enCore Energy Clears NRC Hurdle as ESS Tech Pivots Strategy

A nuclear regulator just cleared a uranium mine in South Dakota. A battery maker just announced it is betting less on the battery it built its company around. A penny stock worth less than $1 million just landed a $45 million tax credit.

enCore Energy Clears NRC Environmental Hurdle for South Dakota Uranium Project

enCore Energy Corp. (Nasdaq: EU / TSXV: EU) announced on June 22 that the US Nuclear Regulatory Commission issued an Environmental Assessment followed by a Finding of No Significant Impact for the 20-year renewal of the Dewey Burdock Uranium Project’s Source Materials License. The NRC has stated it will renew the license once it confirms the company has demonstrated it will continue to meet safety requirements for construction and operation of the in-situ recovery facility. The safety evaluation review is the final remaining step.

This follows a Bureau of Land Management decision four days earlier, on June 18, authorizing enCore to begin construction of access roads, groundwater monitoring wells, and power lines on the BLM-managed portion of the 10,580-acre project. Dewey Burdock was approved for the Fast-41 program in August 2025, putting it on an accelerated federal permitting track under an existing executive order targeting priority infrastructure and critical mineral projects.

In-situ recovery uranium mining (a technique that dissolves uranium in place underground using an oxygen and water-based solution, rather than excavating ore, generally producing lower surface disturbance than conventional mining) has been enCore’s core method since the 1990s-era technology was adapted for its Texas operations. Dewey Burdock would be its first South Dakota project. The license still requires the NRC to complete its safety evaluation before the 20-year renewal is finalized. enCore’s broader financial profile, including its revenue trajectory and cash runway, can be reviewed in the company’s most recent SEC filings. Filings on SEC EDGAR.

ESS Tech Pivots Toward Sodium-Ion Batteries the Same Week It Discloses an NYSE Deficiency Notice

ESS Tech (NYSE: GWH) announced on June 23 that it is accelerating development of a US-made sodium-ion battery storage system, after generating what it called surging early customer interest since announcing a letter of intent with Alsym Energy seven weeks earlier. The company says early-stage sodium-ion opportunities now approach $1 billion across data centers, critical infrastructure, and utility customers.

ESS built its identity on iron flow battery technology, a non-lithium chemistry the company says is safer and uses more abundant materials than lithium-ion. That development continues, but the company is now streamlining its Wilsonville, Oregon operations and reallocating capital toward sodium-ion, which management frames as having nearer-term revenue potential.

The same week brings the part the headline leaves out. On June 15, ESS disclosed it had received written notice from the NYSE for failing to meet the minimum share price listing standard. As of May 31, 2026, the company held approximately $13.6 million in cash and short-term investments. Its SEC filing explicitly discloses substantial doubt about its ability to continue as a going concern. Revenue fell from $6.3 million in 2024 to $1.6 million in 2025. The $1 billion in sodium-ion opportunities is explicitly described as early-stage and not committed orders. A board resignation was also disclosed June 18. None of this means the sodium-ion strategy is wrong. It does mean the company needs the strategy to work quickly. Filings on SEC EDGAR.

A Company Worth Less Than $1 Million Lands a $45 Million California Tax Credit

Graphene & Solar Technologies (OTCID: GSTX) disclosed on June 23 that its wholly owned subsidiary, The Quartz & Silicon Materials Company, was awarded a $45 million California Competes Tax Credit through the California Office of Business and Economic Development. The five-year award supports two planned silicon ingot and silicon wafer manufacturing projects in California, part of the company’s stated goal of becoming one of the first US producers of domestically made silicon wafers.

The number worth sitting with: GSTX has a market capitalization of roughly $871,000 and essentially no reported trailing twelve-month revenue. A $45 million state tax credit awarded to a company worth less than $1 million is the kind of mismatch that demands scrutiny, not excitement. Tax credits of this type are typically structured to reimburse a portion of qualifying capital investment and job creation over the life of the award; they do not represent cash in hand and do not guarantee the underlying facilities get built.

GSTX, formerly Solar Quartz Technologies, has discussed plans for a 10 GW US silicon wafer facility and related projects in Australia and New Zealand in prior SEC filings going back to 2024, none of which have yet reached production. The tax credit agreement itself is attached as an exhibit to the company’s Form 8-K and should be read in full by anyone researching this name. Filings on SEC EDGAR.

Upcoming Catalysts: enCore NRC Safety Review, ESS Tech Sodium-Ion Orders, GSTX Construction Milestones

enCore Energy NRC safety evaluation: the final step in renewing the Dewey Burdock license. Completion would mark the regulatory finish line for a project that has now cleared both its federal land-use and environmental hurdles.

ESS Tech sodium-ion conversion: the company says it has nearly $1 billion in early-stage opportunities. Watch for the first converted, binding order, and for any update on the NYSE compliance plan and cash runway.

GSTX silicon wafer construction: a tax credit is not a shovel in the ground. Watch for any site selection, permitting, or construction announcement that would indicate the planned facilities are moving from filing exhibits to physical reality.

Sources

Editorial Disclosure

This roundup is based entirely on publicly available information including press releases and SEC filings. Securities discussed include enCore Energy Corp. (Nasdaq: EU) (TSXV: EU), ESS Tech, Inc. (NYSE: GWH), and Graphene & Solar Technologies Limited (OTCID: GSTX). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. enCore Energy press release date confirmed as June 22, 2026, via PRNewswire; the related Bureau of Land Management authorization was announced June 18, 2026. The NRC’s Finding of No Significant Impact is not a final license renewal; a safety evaluation review by the NRC remains the final step before the Dewey Burdock license is renewed for a further 20-year term. ESS Tech press release date confirmed as June 23, 2026, via the company’s own newsroom and a contemporaneous SEC Form 8-K. ESS Tech disclosed a New York Stock Exchange notice for failing to meet the minimum share price listing standard on June 15, 2026, and disclosed substantial doubt about its ability to continue as a going concern in its SEC filings; as of May 31, 2026, the company held approximately $13.6 million in cash and short-term investments, and reported revenue declined from $6.3 million in 2024 to $1.6 million in 2025. ESS Tech’s stated approximately $1 billion in early-stage sodium-ion opportunities are explicitly not committed or binding orders, and ESS Tech itself has cautioned that demand may not develop as anticipated. Graphene & Solar Technologies Limited press release date confirmed as June 23, 2026, via a Form 8-K filed with the SEC. Graphene & Solar Technologies Limited has a market capitalization of approximately $871,000 as of recent data and reported negligible trailing twelve-month revenue; the company has no current production of silicon wafers or related products, and its previously disclosed manufacturing plans dating to at least 2024 have not yet reached production. The $45 million California Competes Tax Credit referenced in this article is a multi-year award tied to capital investment and job creation milestones; it does not represent an immediate cash payment to the company and does not guarantee that the underlying manufacturing facilities will be constructed or become operational. Readers researching GSTX should review the company’s full SEC filing history, including its going-concern and liquidity disclosures, given its micro-cap size and minimal revenue base. These are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.

enCore Energy Clears NRC Hurdle as ESS Tech Pivots Strategy

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