Maire S.p.A. and newcleo Holding SA have signed an agreement for a Joint Venture Company (JVC) to develop a new generation commercial-scale power plant, based on newcleo’s 200 MWe Advanced Modular Reactor (AMR).
newcleo’s LFR (Lead-cooled Fast Reactor)-AS-200 technology uses mixed oxide (MOX) fuel. According to newcleo’s plan, the first non-nuclear pre-cursor prototype of the AMR is expected to be ready by 2026 in Italy, the first reactor operational in France as of the end 2031. A final investment decision on the first commercial power plant is expected around 2029.
The venture, between Maire’s subsidiary NextChem (Sustainable Technology Solutions) and newcleo, will facilitate and accelerate the development and commercialisation of the reactor. newcleo will take a 40% stake in the newly incorporated company focused on creating new intellectual property (IP) and performing technical services. NextChem will contribute skills, management and engineering competences and tools, as well as a dedicated commercial platform for the deployment of LFR-AS-200 projects. The deal will result in NextChem being granted newly issued shares up to 5% of newcleo’s share capital at pre-money valuation, subject to the achievement of certain milestones.
The JVC will benefit from competences of both parties and create its own new IP. In particular, newcleo will develop the nuclear reactor for its own LFR-AS-200 technology, while
NextChem will leverage its know-how to enable the JVC to deliver the extended basic design, procure the critical proprietary equipment relevant to the conventional island and balance of plant, and provide project management/integration services to newcleo.
The JVC will also provide integration services to other Small Modular and Advanced Modular Reactor technology providers who are not competing with newcleo.
Technimont (Integrated E&C Solutions) will also be granted a preferred partner status for the delivery of projects, thanks to its approach to construction and planning methodology, reducing time and costs.
The transaction is expected to be finalized by the end of February 2025.
Stefano Buono, Founder and CEO of newcleo stated: “This joint venture brings together the best of our respective expertise and skills to trailblaze the delivery of new nuclear technologies. Maire’s Sustainable Technology value proposition provided through NextChem’s track record in international EPC delivery, optimising process plant and implementing modularisation makes them the perfect partner for the modular design of our Advanced Lead-Cooled Fast Reactors.”
In a related development, newcleo has submitted its Safety Option File (DOS) to the French Nuclear Safety Authority (ASN) for its fuel assembly testing facility.
It marks the beginning of a new regulatory phase, during which the project’s key safety options will be reviewed, paving the way for an application for authorisation to create a Basic Nuclear Installation (INB). The ASN’s official opinion will initially focus on an advanced fuel assembly testing facility.
