Uranium Returns to K-25: NANO-Backed LIST Takes First UF6 Shipment, Igniting US Laser Enrichment Race

LIS Technologies (LIST), a privately held laser enrichment firm in which NANO Nuclear Energy (NNE) is a strategic shareholder, announced on Thursday that it has accepted its first shipment of uranium hexafluoride (UF6) at its Demonstration Test Loop facility in Oak Ridge, Tennessee. The facility sits on the footprint of the former K-25 gaseous diffusion plant, a Manhattan Project cornerstone, marking the return of uranium to the site—this time for laser-based enrichment. The UF6 will feed LIST's patented CRISLA-4G process, which uses infrared lasers to selectively excite and separate uranium isotopes.

The delivery, which arrived just under a year after LIST received its Radioactive Material License from the State of Tennessee on December 23, 2025, required developing a new shipping process with its supplier because the quantity was smaller than industry norms. LIST President Christo Liebenberg said the feedstock will enable the company to optimize its laser enrichment process and mature the technology to Technology Readiness Level 5 (TRL 5) in the coming months. The milestone is part of a broader plan: LIST aims to build a $1.38 billion commercial enrichment plant on its 206-acre 'LIST Island' site in Oak Ridge, with groundbreaking targeted for 2026 and initial operations before 2030. NANO Nuclear, meanwhile, has been assembling an end-to-end domestic fuel chain, having recently acquired an NRC-licensed deconversion site in New Mexico for $13.5 million and a transportation company.

The development comes amid growing concerns over uranium supply. The U.S. has only one commercial enrichment plant, and Russian import ban waivers expire in January 2028. Goldman Sachs projects a uranium supply deficit beginning in 2026-27, exacerbated by new reactor demand. While LIST did not receive funding in the DOE's recent $900 million enrichment awards, the company hopes its progress will position it for future support. Challenges remain, including the need for NRC licensing, financing, and proving the technology at commercial scale. NANO Nuclear's stock, still trading as a single-reactor story, may eventually reflect its integrated fuel strategy.