NANO Nuclear Energy Inc. (NASDAQ: NNE) announced that the U.S. Nuclear Regulatory Commission has formally accepted a Construction Permit Application for the company's KRONOS MMR microreactor at the University of Illinois Urbana-Champaign.

The University of Illinois submitted the application to the NRC on March 31, 2026. The acceptance indicates the application contains sufficient information for the NRC to begin its formal safety, environmental and technical review process.

NANO Nuclear states the KRONOS MMR system is the first commercially-ready microreactor to reach this regulatory milestone. The company estimates the NRC review will be completed in 2027, potentially allowing construction activities to begin at the university in the second half of 2027.

"Acceptance of the Construction Permit Application for review confirms that the NRC has determined the submission contains the information necessary to begin detailed technical evaluation," said Florent Heidet, Chief Technical Officer of NANO Nuclear Energy.

The KRONOS MMR is a stationary high-temperature gas-cooled microreactor designed for applications including data centers, industrial facilities, remote communities, mining projects and military bases. The system also provides process heat for various end markets.

Caleb Brooks, Professor at the University of Illinois' Grainger College of Engineering, noted the acceptance marks progress for the Illinois Microreactor Demonstration Project and advanced nuclear energy development in the United States.

NANO Nuclear is developing portable microreactor technologies alongside nuclear fuel supply chain, transportation and space applications. The company's subsidiaries include Advanced Fuel Transportation Inc., HALEU Energy Fuel Inc., and NANO Nuclear Space Inc.