Nuclear start-up newcleo has confirmed the relocation of its holding headquarters from London to Paris. This “reflects newcleo’s unwavering focus on growing its European presence and delivering its ambitious timelines and strategic projects”.
These include development of a precursor reactor in Italy by 2026; establishment of a mixed oxide (mox) manufacturing plant in France by 2030; construction of a prototype reactor in France by 2031; and delivery of commercial reactors starting from 2033.
Since its launch in 2021 newcleo has signed a long list of agreements, acquisitions and collaborations. Newcleo initially announced its incorporation with the closing of a $118m initial capital raising and the acquisition of Hydromine Nuclear Energy. In June 2022, it closed a €300m equity raise and contracted France’s Orano for feasibility studies on the establishment of a mox production plant.
In December 2023 newcleo said that it had been selected as part of the “Innovative Nuclear Reactors” call for projects under the “France 2030” investment plan and aims to commission a 30 MWe lead-cooled fast reactor (LFR 30) by 2030, as well as a pilot unit for the manufacture and multi-recycling of mox fuel for fast reactors.
Newcleo says its international footprint today counts over 90 partnerships, and more than 850 employees based in 19 locations across France, Italy, the UK, Switzerland and Slovakia, includingthree manufacturing facilities. Positioning its headquarters in Paris opens access to a broader range of European funding opportunities. “The company is now better placed to secure significant investments and grants from European institutions and institutional investors.”
Accordingly, newcleo has taken the decision to close the UK phase of its Series A capital raise and will reopen it in France later this year. At the date of the tranche closing, the company has raised a total of over €535m from institutional and individual investors, of which €135m has been subscribed and paid from the UK Series A tranche.
This latest tranche has seen an increasing number of European players joining newcleo’s growing investor base (which to date counts well over 700 shareholders) including funding from Inarcassa (Italian National Pension and Security Fund for Engineers and Architects), Walter Tosto (a leading Italian nuclear engineering and manufacturing company), Ingérop (a leading French nuclear engineering and consulting company), family offices and individual investors active in AI and data centres development.
Newcleo says its relocation comes at a crucial time “with the newly appointed European Commissioner for Energy given a specific mandate to accelerate the development of small modular reactors (SMRs)”.
Stefano Buono, newcleo founder, CEO & Chairman, commented: “Relocating our headquarters to Paris is a strategic milestone in accelerating our mission to deliver the next generation of sustainable nuclear energy. We are now better positioned to deepen our European partnerships and tap into funding resources from institutional and industrial investors.”
