Microreactor startup NANO Nuclear Energy on May 13 said it is now publicly listed in the U.S., where it raised $10.25 million in an initial public offering (IPO).

The New York-based company began trading on the Nasdaq Capital Market under the symbol NNE on May 8. Its IPO of 2,562,500 shares of common stock had a public price tag of $4 per share on May 10, according to a news release.

“NANO Nuclear believes that it is the first U.S. publicly listed company focusing on the design and development of portable nuclear microreactors,” the company said in a news release. “According to the U.S. Department of Energy, microreactor designs vary, but most are designed to produce 1 to 20 megawatts of thermal energy that could be used directly as heat or converted to electric power.”

NANO Nuclear said its microreactor designs are for reactors that would produce 1 megawatt to 2 megawatts of electric output.

Proceeds from the IPO will go toward continued R&D of NANO Nuclear’s Zeus and Odin microreactor designs, advancement of its license to transport commercial quantities of High-Assay, Low-Enriched Uranium (HALEU) fuel and development of a domestic source for a HALEU fuel fabrication pipeline, according to the release.

Proceeds will also go toward general corporate purposes and working capital, the company said.

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