Nano Energy’s Vision for Micro Nuclear Reactors

Stuart Turley – President and CEO of Sandstone Group [00:00:07] Hello everybody, welcome to the Energy Newsbeat Podcast. My name’s Stu Turley, president and CEO of the Sandstone Group. This is an exciting day. We’re in an exciting time right now. In order for us to get to the next generation of AI, we’re going to need absolutely all hands on deck for all kinds of energy. We need nuclear more now than we’ve ever needed before. and today I get to visit with the CEO of Nano Energy. I’ll tell you, it’s kind of fun because I interviewed the founder, Jay Yu, a while ago, but now we’ve got James Walker with us and he is the current CEO of Nanonuclear. How are you today?

James Walker – CEO of Nano Energy [00:00:52] Thanks for having me on the studio.

Stuart Turley – President and CEO of Sandstone Group [00:00:53] Well, I’ll tell you what, thank you for the pre-show chat here. I’m excited to get to get an update on what’s going on with you out in nanonuclear. What’s going on?

James Walker – CEO of Nano Energy [00:01:03] Well, since Jay last spoke to you, we did List as the first micro-rector company, I think in the world, to List, and we did that on the NASDAQ, coming out early. And we’ve had obviously a great market response to all the things we’re currently doing. So that was great. And that obviously enabled us to raise a significant amount of capital that we’ve obviously banked for the purposes of development, expansion and growing our teams out. Very recently, we’ve also bought some assets that used to belong to USNC, which we have. I think are enormously promising. They sort of take us into the lead in the race to produce commercial products and we’ll be announcing things like development work on the site where we intend to build that and contracts with government and major industries with regard to that reactor system. That should be very interesting to start putting that news out there as we solidify these agreements. And you know, Nano’s taken a very business-orientated approach to the industry and to de-risk its operation so it’s involved itself in the fuel supply chain. in transportation, just everything we can see that we have to do to ensure that we can make a reactor, we can get it out there, we can move material, and we can deploy the reactor.

Stuart Turley – President and CEO of Sandstone Group [00:02:14] is wherever we want to get deployed. Explain a little bit to our listeners, because everybody knows that I believe in delivering the lowest cost kilowatt to everyone on the planet with the least amount of impact on the environment, and we’re going to have to have nuclear. If we don’t get nuclear rolled out and you’ve got an excellent product line of micro-reactors, tell us a little bit about those micro- reactors. They’re on a truck bed.

James Walker – CEO of Nano Energy [00:02:41] This is pretty smart. This is as small as we can make them. Because when we were starting out, we realized that there was this huge untapped market, essentially, for power systems, where diesel generators really had no competition. And so mining projects, oil and gas, disaster relief, military bases, island communities, all these sort of areas, you could put diesel, but you can’t just put hydro or geothermal, wind or solar, wherever you want. You need the conditions to be optimal at best. And even then it’s intermittent power, but you can put it anywhere you want, and then you have consistent baseload power for over a decade. The idea here is that these microacts is the smallest ones that go on the back of a truck to basically ship them in on the That’s what we started with. So you can imagine we don’t want much construction at the deployment site. We don’t what many staff to have to be involved. You really want these things to come in, put down, plug in, and then start outputting power.

Stuart Turley – President and CEO of Sandstone Group [00:03:39] You know, that’s a dream come true. Years and years ago, I interviewed the CEO of Copenhagen Atomics, and I have not heard back from them on how they were planning on, by this time, getting one reactor out every few days. So if you’re going to want to mass produce these things, we need them that bad. So I hope you can start mass producing these things.

James Walker – CEO of Nano Energy [00:04:06] would be the plan is that there is a real economies of scale benefits to mass producing these. If you produce one, it’s going to be extremely expensive power. But if you do 100, 500,000 of these things, the expense per kilowatt hour comes down dramatically. And so we’ve modeled this obviously internally, the target we wanted to beat for the smaller systems was just beating out the cost of remote diesel, which is often intermittent, logistically complicated and expensive.

Stuart Turley – President and CEO of Sandstone Group [00:04:33] Now James, say that again. I want to make sure that I got my slow, febile brain. I heard that. You want the cost per kilowatt hour to beat remote diesel. Did I say that correctly?

James Walker – CEO of Nano Energy [00:04:47] You’re right. So the cost of remote diesel, sometimes it can be prohibitively expensive. So if we’re talking to, like, let’s take some examples, like when we spoke to the government in Indonesia or Philippines, they have a lot of, a lot island community, like millions of people dosh across these things. And the only way, the only power they have available to them is diesel generated. So, but if you have a community, they’ll chew through that diesel very quickly. So you have very expensive diesel logistics network. to get this power there, that they chew through very readily and you don’t have any surplus and it means intermittent power, it means expensiveness. A reactor could eliminate that whole logistics and that whole supply chain and deliver a power that’s cheaper and cleaner with a smaller footprint to all of these communities.

Stuart Turley – President and CEO of Sandstone Group [00:05:32] This is really cool. Now, Chris Wright, our new Secretary of Energy, was over at Liberty Energy and he is a big proponent of nuclear in the oil and gas field, because he was one of the first ones that created an electric black fleet. And I was sitting there when I first heard that. I love Chris. Chris is one of the coolest guys on the planet. but you sit back and kind of go. That doesn’t make that much sense. And then all of a sudden, when you add a mobile nuclear plant to that, it’s like, wow.

James Walker – CEO of Nano Energy [00:06:06] Yeah, like it’s interesting you say that because when we obviously announced that we were pursuing this technology and we were developing it, we were reached out to by various oil producing companies including like the Alberta oil sands companies as well. And why would they want nuclear? Because they’ve got all the fossil fuels they could possibly want. But like, you know, if you think about it logically, they would have to bring in a refined product into a remote area and then they just chew through to get an unrefined product out of the ground. So that then then it sort of logically explains why they’re thinking about having this nuclear power in a remote location because then they do have that consistent power. They don’t have to use their own, and you know, they’re not eating into their own.

Stuart Turley – President and CEO of Sandstone Group [00:06:52] You know, like Russia has, I believe they have six nuclear icebreakers and our U.S. military has had great success with the small modular reactors and well, and you’ve got experience from this small little country over there, the Ministry of Defense, you’ve got military experience with reactors on the move.

James Walker – CEO of Nano Energy [00:07:13] Yeah, I would say that obviously, it’s very useful. I mean, if you’ve ever built any reactor system, it gives you a good grounding of how reactors should be built. Obviously, what we want to do here is a more advanced system in the sense that it’s a different coolant, different fuel type. Obviously, we can’t use military grade levels of enrichment like a submarine can, but within all those constraints, you can still make really excellent products. go out there to be more commercial and you can actually make even better products because the military just essentially don’t care about profit, whereas we do care. Obviously that’s very important to us because we don’t have a self-sustaining business and you can optimize things in certain ways to make better products.

Stuart Turley – President and CEO of Sandstone Group [00:07:53] How soon do you feel, and I get excited about this because I think that seeing nanonuclear or seeing batteries that your other product that you have the energy, you have that halo energy fuel, but you also have the two different kinds of reactor. One was more of a battery if I remember right, the Odin?

James Walker – CEO of Nano Energy [00:08:12] Well, the Zeus reactor is a very, it might be referring to that one because it’s solid core that removes the primary coolant out of the reactor system. And so you use like a thermal conduction through a solid core to remove heat out of the reactor. It simplifies the reactor tremendously. So things like space programs, maritime, it could have enormous applications in those kind of fields. Have you met Elon yet? Well, you know, he anticipated at some point we’ll probably cross paths, I would imagine. Yeah.

Stuart Turley – President and CEO of Sandstone Group [00:08:41] Wouldn’t that be cool? Because he’s a solid core battery actor, this Zeus. And when you sit back and think, he’s not going to get… I don’t think he’s going to be getting to Mars without nuclear.

James Walker – CEO of Nano Energy [00:08:52] Well, I mean, if he gets to Mars, what’s he going to do when he gets there? Because exactly, this is the this is, the problem is that you the only solution actually, and this is I’m sure everybody in every other energy industry would agree that when you get to Mars or moon or anywhere like that in space, long term power is going to be very vital for keeping everybody alive. Yeah, you can’t you can just transport diesel or or gas on a space shuttle. just not enough space and you need to move so much. But the energy density of uranium is tens of millions of times greater than for gas. So for that reason, you can ship uranium into space. You can make a small reactor and put it up on the Mars base and then you have power for 10, 15, 20 years, whatever it is. And then you can expand from there. So nuclear will have to be an intrinsic part of any sort of space colonization program.

Stuart Turley – President and CEO of Sandstone Group [00:09:45] You know, and with your military background, you would understand redundancy. I like having redundant power supplies and a micro grid at my compound. I prefer to have the ability to flip a switch and turn the power on and that you’ve got to just have redundant, those kinds of systems.

James Walker – CEO of Nano Energy [00:10:03] I agree. Mars is fairly far away. If something goes wrong up there with regard to power, I mean, it’s very difficult and timely to get a solution up to you. You’d be looking at months and months of delivery time to get anything up there to replace it.

Stuart Turley – President and CEO of Sandstone Group [00:10:19] Well, do you think any of your other high tech folks that are in AI would be very interesting because if you take a look at the Stargate in Abilene, Texas right now, they’re putting in a natural gas power plant that is a pretty much its own microgrid right now because it was, it’s a big enough microgrid to support 90,000 homes just to support the StarGate. AI data center. Do you think data center is going to be a huge market for you guys? Oh, look at

James Walker – CEO of Nano Energy [00:10:49] It’s going to be absolutely enormous because I think the projections at the moment for the amount of power the US is going to need by like 2040 is like 160%. So more than double is going to have to be more than doubled by that time. And a principal reason is the data centers in AI, they’re increasingly energy hungry systems. And look, gas is actually a very good interim solution, I think, but long term, you’re going to needs way more power than gas is downtime on these AI and data centers is several minutes a year. It’s hardly anything. So you need the highest capacity to power you’ve got. The highest capacity power technology is nuclear. So I think the tech industry has already gone all in on nuclear and Microsoft invested into Three More Islands. I think Amazon put half a billion dollars into energy.

Stuart Turley – President and CEO of Sandstone Group [00:11:40] I did not have that on my bingo card last year, right? No, wait a minute.

James Walker – CEO of Nano Energy [00:11:42] I mean, wait a minute, Three Mile Island, whoa. Yeah, like Three Mile. Okay. People don’t know that there were actually two reactors and obviously there was the meltdown everyone knows about. And then the other one has continued to operate and so all Microsoft’s bought that site out, which is already a licensed site and refurbished it and it needs power. Like it’s, it’s you know, whatever people would ever said about nuclear when it came down to brass tacks and you know they had to go after what was going to be realistic. Nuclear has a demonstrated track record of outputting a lot of power. we know provided you can make the Uranium, you have decades of fixed cost power.

Stuart Turley – President and CEO of Sandstone Group [00:12:17] On your supply line. Cause one of the things that I picked up from Jay was he was looking at it from a total business model. And we talked about that for just a second. And that was the supply side of the uranium and, and everything else. And with our geopolitical problems looking to be solved, and I believe that president Trump is going to be negotiating a into the war here with Russia, um, I, I find it funny. I’m setting this question up in about three different phases. Germany is in a energy crunch because of their bad management and in their energy policies, they shut down their last nuclear. I think they’re, they’re going to be a, they were going to want those back up. They bought a huge amount of uranium last year, even with their, their nuclear plants shut down, I guess, getting ready to try to apply to get them going again. That, to me, is kind of why shut them down. But you’re thinking about that supply side of things. Is that going to be a problem? Even if Russia are you? How are you looking at that supply line? Because that’s something.

James Walker – CEO of Nano Energy [00:13:28] this I think maybe it’s the biggest question in nuclear and then look I think President Trump actually will broker a peace. There does seem to be a real drive especially in recent days to push towards a solution whether people want it or not and there seems to be some resistance on that. That war will almost certainly end. It’s unsustainable but like what actually happened with regard Germany was that it had a very powerful green lobby and it had pushed very hard to get nuclear decommissioned with the anticipation that they would replace nuclear with a wind and solar. And obviously, the wind and solar never got above a few percentage points in terms of output that the nuclear power stations were capable of. So Germany ended up dependent on Polish coal, which is ironic because its carbon footprint went up. Don’t listen to green. And then it actually sourced power, ironically, from France, which was nuclear power. So Right. Its energy bills went up and its carbon footprint went up. That sends a whole message to the whole world that you can be idealistic, but reality is going to punch you.

Stuart Turley – President and CEO of Sandstone Group [00:14:28] Oh, yeah, and and they had a I don’t want to use the word James because I would probably butcher it up But it was like a floofing login or something. Yeah, no wind going on whatsoever I don’ know what the word was. So if I just said something bad in German I’ll offend anybody whatever a floo from login is but they had whatever that was where they had no wind

James Walker – CEO of Nano Energy [00:14:48] They had no wind, and they came up with all sorts of other crazy technology, crazy ideas to like cutting whole forests down to replace them with solar farms that could not replace the damage that the cutting down of the trees had done. All sorts of things like that, and I think the advantage of them doing that was for the rest of the world, it was an example of what not to do. And the US is not a stupid country. it saw what was happening to these countries that abandoned nuclear. And obviously when the war broke out and then relationships did become strained with Russia, the DOD was in a situation as well where they realized that its supply of material that was able to be produced domestically, well, the supply of materials could effectively be cut. And then domestically they couldn’t produce anything. So by a certain period, late 2030s, maybe early 2040s, their stockpile would run out. So submarines, aircraft carriers wouldn’t be able to be refueled, so they would become a regional power. And that’s an unacceptable thing for the US to not be able project strength.

Stuart Turley – President and CEO of Sandstone Group [00:15:51] Absolutely.

James Walker – CEO of Nano Energy [00:15:52] And the DOD obviously is very concerned about this. The DOE has taken action to try and prevent this from ever happening. So the domestic infrastructure now is being built back. The DOE, I think it’s something like eight, nine, something like that billion dollars that it put out there to give to industry to build back the infrastructure so we can domestically produce that. Because even if relationships with Russia mend, it’s, something we want to be able to used domestically and not be reliant on foreign powers. it also limits your diplomacy and that actually happened to Germany. It could not take a hard line stance against Russia over Ukraine because effectively it was dependent on Russian gas and all these kind of things.

Stuart Turley – President and CEO of Sandstone Group [00:16:32] Oh, yeah. You know, when you got Lee Zeldin, who is now over our the EPA, I believe that when President Nixon in the United States kicked off the EPA it destroyed the nuclear industry. Boy, I love President Trump for saying, excuse me, Lee, for every one regulation you do, you’ve got to get rid of 10. I like that kind of process. We have got to get nuclear where the UAE just put out, I believe it was last year, they did one of their reactors they brought online in under four and a half years and under budget. We’ve got to hit that kind standard.

James Walker – CEO of Nano Energy [00:17:18] Oh, a hundred percent. Like it was under budget and under time. And now they’ve got this big source of power for decades to come. And these systems are built. They’re just, it’s a refueling exercise, even in a few decades when it runs out. And so that’s, that’s a sense of tremendous message that it can be done and it can’t be done cost effectively. And anybody could do this with the right engineering teams and the right regulatory and government support. So we, we know it’s possible.

Stuart Turley – President and CEO of Sandstone Group [00:17:43] Well, as we sit here and we try to figure this out, I want to give everybody a shout in your, what’s your nano, it’s nanonuclear energy and the stock symbol is NNE, if I remember right.

James Walker – CEO of Nano Energy [00:17:56] That’s that’s absolutely correct.

Stuart Turley – President and CEO of Sandstone Group [00:17:58] Good. I was looking at the right stock chart then. I’ve added it to my portfolio to track because I’ve always had a very good policy on investment. And that is good management is good numbers. And when I, I watch the management of a company, I like management that is very forthright has all crosses all their T’s and I’ve always made money, so… Shout out to you on being on NASDAQ.

James Walker – CEO of Nano Energy [00:18:28] Well, Stu, I’d be very happy to have another conversation with you in six months. I’m adamant you’ll make money as well. Like we’re building a lot. Like we work ourselves pretty much to death, you know, because like the thing is it’s, it’s quite good fun building the future as well and that’s sort of, you know when you’re doing an 80 hour working week, it doesn’t feel like 80 hours because it’s kind of fun as well, and it can be a lot of work, but

Stuart Turley – President and CEO of Sandstone Group [00:18:51] it’s good work. I absolutely, this sounds kind of corny, but I was going to retire and become a college professor and I’m having way too much fun running my news site and being a podcast host. So I understand working the 80 hours a week because I’m having a blast. This is exactly what it is, but you’re going to go out and power the world And I’m just a podcast. So I don’t I got to go rethink my retirement.

James Walker – CEO of Nano Energy [00:19:18] Well, Stuart, you’re doing us a big favor by just putting these messages out there, because nuclear is definitely going to be a major part of our energy future, like it’s inevitable. It’s almost a necessity, especially given how much power we’ll need with reindustrialization of the US, electrification of it, data centers, all that sort of stuff. But we still got to, there are people who have a wrong interpretation of what nuclear is. can tell someone it’s the safest form of power ever devised in terms of deaths per gigawatt hour, it beats out even wind and solar. You can take on that, but you need to ghetto, you just need to keep on putting that message out there. So this is very important to do things like this.

Stuart Turley – President and CEO of Sandstone Group [00:19:58] Oh, that’s funny. I mean, when you sit back and also think that, you know, you, you’ve got the three mile Island that’s way, way behind us, we are not, I I’ve done an analyzation of our grid and I’m still in the process of writing the articles and things and our grid in the United States is broken up into three major grid sections. You have Urquhart and then the East and the West. And when you sit back and take a look, Texas and Urquart has done a phenomenal job. They’ve got their base load of nuclear. They’ve gotten a little bit of coal. They’ve, got natural gas and they’ve, they’ve got a really good balance. They’re half the energy of New York and half the energy cost of California, but I am not. Seeing the capability of the rest of the United States to match ERCOT in meeting the doubling of the demand that ERCOD is looking they’re having in the next five years, ERCOP’s got budget, they’ve got it all going in. And I think for companies, you’re going to see major investments in microgrids around the country. and we’re going to find companies and states. that have it and companies and states that don’t have it, those that can afford the micro grids are going to survive.

James Walker – CEO of Nano Energy [00:21:17] Yes. And look, there’s additional incentives here too, because I think a lot of states have realized that the tech industry is going to be a major component of their state economies. And if they can’t provide the power for data centers and AI centers, they will just go somewhere else. And somewhere like Texas, it’s clever enough to know that that demand is coming and it wants to out-compete the other states. So the other state either have to jump on board or they lose that industry. And that’s thousands of jobs and millions of dollars of investment into the state.

Stuart Turley – President and CEO of Sandstone Group [00:21:47] Yeah, so I’ve got a small micro grid here up here in my compound and I make sure I got twin propane generators as backups. I’ve gotten solar, I’ve gone wind, but I would love to have me a nuclear reactor in the background. Now that to me would be some great background.

James Walker – CEO of Nano Energy [00:22:04] Oh look, if I could have my dream, it doesn’t have to be a compound, maybe it’s in my own island, but I can have a power system, I can my own vertical farm, my own desalination plant, and you can be completely independent. You’d never need to go outside of your own compound ever again.

Stuart Turley – President and CEO of Sandstone Group [00:22:20] I’m going to have to get a lot of new sponsors in order to afford one person. It’s overkill by, by, you know, an order like simple orders of magnitude, but for cities, it makes sense to have it. for having it as a microgrid. I love the way that your thought process was for island because look at Hawaii. Hawaii is a perfect example of what not to do. It’s beautiful. And they get 65% of their energy is from fuel oil. Some of the worst burning fuel to make electricity out of was horrible.

James Walker – CEO of Nano Energy [00:22:56] It’s horrible. It’s like bunker fuel. It is incredibly dirty and expensive. They’re not independent. If there was some sort of global collapse and Hawaii was cut off, they’d have to eat each other after a little while because they’d have no energy to power the place.

Stuart Turley – President and CEO of Sandstone Group [00:23:15] Oh, it’d be awful. And so, you know, it would make sense that you would start up a nanonuclear reactor for Hawaii program right now. And then we have to go see it.

James Walker – CEO of Nano Energy [00:23:27] I think we’d have to go see it instead, a nice resort, have nice meals, have some pina coladas. I think it would be a necessity.

Stuart Turley – President and CEO of Sandstone Group [00:23:33] Oh, I think it is. I think we owe it to ourselves. And I don’t know that Jay approved that, you know, hey, we’re going to have to sell two or three reactors off of this podcast before we get Jay’s approval to go do that. Yeah. Like, obviously I think my expense report would raise some eyebrows. Where do you see, I see great things for the U S energy. How do you See nanonuclear energy for Canada and the rest of the world? Are you going to be focusing only on the U.S. or are you going around the world

James Walker – CEO of Nano Energy [00:24:02] The US is a great base point to build from because the thing is that it’s got that economic power to build back infrastructure whenever it wants. The rest of the world doesn’t really have that ability to just say, now we’re just going to rebuild all this. That’s a very unique thing the US has, that kind of purchasing power. Now Canada does have a very good regulator, it does have an history of nuclear. It’s not difficult to export technology to Canada to be utilized there and Canada have a massive, a massive desire for these systems too, because hundreds of remote communities that are powered almost exclusively. Oh yeah, these would be great in Alaska. Oh, Alaska, like all of those kind of locations. If you can just bring in a system and put it down and it doesn’t need much construction, which you wouldn’t want anyway because it could be in the middle of minus 40 degrees, suddenly you can sustain communities. They can have surplus power, they can have industrial heat for industry, they can grow their own food, they can clean their own water. It can be really a transformative technology, not just within North America, but it could be Southeast Asia, it could be Africa, places where you could suddenly open up enormous amounts of industry and mineral wealth too, because a lot of mineral wealth is in uneconomic places and it’s uneconomic because it costs a lot money to take the fuel up there to power the system. But suddenly, if you’ve got a remote power system that you’ve unlocked a lot of mineral wealth.

Stuart Turley – President and CEO of Sandstone Group [00:25:26] So, did I just hear nanonuclear? If we get the 51st state of Greenland and Canada is the 52nd, we just may have expanded your territory.

James Walker – CEO of Nano Energy [00:25:35] I tell you what, like there’s enormous mineral wealth in Greenland, but it’s not mined very much and it’s because where’s the power going to come from to build the mines, to power the smelters and the refineries. If that’s the case, what they’ve historically done is just mine stuff and then put on a boat and ship it to somewhere where that is done. That doesn’t make any sense, but you can make Greenland incredibly rich, especially once it’s the 51st state.

Stuart Turley – President and CEO of Sandstone Group [00:26:00] You know what, you can say a lot of things about President Trump, but I love the fact that he is a troll master, trolls people, it’s cruel how badly that man will throw something out there knowing it’s going to just have somebody’s head explode.

James Walker – CEO of Nano Energy [00:26:18] I can tell you that I’ve seen Jay, obviously, he’s the president of our company to negotiate. And you can tell he’s a New Yorker and you can’t tell it’s a new York thing, throw something out there to completely upset the other side, to put them on a wrong footing, so then you can get what you want. So I’ve see him do it now, so I know how he negotiates and I know in New Yorkers learn it. I know when Trump does that kind of stuff, I know what’s happening now, it’s negotiate.

Stuart Turley – President and CEO of Sandstone Group [00:26:44] Well, I’ll tell you what, James, I hope this is the first of many podcasts with you because I really enjoyed our time and next time you see Jay, give him a big hug for me. Cause that was a fun podcast when he was on, but I am excited about the future of nano nuclear energy. And I think you guys have got a rock star product getting ready to roll out. This is you.

James Walker – CEO of Nano Energy [00:27:08] huge and as I say like I think it’ll be a transformative technology that can reshape the way the world works. So yeah there’s a lot of interesting stuff to come.

Stuart Turley – President and CEO of Sandstone Group [00:27:17] Oh, this is fantastic. Thank you so much. How do people get a hold of you and then how do people get ahold of nanotechnology?

James Walker – CEO of Nano Energy [00:27:24] Well, look, you can contact us directly through our website nanonuclearenergy.com and you can sign up for our newsletter or on Instagram and Facebook and LinkedIn and all those kind of things which I never ordinarily visit, but we are on there and you could do any of those networks. You can reach out and connect us to us through this.

Stuart Turley – President and CEO of Sandstone Group [00:27:41] Being in the working in the tech industry, it’s not always a good thing being on social media. So you yourself five years off of your life by not being on

James Walker – CEO of Nano Energy [00:27:55] Yeah, look, obviously it’s got its benefits and its downsides, for sure, but I think in the day and age we live, it’s never going to go away and for companies, they’ve got to be on all these different platforms. But personally, it is a different question on a personal level, whether you want to advertise your life to them.

Stuart Turley – President and CEO of Sandstone Group [00:28:13] grace the world. It’s up to you. Oh, absolutely. Thank you again, James, and thank you. I really appreciate your time.

James Walker – CEO of Nano Energy [00:28:19] Great. All right.

Stuart Turley – President and CEO of Sandstone Group [00:28:19] All right, thanks a lot Stu, thanks for having us on.