French nuclear startup Otrera New Energy has announced a €17m ($14.6m) funding round as it accelerates work to develop a new generation of compact, competitive nuclear reactors designed for industrial deployment.

The company, an Aix-en-Provence-based spinoff from French Alternative Energies and Atomic Energy Commission, said the funding round comprises of equity and grants from France 2030, a €54bn national investment plan launched by the French government to transform key industrial sectors. The funding round also includes shareholders such as Groupe ADF, Groupe EDF, Exergon Fund, Ingerop, Fortil Group, Normandie Participations, Onet Technologies, REEL Group, and SNEF Group.

Otrera said the milestone marks its entry into an advanced engineering and industrial preparation phase for its Generation IV sodium-cooled fast neutron reactor. The reactor is a compact, modular technology tailored to “energy sovereignty and industrial decarbonisation challenges”, Otrera said.