Cambridge AtomWorks, which is led by University of Cambridge nuclear science leaders, is an advanced reactor developer that is already developing ODIN for NANO Nuclear on an outsourced consulting basis.
The letter of intent calls for a total purchase price of USD6.2 million, with a USD250,000 upfront non-refundable down payment to NANO Nuclear and a USD5.95 million payment in 2026 as well as future low single-digit royalties payable to NANO Nuclear based on net sales if and when ODIN is commercialised. The transaction remains subject to execution of definitive documentation and the satisfaction of customary closing conditions. The sale of ODIN is expected to be closed by the end of 2025.
According to company information, ODIN will use “conventional” uranium fuel with up to 20% enrichment (high-assay low-enriched uranium), with a low-pressure coolant to minimise the stress on structural components and improve their reliability and service life. It will also use a unique reactivity control system design, aiming to have high reliability and robustness by minimising the number of moving parts. The reactor will operate at higher than conventional water-cooled reactor temperatures, and take maximum advantage of natural convection of coolant for heat transfer to the power conversion cycle at full power and for decay heat removal during reactor shutdown, operational transients, and off-normal conditions.
NANO Nuclear said the sale of ODIN would streamline its product line, enabling it to concentrate resources on its related portfolio of gas-cooled, advanced, highly modular microreactors: the KRONOS MMR Energy System, LOKI MMR, and ZEUS.
“Following our acquisition of the patented, gas-cooled KRONOS MMR and LOKI MMR microreactor technologies earlier this year, NANO Nuclear has assumed a leadership role in advancing the next generation of nuclear reactors in the United States,” said NANO Nuclear Founder and Chairman Jay Yu. “As our product portfolio expanded, we conducted an internal review to best align with the energy goals and the increasing demand for reliable power in our target markets. 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.”
NANO Nuclear highlighted that retaining the LOKI MMR and ZEUS microreactors was a strategic decision, as the reactors share most of their underlying features with the flagship KRONOS MMR Energy System.
“Continued development of our KRONOS MMR will have direct benefits for LOKI and ZEUS, providing value and benefit across our portfolio,” said Florent Heidet, Chief Technology Officer and Head of Reactor Development at NANO Nuclear. “Together, they form a complementary offering, enabling us to achieve synergistic development, regulatory and ultimately commercial progress. As KRONOS MMR advances through construction and licensing, LOKI and ZEUS directly benefit from the aligned technology, regulatory, and supply chain efficiencies.”
