Nuclear tech company Newcelo told Net Zero Investor this morning it has launched an equity raise of €1 billion to fund the development of nuclear reactors and plants to manufacture fuel from nuclear waste.
"The capital raise will support newcleo’s continued path to net zero growth," with a delivery roadmap that will see the design and build of the Mini 30MWe LFR to be first deployed in France by 2030, rapidly followed by a 200MWe commercial unit in the UK only two years later, the company shared in a statement.
Newcleo explained it plans to develop so-called Generation IV reactors using nuclear waste as fuel.
"Our value proposition takes full advantage of the Small Modular Reactors’ (SMRs) benefits, like standardised manufacturing, construction, and quicker commissioning to address the shortcomings of conventional nuclear technology to make its project a compelling investment opportunity," the company stressed.
Launched in September 2021, the company has so far completed two successful capital raises, raising a total of €400 million, mostly coming from international investors.
MOX nuclear fuel
MOX, a nuclear fuel already approved for use in fast nuclear reactors in France, consists of depleted uranium (a by-product of the enrichment process of traditional reactors, for which there is currently no use but significant disposal costs), and plutonium.
"The use of MOX in newcleo’s reactors is a further element of the company’s cost-competitive, fully sustainable approach," the company explained.
It will decrease the environmental and financial cost of disposing of long-living radioactive waste; reduce proliferation risk; and completely avoid the need to mine for new nuclear fuel."
The industrial-scale manufacturing of MOX will secure the future fuel supply needed for the operation of newcleo’s 30 MWe first-of-a-kind reactor, and for the subsequent commercial fleet that will be deployed.
Stefano Buono, newcleo chairman and CEO, said that “between now and 2050, electricity demand is set to triple, driven by economic growth and electrification. This is a huge increase, and against a backdrop of necessary decarbonisation."
He explained that "we are building a new competitive standard in nuclear energy to meet this rising demand for electricity in a sustainable manner. Our technology can address decarbonisation of the energy systems and security of energy supply, two of the biggest challenges facing countries around the world."
