Nano Nuclear Energy Inc. (NASDAQ: NNE) and Quadrant Nuclear Industries, Inc. (QNI) have signed a non-binding memorandum of understanding to explore a potential long-term supply arrangement for high-assay low-enriched uranium (HALEU) fuel, according to a press release issued Aug. 18, 2026.

Under the MoU, the two companies will discuss the potential supply and long-term offtake of HALEU to be produced at QNI's planned Vanguard facility at Idaho National Laboratory (INL). QNI's Vanguard facility is designed to produce up to 18 metric tons of HALEU annually at full capacity.

The agreement establishes a framework for collaboration on fuel supply planning, technical interface requirements, commercial structuring, regulatory coordination, logistics, and demand forecasting. The MoU does not constitute a binding commercial agreement.

The intended fuel supply would support Nano Nuclear's KRONOS MMR Energy System, a stationary high-temperature gas-cooled reactor currently in construction permit pre-application engagement with the U.S. Nuclear Regulatory Commission.

"Access to reliable, domestically produced HALEU will be a key element in supporting the growth of advanced nuclear energy," said James Walker, CEO of Nano Nuclear Energy.

Dee Mewbourne, CEO of QNI, said the MoU "reflects the importance of connecting fuel production with reactor development early in the development and commercialization process."

QNI is developing its HALEU production capability in coordination with the U.S. Department of Energy. Nano Nuclear's subsidiary HALEU Energy Fuel Inc. is separately focused on developing a domestic HALEU fuel fabrication pipeline for Nano Nuclear's own reactors and the broader advanced reactor industry.