SAI.TECH Announces Seed Financing of HEATNUC, its SMR subsidiary
July 17 2023 - 7:30AM
SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”,
NASDAQ: SAI), announced today that its subsidiary, Atomic Evolution
Limited (doing business as “HEATNUC”), has entered into a seed
financing subscription agreement with JIUDE Capital, a venture
capital investor with a post-investment valuation of US$50 million.
The seed financing allows HEATNUC to accelerate its team building
process, which aims to attract and secure key research and
development personnel.
About HEATNUCHEATNUC's team
believes that many regions worldwide are overly dependent on fossil
fuels, and they aim to help society accelerate carbon neutrality
through Small Modular Reactor (SMR) technology. HEATNUC focuses on
advanced small modular reactor technology, with the goal of
achieving carbon neutrality by transforming traditional fossil
fuel-based energy into SMR-based nuclear energy. Its R&D path
is based on three core elements: top safety, cost-effective, and
fuel-recycle. Led by an experienced team in product design,
applications, and licensing, HEATNUC aims to design and manufacture
pre-fabricated modular reactors with top safety features such as
passive safety, accident-tolerant fuel and on-site fuel processing.
The team also strives to minimize manufacturing and deployment
costs through standardized modular design, large-scale factory
production, and fuel recycling.
According to HEATNUC's CEO Arthur Lee, the team has
been dedicated to developing third-generation modular nuclear
reactors and strategically planning for fourth-generation small
modular reactors (SMRs). In the short term, they focus on promoting
highly matured and inherently safe third-generation water-cooled
reactors. In the medium to long term, research is being conducted
on sodium-cooled fast reactors and depleted fuel recycling and
reuse technologies. Arthur Lee further highlights that the core
advantages of HEATNUC's SMR products lie in safety,
cost-effectiveness, and fuel recycling. This involves utilizing
passive safety design concepts and accident tolerant fuel (ATF) to
enhance the safety of nuclear reactors, leveraging the nuclear
energy supply chain advantage in the Asian region to reduce
production costs, and utilizing the fuel reutilization advantages
of fourth-generation reactors to improve fuel efficiency by
recycling depleted fuel generated by third-generation reactors.
Arthur Lee also stated, “On the one hand,
SAI.TECH's high-performance computing business is a large-scale
electricity consumer. If we deploy SMRs, we can meet our long-term
demand for stable and clean power resources. On the other hand,
many nuclear power plants worldwide are facing budget overruns and
operational losses. Through modular prefabrication, we can
significantly reduce on-site deployment costs and shorten
deployment cycles. Compared to expensive alternatives like energy
storage, SMR's early-stage operation can secure stable end-users
(such as the computing industry) and greatly accelerate the
investment payback period for investing SMRs. In the future,
HEATNUC will expedite permit applications in countries that
prioritize nuclear power development, including Southeast and
Central Asia, the Middle East, Latin America, and Northern
Europe.”
The core members of HEATNUC come from leading
nuclear institutions and enterprises in Asia, specializing in
nuclear core physics, thermal hydraulics, instrumentation and
control, and related fields. They possess extensive experience in
nuclear power plant design, development, and management. The
research and development team members have accumulated over 20
years of practical experience in the design, analysis, and research
management of advanced reactors. HEATNUC is committed to designing
and manufacturing prefabricated SMRs with top-level safety
performance, including passive safety features, accident tolerant
fuel, and on-site fuel processing. The team aims to minimize
manufacturing costs through standardized modular design,
large-scale factory production, and fuel recycling.
SAI is grateful for the support of its investor
network and is excited to continue contributing to the transition
from traditional energy into a zero-carbon energy system. To learn
more about HEATNUC, or to be a part of its continued growth, please
visit https://sai.tech/heatnuc/ for more information.
About JIUDE CapitalJIUDE Capital
is a venture capital investment management firm founded in 2011. It
has built its success from mid to late stage equity investment and
gradually shifted its domain to early-stage venture capital
investments, focusing on east Asian companies with promising growth
potential and high investment certainty. JIUDE Capital primarily
invests in artificial intelligence, digital economy and
hard-tech.
About SAI.TECHSAI.TECH is a
Nasdaq-listed (SAI) company headquartered in Singapore. SAI is
dedicated to providing a zero-carbon energy system (HEATNUC) based
on Small Modular Reactor, providing clean computing services based
on liquid cooling and chip waste heat utilization technology
(ULTIAAS), and providing cloud computing services based on
blockchain and AI technology (BOLTBIT).
In May 2022, SAI became a publicly traded company
under the new ticker symbol “SAI” on the Nasdaq Stock Market
(NASDAQ) through a merger with TradeUP Global Corporation
(“TradeUP”). For more information on SAI.TECH, please visit
https://sai.tech/.
Forward looking Statements:This
press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words “believe”, “expect”, “anticipate”, “project”, “targets”,
“optimistic”, “confident that”, “continue to”, “predict”, “intend”,
“aim”, “will” or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that may be deemed forward-looking
statements. These forward-looking statements including, but not
limited to, statements concerning SAI.TECH and the Company’s
operations, financial performance and condition are based on
current expectations, beliefs and assumptions which are subject to
change at any time. SAI.TECH cautions that these statements by
their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors
such as government and stock exchange regulations, competition,
political, economic and social conditions around the world
including those discussed in SAI.TECH’s Form 20-F under the
headings “Risk Factors”, “Results of Operations” and “Business
Overview” and other reports filed with the Securities and Exchange
Commission from time to time. All forward-looking statements are
applicable only as of the date it is made and SAI.TECH specifically
disclaims any obligation to maintain or update the forward-looking
information, whether of the nature contained in this release or
otherwise, in the future.
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