Nuclear startup Newcleo has attracted €75 million in new funding from investors

Italian nuclear startup newcleo has raised €75 million in a recent funding round through contributions from investors, including new ones such as the Danieli group. This is stated in the company’s announcement.

Thanks to the latest funding, the company’s total capital raised over the past 12 months has exceeded €105 million. Total funding since the startup’s founding in 2021 has reached €645 million.

“This funding will support the further deployment of our research and development infrastructure in Europe, including the construction of PRECURSOR, a non-nuclear reactor, and accelerate the company’s expansion in the US, which is currently the most dynamic market for advanced reactor technologies,” said Newcleo CEO Stefano Buono.

Newcleo specializes in the creation of advanced modular reactors that run on recycled nuclear waste and supports the development of decarbonized, energy-intensive industries by providing stable, surplus, and competitive electricity and industrial heat.

The company works with leading industry firms and industrial groups to adapt its innovative technologies to the needs of end users. Currently, newcleo has established partnerships with, among others, shipbuilder Fincantieri (for nuclear ships), offshore engineering company SAIPEM (for floating nuclear power plants), chemical and engineering company MAIRE (for the production of environmentally friendly chemicals), and steel mill equipment manufacturer Danieli (for the production of environmentally friendly steel).

In France, the company has presented its own nuclear safety program for both its advanced fuel production facility and its advanced reactor design, and intends to apply for licenses to build both types of facilities by the end of 2027.

In Italy, newcleo is building a modern research, development, and qualification center at the ENEA research center in Bracimone. In Slovakia, the startup has created Newvys, a joint venture with the Slovak state-owned nuclear decommissioning company JAVYS, to deploy up to four 200 MW reactors at the Jaslovské Bohunice nuclear site.

In the US, newcleo and Oklo have signed a strategic partnership agreement to develop a local nuclear fuel ecosystem and build advanced infrastructure for nuclear fuel production.

In March last year, Danieli and newcleo signed a memorandum of understanding. The companies will explore opportunities to integrate Lead-cooled Fast Reactors (LFR) technology into steel production.