NANO Nuclear Energy Inc. (NASDAQ: NNE) and Quadrant Nuclear Industries, Inc. (QNI) signed a memorandum of understanding on Aug. 18, 2026, to explore a long-term supply arrangement for high-assay low-enriched uranium, or HALEU, fuel. HALEU is enriched to a higher level than the uranium fueling most reactors operating today, and several advanced reactor designs run on it instead.
The non-binding MoU covers discussions over the coming years on the potential supply and long-term offtake of HALEU from QNI's planned Vanguard facility at Idaho National Laboratory. QNI is developing Vanguard in coordination with the U.S. Department of Energy and other stakeholders. At full capacity, the plant is designed to produce up to 18 metric tons of HALEU a year for commercial and government buyers.
The companies said the arrangement is meant to support deployment of advanced reactors that generate nuclear power, including NANO Nuclear's KRONOS MMR Energy System, a high-temperature gas-cooled reactor now in construction-permit pre-application engagement with the U.S. Nuclear Regulatory Commission. The two sides plan to work through fuel supply planning, technical interface requirements, commercial structuring, regulatory coordination, logistics and demand forecasting as they weigh a future contract.
"Reliable nuclear fuel supply is one of the critical enablers of advanced reactor deployment," said Dee Mewbourne, QNI's chief executive. NANO Nuclear CEO James Walker said the company is looking to secure domestically produced HALEU as it advances its microreactor programs.
