Newcleo focuses on Europe with HQ move from UK to France

Newcleo, the developer of small modular lead-cooled fast reactors, has relocated its headquarters from London to Paris in a move which opens up "access to a broader range of European funding opportunities".

In a statement announcing the move, Newcleo said: "The company is now better placed to secure significant investments and grants from European institutions and institutional investors ... with the newly appointed European Commissioner for energy given a specific mandate to accelerate the development of small modular reactors, Newcleo's relocation comes at a crucial time."

The company, launched in 2021, currently has more than 850 employees at 19 locations across France, Italy, the UK, Switzerland and Slovakia.

Newcleo says its "ambitious timelines" include the development of a precursor reactor in Italy by 2026, the establishment of a MOX manufacturing plant in France by 2030, the construction of a prototype 30 MWe lead-cooled fast neutron test reactor in France by 2031 "and the delivery of commercial reactors starting from 2033".

A spokesperson told World Nuclear News the headquarters move does not involve any staff transfers. The company has previously said it aimed for its first-of-a-kind commercial reactor to be in the UK - the spokesperson said it "continues to target a first UK reactor by 2033".

Newcleo's founder, chairman and CEO Stefano Buono said: "Relocating our headquarters to Paris is a strategic milestone in accelerating our mission to deliver the next generation of sustainable nuclear energy. We are now better positioned to deepen our European partnerships and tap into funding resources from institutional and industrial investors. This move aligns with our commitment to making a global impact by closing the nuclear fuel cycle and providing a clean, safe, and reliable energy source."

The company also announced it was closing the "UK phase of its Series A capital raise and will reopen it in France later this year to further facilitate investments from French and European parties. At the date of the tranche closing, the company has raised a total of over EUR535 million (USD596 million) from institutional and individual investors, of which EUR135 million has been subscribed and paid from the UK Series A tranche".

Newcleo says its investor base now includes more than 700 shareholders, including funding from Inarcassa (the Italian National Pension and Security Fund for Engineers and Architects), Walter Tosto, Ingérop, "family offices and individual investors active in AI and data centres development".

In April, the UK's Nuclear Industry Association applied for a justifcation decision for Newcleo's LFR-AS-200 lead-cooled fast reactor, the first time such an application had been made for an advanced nuclear technology in the UK. Last month, the company signed a cooperation agreement with Slovak nuclear engineering and services firm VUJE covering an assessement of deploying Newcleo's LFR technology in Slovakia and exploring fuel cycle solutions to potentially re-use Slovakia's used nuclear fuel inventory, collaborating on research and development activities and developing skills and capabilities in advanced nuclear technologies.