A UK and EU-based company developing small modular reactors (SMRs) has announced an equity raise of up to £900m.
Newcleo says it will use the funding to continue developing its lead-cooled fast nuclear reactors, alongside plans to manufacture fuel from nuclear waste.
The reactors are set to feature the benefits of other types of proposed SMRs, as well as being able to use up existing stocks of nuclear waste.
SMRs are small-scale nuclear plants built in offsite factories.
Newcleo, launched in September 2021, has already completed two capital raises worth £353m.
Among the firm’s plans is to set up a series of mixed plutonium-uranium oxide (MOX) production plants in France and the UK.
MOX is a nuclear fuel that consists of plutonium and depleted uranium, a byproduct of the enrichment process of traditional reactors.
There is currently no use for the byproduct, but there are significant disposal costs.
Newcleo says its reactors can help remove radioactive waste and avoid the need to mine for new nuclear fuel.
Newcleo has made an application to the UK Office for Nuclear Regulation for approval for the technology.
UK regulatory approval and government orders for a fleet of SMRs are still pending.
Chair and chief executive Stefano Buono said: “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.
“Our technology can address decarbonisation of the energy systems and security of energy supply, two of the biggest challenges facing countries around the world.”
Image credit: Natali _ Mis/Shutterstock
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