Nuclear Power Startup Newcleo Raises $315 Million for UK, France Expansion

Source: Will Mathis | · BLOOMBERG · | June 19, 2022

Source: Bloomberg

Nuclear power startup Newcleo raised 300 million euros ($315 million) to help the company develop its technology toward its first pilot projects in France and the UK.

The London-based company aims to bring down the development and production costs of nuclear power so it can play a bigger role in the transition away from fossil fuels. While the technology is still in early stages, it could benefit UK and French aspirations to scale new kinds of nuclear technologies as part of wider efforts to build reliable, zero-carbon power sources.

Newcleo uses what’s known as a lead-cooled fast reactor, a next-generation technology that operates at atmospheric pressure, making it safer than commonly used high-pressure water reactors. The lead-cooled systems also can run on waste produced by conventional plants, meaning they don’t require mined uranium.

The fund raise follows the company’s launch last year with a 100 million-euro injection. Investors include the Agnelli family’s holding company Exor NV, Italian asset managers Azimut Holding SpA, as well as a number of wealthy Italian business people such as ex-Goldman Sachs Group Inc. banker Claudio Costamagna.