A company developing a new nuclear power technology has launched an equity raising seeking up to €1 billion in funding. Launched in September 2021, the company has already raising a total of €400 million in two fund raises.
NewCleo is developing lead-cooled fast nuclear reactors (LFRs). It says its delivery roadmap will see design and build of the first Mini 30MWe LFR by 2030, to be deployed in France, followed by a 200MWe commercial unit in the UK two years later.
The company says its value proposition includes standardised manufacturing and construction as well as quicker commissioning.
The funds will help Newcleo expansion into manufacturing nuclear fuel for its reactors made from existing waste produced by traditional reactors. This will establish a mixed plutonium-uranium oxides (MOX) production plant in France, with a following plant in the UK. The fuel, already approved for use in fast reactors in France, consists of depleted uranium and plutonium.
The capital raise to accelerate will also be used for prototype development, manufacturing plant set up and site identification and acquisition costs in France and the UK.
In the last few months the company says it has agreed commercial collaborations and partnerships with more than 30 key players in the nuclear industry in France, Italy and in the UK. Public funding applications have been submitted in France.