Newcleo pocket startup raises € 300 million for UK-France expansion

The startup of its space nuclear power Newcleo raised € 300 million in investment funding to develop its technology to carry out its first pilot projects in France and the United Kingdom.

The London-based company aims to reduce the cost of developing and producing nuclear power, in order for the latter to play a greater role in the removal of fossil fuels.

Although its technology is still in its infancy, it can greatly help Britain and France to build reliable new zero-emission energy sources using nuclear fuel.

Newcleo uses lead-cooled high-speed reactors, a new generation technology that operates at atmospheric pressure, which makes it safer than high-pressure water reactors, according to Bloomberg. Lead cooling systems can also run on conventional unit waste, which means they do not need uranium.

The financing cycle follows last year’s inflow of 100 million euros with the start-up of the company. Investors include the Italian Anielli family through Exor NV, the Italian asset management company Azimut Holding, as well as a number of Italian businessmen, including former Goldman Sachs banker Claudio Costamagna.

Newcleo aims to build a standard 30-megawatt power unit – small for nuclear power plant data, which is about 20 times larger in size.

The unit, however, will cost just 400m euros.

“We will use these reactors as test tubes for these technologies,” said Stefano Buono, CEO of Newcleo. “We think our reactor will be cheaper than it is today.”

If successful, the model could then be scaled up to a 200-megawatt commercial power plant. Even the largest unit is estimated to cost less than 1 billion euros.

In the UK and France, Newcleo is awaiting government approval and licenses to set up and operate its facilities.

It also plans to generate mixed fuel uranium-plutonium oxide from treated nuclear waste. It has already signed a contract with the French Orano to carry out tests to create this fuel.

Source: Capital

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