," said Jay Yu, founder and chairman of NANO Nuclear Energy.
Regulatory headwinds are one of the biggest concerns for investors in the nuclear space. Vonglis is expected to play a vital role in strengthening relationships with key government agencies and policymakers. NANO Nuclear shares raced higher on the news.
NANO Nuclear Energy is focused on developing advanced nuclear microreactors for portable and on-demand clean energy solutions. Its main products, the "ZEUS" solid-core battery reactor and the "ODIN" low-pressure coolant reactor, are under development.
The company is also working on creating infrastructure for High-Assay Low-Enriched Uranium (HALEU) fuel fabrication and transportation through its subsidiaries. Additionally, the company is exploring applications of nuclear technology in space through its space-focused division.
NNE Price Action: Nano Nuclear energy were up 25.1% at $28.95 at the time of writing, according to Benzinga Pro.
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