Naarea, a three-year-old Paris-based nuclear startup, is looking to raise €150m ($164m) as it seeks to develop a small modular reactor that could be deployed from the start of the next decade.

The company, which has already raised €50m from companies including Eren Groupe, which develops and invests in energy plants, and €10m from the government, is reaching out to venture capital, industrial and institutional investors, and sovereign wealth funds for a Series A funding round with the help of Rothschild & Co, co-founder Jean-Luc Alexandre said in an interview in Paris Friday.

Alexandre hopes to close the fundraising in the first quarter next year.