newcleo is developing innovative Generation IV reactors which can run by existing waste produced by traditional nuclear reactors
The funds raised will be used to accelerate newcleo’s overall growth and its expansion into manufacturing nuclear fuel for its new-generation reactors from existing waste produced by traditional reactors.
The company has recently opened its French subsidiary newcleo SA, expanding its European footprint. France is a strategically important market and newcleo’s presence there comes at a key moment, with the French government recently defining the country’s energy policy to extend the life of existing reactors and build new ones. newcleo SA’s focus will be to work towards the establishment of a Mixed Plutonium-Uranium Oxides (MOX) production plant.
The fundraising follows the company’s launch last year with a 100 million-euro injection. Investors include the Agnelli family’s holding company Exor NV, Italian asset managers Azimut Holding SpA, as well as a number of wealthy Italian business people such as ex-Goldman Sachs Group Inc. banker Claudio Costamagna.
Stefano Buono, newcleo Chairman and CEO, commented:
“newcleo is moving fast to address the pressing need for clean and sustainable energy. The recent geopolitical developments have undeniably reinforced the importance of nuclear in ensuring global energy security and the necessary step change in decarbonisation efforts. The momentum is strong and the capital market’s appetite is evident. This is the right moment to change the paradigm of nuclear energy towards a new technology, that can efficiently address the major concerns of our industry – costs, safety and waste – in a sustainable way.
We look forward to pressing ahead with our clear priorities in the second half of 2022 and securing the right sites in France and the UK for both our prototype reactors and our MOX manufacturing facilities.
I warmly thank all our investors who have put their confidence in newcleo, as well as all of our employees and partners. This raise is the latest step to deliver our vision for the future of nuclear energy. newcleo’s Board, our leadership team and I are confident and engaged in delivery.”
