Illinois Governor J. B. Pritzker just announced that Nano Nuclear Energy (NNE 7.25%) stock, a start-up that's developing nuclear microreactors, will establish a manufacturing and research and development facility near Chicago, Illinois.

The news drove Nano Nuclear stock up 8% through 10:10 a.m. ET Tuesday.

Technicolor atom representing atomic power.

Image source: Getty Images.

Nano Nuclear's big Illinois news

The Reimagining Energy and Vehicles in Illinois program will provide Nano Nuclear with $6.8 million in tax incentives to host its new research and development (R&D) facility in Illinois, and Nano itself will invest $12 million in the project. Over time, Nano Nuclear plans to "construct, demonstrate, and ultimately commercialize our Kronos MMR Energy System."

Nano Nuclear describes Kronos as "a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement with the U.S. Nuclear Regulatory Commission (NRC)."

In other words, it's not approved for construction or use yet -- but Nano is working on that.

Is Nano Nuclear stock a buy?

Today's announcement is one more step toward Nano Nuclear's goal of turning Kronos into a viable commercial nuclear product -- and not just Kronos. Nano is also developing at least two other kinds of nuclear reactors, a solid core battery reactor called Zeus and a portable reactor for spacecraft called Loki MMR. As if that weren't enough, Nano is also working to produce its own high-assay low-enriched uranium fuel (HALEU) and an "advanced fuel transportation" subsidiary for transporting HALEU from production plant to nuke plant.

So Nano Nuclear stock is juggling a lot of knives here. It's also burning a fair amount of cash -- nearly $23 million per year. The good news is that with more than $200 million net of cash, Nano Nuclear has the money it needs to survive if at least one of these bets works out for it.

Fingers crossed.