#275 Jay Yu - Nano Nuclear Technology and the Future of American Energy

Summary of #275 Jay Yu - Nano Nuclear Technology and the Future of American Energy

by Shawn Ryan

1h 47m•January 29, 2026
Listen to Episode

Overview of #275 Jay Yu - Nano Nuclear Technology and the Future of American Energy

This episode features Jay Yu — founder and executive chairman of Nano Nuclear Energy and executive chairman of LIS Technologies — discussing his personal journey from an immigrant upbringing in Manhattan to Wall Street and then building vertically integrated nuclear and uranium‑enrichment businesses. The conversation covers microreactor technology (designs, safety, use cases), the strategic importance of domestic uranium enrichment via laser isotope separation (LIS), national security implications, commercial and military markets (AI/data centers, islands, disaster relief, bases, space), fundraising and regulatory milestones, and Jay’s philanthropic focus.

Key takeaways

  • Jay Yu built Nano Nuclear Energy from scratch and helped it become 2024’s top IPO performer, raising >$600M to date and structuring ~$1B more; share price moved from $4 → $38 in the IPO run-up.
  • Nano focuses on transportable, factory‑fabricated microreactors designed to be “walk‑away safe” using high‑temperature gas reactors and TRISO fuel (passive cooling, very low meltdown risk).
  • Nano’s reactor portfolio: Kronos MMR (≈15 MWe / 45 MWt), Loki (1–5 MWe, moon/space-capable design), Zeus (<1 MWe; simple design favored by military front‑line use).
  • Nano is pursuing campus demonstrations (University of Illinois) and plans to submit an NRC construction application in Q1 2026 for a demonstration site.
  • LIS Technologies (Laser Isotope Separation) resurrects and modernizes a U.S.‑origin laser enrichment technology (origin: Dr. Jeff Erkins). Laser enrichment is potentially faster, more efficient, and more scalable than centrifuges — a strategic bottleneck the U.S. currently lacks.
  • LIS is separated from Nano for proliferation and national security reasons; management will require security clearances. Oak Ridge, TN is LIS headquarters (historic Manhattan Project / fuel ties).
  • Laser enrichment: single stage can reach ~5% LEU (civil reactors); multiple stages can reach higher (e.g., HALEU up to ~20% — useful for many SMRs); higher enrichments risk weapons or naval uses (so LIS focuses on civil/enabled defense uses under strict oversight).
  • National security & geopolitics: Russia historically supplied ~40% of enrichment capacity; China is rapidly building reactors. Domestic fuel/enrichment capability is critical to energy sovereignty.
  • Commercial demand drivers: AI/data centers, off‑grid industrial projects (deserts, islands), military resilience (forward power), disaster response, desalination and infrastructure in energy-poor regions.
  • Timeline: next 1–3 years are pivotal — demonstration results, NRC regulatory progress, and early commercial partnerships (Nano & LIS) expected to accelerate.

Guest background & origin story

  • Immigrant parents from southern China; raised on the Upper West Side of Manhattan in modest circumstances.
  • Education: psychology degree (C‑ average) from CUNY; early jobs at Columbia University where he learned financial systems and created value.
  • Broke into Wall Street at Deutsche Bank via persistence and “matrix” approach (reverse engineering goals and leveraging opportunities).
  • Post-2009 pivoted to startup investing (diversified bets: cannabis, biotech, mining/gold) and learned founder behavior, integrity, and operations.
  • Transitioned to building his own companies rather than just investing: recruited top academics and national leaders to create Nano and LIS.

Nano Nuclear Energy — strategy, tech, and achievements

Strategy & business model

  • Vertically integrated microreactor developer: design → transportable factory fabrication → co‑location with customers (data centers, military, remote communities).
  • Focus on mass production mindset (modular pieces sized for road transport; Lego‑like scaling by adding modules).
  • Emphasizes long‑term integrity, recruiting world‑class technical teams and former national leaders (e.g., Rick Perry on advisory board; former DOE CFO; high‑ranking generals).

Technology highlights

  • Uses high‑temperature gas reactors combined with TRISO particle fuel (high safety margin; “walk‑away safe”).
  • Reactor lineup:
    • Kronos MMR: ~15 MWe / 45 MWt. Factory‑fabricated modules; buried for resilience.
    • Loki: 1–5 MWe; designed with space/moon deployment in mind.
    • Zeus: <1 MWe; simplest design targeted at military front‑line and highly transportable use.
  • Safety: TRISO fuel is coated and passively cools — unlike older light‑water reactors that rely on active cooling (Fukushima). Nano argues SMR/microreactor training profiles differ and overall safety risk is much lower.

Market traction & milestones

  • Raised >$600M since inception; structured ~$1B future financing.
  • Public company IPO was the top-performing IPO in 2024.
  • Acquired bankrupt microreactor tech (38 issued/pending patents) that significantly accelerated Nano’s roadmap.
  • Demonstration site and ground‑breaking at University of Illinois; construction license application targeted Q1 2026.
  • Military engagement: won a direct-to‑phase‑two award for feasibility study at a D.C. joint base; Army and DoD showing strong interest in microreactor programs.
  • Commercial interest from AI/data center companies, Middle East projects, island and remote communities.

LIS Technologies — laser uranium enrichment

What LIS does and why it matters

  • LIS = Laser Isotope Separation Technologies; goal is to provide domestic uranium enrichment using laser technology (third‑generation enrichment vs centrifuges).
  • Laser enrichment is potentially more energy efficient, scalable, and faster than centrifuge fleets — critical to provide fuel for a nuclear renaissance.
  • Single laser stage can reach LEU (~5%); additional stages can reach HALEU (~10–20%), which many SMRs require.
  • Because laser enrichment can theoretically be extended to high enrichments, LIS is structured with strict security and regulatory separations from Nano.

Origin & team

  • Technology stems from Dr. Jeff Erkins (94), a pioneer who built early laser enrichment hardware; Jay’s team retrieved and modernized archived work.
  • LIS leadership and technical team include ex‑ASML laser engineers (ASML built the lasers essential to modern semiconductors).
  • HQ: Oak Ridge, Tennessee — chosen for historical/fuel cycle significance and proximity to U.S. nuclear infrastructure and expertise.

Regulatory & programmatic traction

  • LIS was selected among six domestic companies for the LEU acquisition program (~$3.4B over a decade) — recognition of its strategic role.
  • Engaging regulators early and planning demonstration enrichment runs next year to validate single‑stage LEU and multi‑stage HALEU capability.
  • Air Force Innovation Unit selected LIS for feasibility work as well.

National security, geopolitics & global landscape

  • Current global enrichment capacity is heavily influenced by Russia (historically ~40%); Western dependency on foreign enrichment is a strategic risk.
  • China is building reactors at scale; U.S. wants to rebuild domestic fuel and reactor supply chains to maintain energy sovereignty.
  • Laser enrichment capability in the U.S. would reduce dependence on Russia and other suppliers and strengthen resilience for AI/data center growth, defense needs, and space ambitions.

Use cases & markets (practical examples)

  • Data centers and AI infrastructure (co‑location to ensure reliable, carbon‑free baseload).
  • Military forward bases needing resilient, transportable power (replace diesel convoys).
  • Remote communities, islands, northern Canada replacing diesel generators.
  • Disaster relief and rapid energy deployment.
  • Space / lunar reactors for moon bases (Loki designed to be space deployable).
  • Desalination and industrial processes in energy‑scarce regions.

Safety & training concerns (answer to a listener question)

  • Microreactors using TRISO fuel and high‑temperature gas reactors have very different safety profiles compared to legacy large light‑water reactors.
  • TRISO fuel is designed to be passively safe (walk‑away safe); no large pressurized water systems that lead to meltdown scenarios seen historically.
  • Training will be different but sufficient — Nano is positioning designs so reactors can be co‑located near dorms and campuses after regulatory review, reflecting high confidence in safety.

Business lessons & leadership insights from Jay Yu

  • “Matrix” approach: reverse‑engineer goals, find reachable paths, create unique value to access opportunities.
  • Invest in integrity and judge founders by character, not just flashy metrics.
  • Recruit technical excellence and combine it with capital markets expertise to scale hardware businesses.
  • Vertical integration (reactor + fuel) is a strategic advantage.
  • Persistence, grit, and ground‑level credibility can overcome skepticism; Jay highlights recruiting respected leaders and honoring promises as key trust builders.

Philanthropy

  • Jay runs sports and education programs for inner‑city youth, funding tournaments, uniforms, coaching and clinics — paying forward the support he received as a youth.

Notable quotes

  • “Energy is the X factor.” — framing energy as the essential bottleneck for AI, resilience, and growth.
  • “Walk‑away safe” — summary of the new TRISO/high‑temperature microreactor safety concept.
  • Jay’s personal: he “shouldn’t be here” academically but built success through grit, value creation, and persistence.

Milestones & near‑term watchlist

  • Nano: NRC construction application planned Q1 2026 for University of Illinois demo site; monitor construction approvals and demonstration timeline.
  • LIS: planned demonstrations of single‑stage LEU and multi‑stage HALEU enrichment next year; watch regulatory approvals and commercial licensing.
  • LEU acquisition program: follow outcomes of the $3.4B domestic sourcing contract and LIS’s role among the six selected companies.
  • Partnerships: commercial agreements with data centers / AI players, military feasibility projects, and international interest (Middle East, island nations).

Implications for readers / recommendations

  • Policy & security: domestic enrichment and reactor manufacturing are strategic priorities; policymakers and investors should monitor regulatory changes and federal programs.
  • Investors: nuclear and fuel‑cycle plays are early but could become foundational to AI, defense, and industrial electrification — consider timelines (multi‑year) and technical/regulatory risk.
  • Practitioners / industry: focus on modular, factory‑fabricated approaches, supply chain scale, and safety certifications to unlock mass deployment.
  • General public: recognize microreactors are different from old nuclear paradigms; safety, transportability, and off‑grid use broaden nuclear’s potential roles.

Recommended guests Jay suggested

  • Dr. Jeff Erkins (laser-enrichment pioneer)
  • Nano’s CEO (technical/nuclear backstory)
  • A fellow native New Yorker entrepreneur with a similar rise-from-nothing story

This episode ties entrepreneurship, advanced nuclear engineering, and geopolitics together: Jay Yu argues that microreactors + U.S. laser enrichment can address critical energy bottlenecks for AI, defense, and global development, while also restoring domestic strategic capabilities lost over decades.