The U.S. Nuclear Regulatory Commission has initiated a formal review of the Construction Permit Application filed by NANO Nuclear Energy Inc. (NASDAQ: NNE) for its Kronos MMR™ microreactor project at the University of Illinois Urbana-Champaign, according to a company statement.

The NRC publicly announced on June 23, 2026, that it had met with representatives from the university and NANO Nuclear to mark the start of its review. The meeting followed the agency's formal acceptance of the application on May 18, 2026, which initiated the NRC's environmental, safety, and technical review process.

The NRC's anticipated review schedule indicates the environmental assessment is expected to be completed in spring 2027 and the safety evaluation in early fall 2027. NANO Nuclear said these projected milestones are consistent with its previously disclosed expectation that the formal review process could be completed during 2027, with initial construction activities potentially beginning in the second half of 2027, subject to regulatory approvals.

"With the Construction Permit Application now under formal review, NRC staff can begin detailed evaluation of the environmental, safety and technical information supporting the proposed deployment at the University of Illinois," said Milos Atz, Director of Safety Analysis at NANO Nuclear Energy.

James Walker, Chief Executive Officer of NANO Nuclear Energy, said the review schedule outlined by the NRC "appears generally consistent with the timeline assumptions we previously communicated following acceptance of the application."

The Kronos MMR™ is described as a stationary, high-temperature gas-cooled microreactor under development, intended for applications including data centers, industrial facilities, remote communities, military installations, and process heat uses.