NNE Truist Securities Aug 26 2026 NANO Signs Non Binding Framework with Tillman Targets Multi GW AI Datacenters

Equity Research Report August 25, 2026

ENERGY: Clean Energy NANO Nuclear Energy Inc. (NNE) Christopher Souther NANO Signs Non-Binding Framework with Tillman; Targets Multi- Gigawatt AI Data Center Opportunity

Ellen Page Nano Nuclear Energy signed a non-binding framework agreement with Tillman, a digital infrastructure provider, that includes a $100M potential investment in Nano and establishes a roadmap for up to 2GW of deployments by the mid-2030's and 6GW by 2040. We see the agreement as a positive for the company in building commercial credibility and adding Patrick Hussey a step function in Nano's potential scale of deployment. Tillman's historical track record in cell towers and fiber, and emerging GW scale data center opportunities provide incremental confidence in execution, so steps by Nano/Tillman toward bankable offtakers are going to be key to a less conservative handicap of the pipeline and more constructive view on the stock. We reiterate our Hold rating and $22 PT. Current Price (Aug. 24, $18.27 We view the announcement as another milestone that strengthens Nano's positioning 2026) within the AI data center power opportunity. The 6 GWe deployment framework outlined in the announcement would be worth roughly $100/share in our model, highlighting the Stock Rating HOLD potential scale of the opportunity. We believe investor focus will now shift to site selection, Unchanged project financing, ownership structure, and potential hyperscaler off-take agreements; Price Target $22.00 greater clarity on these factors will help determine the pace and ultimate scale of Unchanged development across Tillman's planned AI data centers and how Nano's technology ultimately fits in. Summary of announcement: NANO Nuclear (Hold) announced a non-binding Strategic 4 Page Document Commercial Framework with Tillman Global Holdings (private) and Tillman Digital Gateway (private), under which NNE would serve as Tillman's anticipated preferred nuclear technology provider for planned AI-focused industrial zones in the U.S. The framework Reasons for this report contemplates deployment opportunities for NNE's KRONOS reactor technology and outlines long-term targets of 2GW+ of advanced nuclear capacity by the mid-2030s and 6GW+ by ✓ Quick Reaction to Newsflow/Volatility 2040, subject to future definitive agreements, customer commitments, regulatory approvals, Relevant Research and financing. For more of our nuclear sector coverage, The framework includes milestone-based warrants that could allow Tillman to purchase up please see our initiation report here, and our to $100M of NNE stock, with vesting largely tied to future project development and reactor recent note, Going Nuclear: AP-1000 Pipeline purchase milestones. The framework also contemplates potential rights for NANO Nuclear Potential & Cross-sector Look at U.S. Nuclear to participate alongside Tillman in a portion of the equity of certain project-level entities Reindustrialization. associated with future nuclear generation and corresponding data-center development once qualifying nuclear projects reach specified development milestones. Any such participation is subject to separately negotiated project-specific terms and definitive agreements. Who is Tillman? Tillman Global Holdings is a private owner and developer of large-scale digital and energy infrastructure. Tillman is a small but established player in the telecom space building US cell towers and fiber infrastructure, with a history of working with industry leaders like Verizon (VZ, NR). Tillman has a global data-center platform, Tillman Digital Gateway, that is advancing a multi-state pipeline of planned AI Industrial zones to support GW-scale power requirements from hyperscale and AI tenant customers. The company has a gigawatt-scale data center project through its UAE JV that is likely for a hyperscaler. This agreement is likely one of the developer agreements that NNE had discussed on its 3QFY26 earnings call. We Assume 1.5 GWe of KRONOS by 2040E in Our Model. Our base case assumes the first commercial KRONOS is delivered in 2032 after two prototypes with UIUC and Canada's Chalk River in 2031-32. At 15 MWe per KRONOS, our…