newcleo, a European developer of advanced nuclear technologies, announced it has closed an $85 million financing round, bringing total funds raised over the past year to more than $125 million. The company said the latest round raises its total capital raised since 2021 to more than $755 million and will support expanded R&D infrastructure in Europe and accelerate its U.S. growth strategy.
The company said the round included continued backing from existing shareholders, including venture firms Kairos and Indaco Ventures, asset manager Azimut Investments, the CERN pension fund, and industrial components manufacturer Walter Tosto. newcleo also added a slate of new industrial investors, including steel mill equipment manufacturer Danieli, cement and concrete producer Cementir Holding, and valves manufacturer Orion Valves through its investment vehicle Ecoline, along with investment vehicles backed by industrial families active in the oil, hydrogen, and plastics sectors. Technology company NextChem, part of engineering group MAIRE, also became a shareholder following the establishment of NEXT-N, a joint venture focused on engineering services and technologies for conventional island and balance-of-plant requirements in the global small modular reactor market.
newcleo is developing lead-cooled fast reactor technology paired with fuel derived from recycled nuclear waste, positioning its approach as a way to supply steady electricity and industrial heat for energy-intensive industries. The company said it is working with industrial partners to tailor its technologies for end users, citing collaborations with Fincantieri on nuclear-powered ships, Saipem on floating nuclear power plants, MAIRE on green chemicals production, and Danieli on green steel manufacturing.
The company said it is advancing licensing, siting, R&D, and commercial partnerships across multiple geographies. In France, newcleo said it has submitted its nuclear safety program for both its advanced fuel manufacturing facility and its advanced reactor design, and it aims to apply for construction licenses for both by the end of 2027. The company said it has secured a site in Nogent-sur-Seine to host the fuel manufacturing facility and has initiated the land acquisition process for a reactor site in Chinon.
In Italy, newcleo said it is building an R&D and qualification facility at ENEA’s Brasimone Research Center and has completed OTHELLO, a 2 MW loop-type system to qualify key components for its technology. The Brasimone site is also planned to host PRECURSOR, a 10 MW lead-cooled non-nuclear test system designed to integrate reactor subsystems through the turbine and represent commercial-scale operations. newcleo said it plans to complete construction of PRECURSOR by the end of 2026 and commission it in early 2027, and it emphasized that PRECURSOR is being designed, procured, and built through subsidiaries and manufacturing companies as part of its vertical integration strategy.
In Slovakia, newcleo said it has established Newvys, a joint venture with state-owned decommissioning company JAVYS, to deploy up to four 200 MWe reactors at the Jaslovske Bohunice nuclear site. In the U.S., newcleo said it has signed a strategic partnership with Oklo to advance a domestic nuclear fuel ecosystem and support development of advanced fuel manufacturing infrastructure.
newcleo said the new financing reflects investor interest in low-carbon energy solutions for energy-intensive firms and will fund continued deployment of its European R&D infrastructure, including construction of PRECURSOR, while supporting expansion efforts in the United States.
KEY QUOTE:
“Our ability to deliver impactful low-carbon energy solutions for energy-intensive firms is proving an attractive investment rationale for both industrial and financial investors. Our tangible progress in licensing, R&D, vertical integration and geographic expansion is seen by investors as a key differentiator in the race to deliver clean, safe and affordable nuclear energy. This financing will support the continued deployment of our R&D infrastructure in Europe, including the construction of PRECURSOR, our non-nuclear reactor, and accelerate our expansion in the US, which today represents the most dynamic market for advanced reactor technologies. The US is also home to key institutional, strategically aligned investors and market opportunities that we are eager to explore”.
Stefano Buono, Chief Executive Officer, newcleo
