Nano Nuclear Stock Jumps On Digihost Technology Tie-Up: Retail Goes Contrarian

Nano Nuclear Energy Inc. (NNE) shares rallied over 4% on Friday after the firm announced a collaboration with Digihost Technology Inc. to establish Microreactor Technology at its 60 megawatts (MW) power plant in upstate New York.

Digihost is an energy infrastructure firm that develops cutting-edge data centers to drive the expansion of sustainable energy assets.

NANO Nuclear said that as part of the agreement, it will provide consulting services to Digihost to support the planning and execution of the project, which will include regulatory advice, site assessment, roadmap development, and stakeholder engagement.

The deployment of NANO Nuclear’s advanced nuclear reactor technology will likely replace Digihost’s existing infrastructure, aiding Digihost with carbon neutrality and providing reliable baseload power for the firm’s expanding data center operations.

Digihost CEO Michel Amar said the collaboration enables the development of Tier III HPC data centers in locations previously deemed unfeasible. “This strategic move also allows us to capitalize on the rapidly expanding Tier III data center market, further solidifying our leadership in the industry,” he said.

Despite the positive development, retail sentiment on Stocktwits dipped into the ‘neutral’ territory (38/100) from ‘extremely bullish’ a day ago.

NNE’s Sentiment Meter and Message Volume as of 10:46 a.m. ET on Dec. 13, 2024 | Source: Stocktwits

Retail chatter, however, continued to reflect optimism on the stock’s potential.

Nano Nuclear was in the news on Thursday after the firm, along with LIS Technologies Inc. (LIST), was selected by the U.S. Department of Energy (DOE) to participate as one of six contract awardees in its Low-Enriched Uranium (LEU) enrichment acquisition program.

Notably, shares of Nano Nuclear have gained over 364% since the beginning of the year.

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