A start-up developing small nuclear reactors powered by radioactive waste plans to raise €1 billion (£890 million) this year. Newcleo, an Anglo-Italian venture, will tap new and existing investors as it expands on its plans for a lead-cooled reactor fueled by waste derived from existing nuclear plants.
Stefano Buono, chief executive, said Newcleo, which raised €300 million last year, did not need the money just yet, “but we like to anticipate the need for funding a few years ahead”. Its backers include Exor, the investment vehicle of the Agnelli family, shareholders in Fiat owner Stellantis.
Newcleo’s reactors will output about 200MW — many times smaller than regular nuclear power stations such as Sizewell. The reactors at the new Hinkley Point C can output 1.6GW.
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