Participated · Equity · Feb 2026

Newcleo positions itself as the only company with an advanced project to produce nuclear fuel from recycled material and to deploy that capability in the United States. The company has built in Italy a 10 MW electrically heated demonstration machine that mirrors the complexity of a future SMR and recently installed a Fincantieri turbine. Newcleo has formed a U.S. partnership with Oklo and says recent U.S. policy changes have enabled acceleration of its U.S. plans. It is pursuing a U.S. listing via a SPAC merger to access larger pools of innovation capital. Financially, Newcleo reported approximately €209 million of existing capital and has secured €220 million in new subscriptions tied to the proposed merger, with an implied valuation of about €2.4 billion. The company plans to use the proceeds to progress licensing, move toward construction, build its American fuel facility and reactor, and advance projects in Slovakia and France.