NANO Nuclear Energy Inc. (NASDAQ: NNE) experienced a remarkable surge of 10.65% in its stock price during intraday trading on Thursday. This significant movement can be attributed to a major announcement made by the company earlier in the day.

NNE, along with its subcontractor LIS Technologies, has been selected as one of six contract awardees by the U.S. Department of Energy (DOE) as part of the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This landmark program, with a total appropriation of $3.4 billion over 10 years, aims to bolster the domestic nuclear fuel supply chain and promote the advancement of nuclear technology in the United States.

Under the contract, NNE and LIS Technologies will have the opportunity to bid on task orders from the DOE, each with a minimum value of $2 million. NNE will contribute its expertise in fuel deconversion, fabrication, and transportation, while LIS Technologies will oversee the development of uranium enrichment processes using its novel laser technology. This collaboration positions the companies as key players in the effort to establish a vertically integrated fuel pipeline for the production of low-enriched uranium and high-assay low-enriched uranium (HALEU), essential for both existing and next-generation nuclear reactors.