HALEU Energy Fuel Inc., a subsidiary of NANO Nuclear Energy Inc., is focused on the development and manufacture of High-Assay Low-Enriched Uranium (HALEU) for its reactors, and other SMR and microreactor companies. Given the current nuclear fuel landscape, HALEU Energy Fuel has identified major challenges for fueling its anticipated advanced portable microreactors and is looking to invest its resources into developing fabrication facilities to produce HALEU fuel suited for both its reactor operations, and other upcoming and emerging reactor companies.
What is HALEU?
High-Assay Low-Enriched Uranium
HALEU is uranium that has been enriched so that the concentration of the fissile isotope U-235 is between 5 and 19.9 percent of the mass of the fuel (uranium-235 is the main fissile isotope that produces energy during a chain reaction.)
HALEU fuel has many advantages that improve reactor performance and is required for most U.S. advanced reactors to achieve smaller designs that get more power per unit of volume. HALEU will also allow developers to optimize their systems for longer life cores, increased efficiencies and better fuel utilization.
Developing Advanced Reactors
More than 20 U.S. companies are developing advanced reactors that will change the way we think about the nuclear industry.
The majority of these designs will require a fuel that isn’t yet available at a commercial scale. These companies can’t bring
their reactors to life without HALEU!
Demand for Nuclear Power
The global market for nuclear power could triple by 2050.
It is estimated that around 16% of all new electricity demand could be served by nuclear power by 2050, under baseline assumptions of 20% of new demand supplied by nuclear in Green countries, 10% in Light Green, and 5% in Yellow.
This percentage of new demand would imply new nuclear generation in the amount of 4,000 TWh annually, and roughly correlate to a potential market size of ~$360 billion per year based on a tariff of $90/MWh.
The War in Ukraine
The war is expected to help revitalize the West’s uranium mining industry, which crashed in the 1980s due to a number of factors and has been in decline ever since, as utilities turned to cheaper foreign sources, including Russia, Kazakhstan, Canada and Australia.
“If we don’t proactively take the steps now to ensure a sufficient and diverse supply of HALEU, then reactor demonstration and deployment projects, like those funded in the Bipartisan Infrastructure Law, won’t be fuelled in time to help us slow the impacts of climate change”