Merger will support European company’s push into US market
Nuclear power developer Newcleo said on 27 May that it plans to go public through a merger with a blank-cheque company* in a deal valuing it at about $2.4bn (€2.06bn).
The Paris-based company, which operates in seven countries, said the merger would support its entry into the US power market and fund existing projects in Europe.
In a statement Newcleo said it generated approximately $80m in revenue, other income and financial income in 2024 from its nuclear equipment supply chain operating companies.
Newcleo has made substantial R&D investments since its founding in 2021 by physicist Stefano Buono and has a patent portfolio covering 31 patent families across both its lead-cooled fast reactor (LFR) design and mixed-oxide (MOX) fuel processing.
The company has raised approximately $780m of private funds to fund this growth as well as its licensing and siting progress.
In October 2025 Newcleo announced plans to form a partnership with US-based advanced nuclear technology company Oklo to build advanced nuclear fuel manufacturing infrastructure.
Newcleo says it is pioneering the next generation of nuclear technologies through its advanced modular LFRs, which use MOX fuel.
MOX fuel is a proven nuclear fuel made from reprocessed nuclear waste and nuclear materials. It is said to be a sustainable, low-carbon alternative to standard low-enriched uranium fuel and is widely used in commercial reactors to recycle nuclear waste and repurpose surplus weapons-grade plutonium.
Critical Energy For Industry
Newcleo’s 200 MWe (480 MWth) commercial reactor design is aimed at addressing critical industry needs by supplying combined electricity and high-temperature heat to energy intensive off-takers across industries, including data centres, chemicals, steel, glass, ceramics and paper manufacturing.
The company’s LFRs are designed to reduce certain severe accident risks by design by combining the intrinsic properties of lead with passive safety systems and atmospheric pressure operations.
“This transaction represents a pivotal moment for Newcleo as we accelerate our mission of closing the nuclear fuel cycle and safely producing clean and competitive low carbon energy," said Buono, who serves as CEO.
“The capital raised as part of this strategic transaction, combined with public market access, will enable us to rapidly advance our reactor deployment and fuel manufacturing capabilities across Europe and the United States.
“Newcleo is positioned to deliver a competitive solution to the world’s clean energy needs while reducing existing and future nuclear waste liabilities.”
* A merger with a blank-cheque company – formally known as a special purpose acquisition company (Spac) – is a financial manoeuvre where an existing publicly traded shell company merges with a private company to take the private company public, thereby bypassing the traditional initial public offering (IPO) process.
