Newcleo, a clean nuclear technology company, has announced the closure of the UK tranche of its Series A capital raise, securing €135M. With this, the company has now raised a total funding of €535M.
Investors participating in Newcleo’s latest round include Inarcassa, the Italian National Pension and Security Fund for Engineers and Architects; Walter Tosto, an Italian nuclear engineering and manufacturing company; and, Ingérop, a French nuclear engineering and consulting firm.
Family offices and individual investors active in AI and data centres have also contributed to this round.
The firm mentions in a statement that it plans to reopen its Series A funding round in France later this year, focusing on attracting investments from French and European stakeholders.
According to Sifted, Newcleo is targeting a €1B funding round announced 18 months ago. The company reported having €221M in the bank as of June 30, 2024, but saw its losses more than triple to €57.5M in 2023.
Relocating to France
Besides the funding, Newcleo also announced the relocation of its holding headquarters from London to Paris, a strategic decision aimed at bolstering its European presence and enhancing growth prospects.
With the newly appointed European Commissioner for Energy tasked with accelerating the development of small modular reactors (SMRs), Newcleo says its relocation comes at a pivotal time. The firm looks to reinforce its role in supporting the EU’s clean energy objectives and align with the EU’s energy transition goals.
In March, Newcleo’s UK General Manager Andrew Murdoch told Sifted that the UK government stated its waste plutonium would not be available for use as fuel in Newcleo’s reactors. France, however, offers both funding opportunities and access to radioactive waste, which is essential for Newcleo’s lead-cooled small modular reactors (SMRs).
Stefano Buono, founder, CEO and Chairman of Newcleo, says, “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. This move aligns with our commitment to making a global impact by closing the nuclear fuel cycle and providing a clean, safe, and reliable energy source.”
In France, Newcleo aims to achieve several goals, including the development of a precursor reactor in Italy by 2026, a MOX (Mixed Oxide) manufacturing plant in France by 2030, and the construction of a prototype reactor in France by 2031. The company plans to begin delivering commercial reactors in 2033.
This move will facilitate Newcleo’s growth trajectory and expand its global operations, which currently include over 90 partnerships and a workforce of more than 850 employees across 19 locations in France, Italy, the UK, Switzerland, and Slovakia. The relocation, however, will not involve staff transfers to ensure business continuity.
Brief about Newcleo
Launched in 2021, Newcleo is an innovator in nuclear energy, focusing on the design, construction, and operation of Gen-IV Advanced Modular Reactors (AMRs) that use liquid lead for cooling and reprocessed nuclear waste for fuel.
The company aims to close the nuclear fuel cycle while producing clean and affordable energy for low-carbon economies through a combination of existing technologies and a revived nuclear industry model.
With a projected turnover of €50M in 2024, Newcleo is expanding by acquiring companies with expertise in nuclear engineering, manufacturing, and waste management.
The team is dedicated to meeting ambitious project timelines and developing Small Modular Reactor supply chains in Europe and beyond.
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