08:59 AM EST, 12/24/2024 (MT Newswires) -- Nano Nuclear Energy ( NNE ) said Tuesday it sealed a deal to acquire Ultra Safe Nuclear's technology patents and associated assets for $8.5 million in an auction mandated by a Chapter 11 bankruptcy process.

The acquired assets include Ultra Safe's Micro Modular Reactor system and Pylon reactor technology, along with patents, intellectual property rights, and demonstration project partnerships related to the Micro Modular Reactor system, the company said. A court approved the acquisition on Dec. 18 and it is expected to close "in the near future," Nano Nuclear said.

Nano said the Micro Modular Reactor system compliments its own microreactors while Pylon is a compact nuclear reactor to generate between one and five thermal megawatts of power.

Nano Chief Executive James Walker said the acquisition enables the company "to scale our power solutions to meet the demands of larger, energy-intensive operations like data centers."