Nuclear developer Newcleo expects to go public through a merger with NewHold Investment Corp III in a deal valuing the company at about $2.4 billion, the Wall Street Journal reported on Wednesday.
The transaction is expected to close in the second half of the year and will list the combined Paris-based company on Nasdaq under the ticker NWCL.
Newcleo operates in seven countries, including the US, and says the listing will support its expansion into the American nuclear market while funding existing European projects. The company has raised more than $780 million since its founding in 2021 and employs over 900 people.
The special purpose acquisition company deal is expected to deliver more than $420 million in gross proceeds, funded through NewHold's trust account and a private investment in public equity.
Newcleo is developing a next-generation small modular reactor that uses liquid lead as a coolant instead of water, allowing operation at atmospheric pressure. The system is designed to run on mixed-oxide fuel made from recovered plutonium and depleted uranium.
The reactor would produce about 200 megawatts of electricity or 480 MW of thermal energy, serving both power generation and industrial heat applications, such as steel and chemical production.
Chief Executive Stefano Buono reportedly said the funding could support the company through 2028 or 2029, even if development timelines accelerate. The company aims to build a fuel fabrication plant by 2031 and a commercial reactor by 2032, with potential for earlier deployment.
Newcleo did not immediately reply to inquiries from.
In March, Newcleo began pre-licensing talks with the US Nuclear Regulatory Commission for its first US reactor and fuel facility.
The company is also partnering with Oklo on fuel manufacturing infrastructure. Both firms were selected to enter into advanced negotiations with the US Department of Energy to receive surplus plutonium from weapons programs.
Newcleo's entry into public markets comes amid a wave of nuclear startups going public as electricity demand rises, particularly from AI-driven data centers. Recent examples include NuScale Power and X-Energy, both of which have used public listings to fund reactor development.
Buono told the Journal the SPAC route was chosen to speed entry into US capital markets, citing strong investor interest in nuclear innovation and improved policy signals on fuel recycling.
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