Nuclear technology company Newcleo is set to go public through a merger with NewHold Investment Corp III, valuing the firm at $2.4 billion. The transaction, expected to close in the second half of 2026, aims to provide up to $429 million in gross proceeds, enabling Newcleo to expand its reactor deployment and fuel manufacturing capabilities across Europe and the United States.
Newcleo, which is developing advanced modular lead-cooled fast reactors and nuclear fuel from reprocessed nuclear material, will collaborate with Oklo Inc. on a U.S. Department of Energy initiative. This program explores the use of Cold War-era plutonium as nuclear reactor fuel, with Oklo leading the utilization of surplus plutonium and Newcleo contributing its fuel-cycle expertise.
The merger will see Newcleo's existing management team continue to lead the combined company, with current shareholders rolling over 100% of their equity. Since its founding in 2021, Newcleo has raised approximately $780 million from private investors, including Exor Seeds and Italian entrepreneurs.
“The capital raised as part of this strategic transaction, combined with public market access, will enable us to rapidly advance our reactor deployment and fuel manufacturing capabilities across Europe and the United States.”
Buono, CEO and co-founder of Newcleo
Guggenheim Securities is advising Newcleo on the financial aspects of the merger, while Goldman Sachs and BTIG are acting as placement agents and capital markets advisers.
Newcleo's CEO and co-founder, Buono, stated that the capital raised through this strategic transaction, along with public market access, will allow the company to rapidly advance its clean energy initiatives and reduce nuclear waste.
Background
The collaboration between Newcleo and Oklo is part of a broader trend in the nuclear energy sector, where companies are seeking innovative solutions to meet rising energy demands and address environmental concerns. The use of surplus plutonium could potentially reduce nuclear waste and provide a sustainable energy source.
As Newcleo prepares to enter the public market, industry observers will be watching closely to see how the company leverages its new capital and partnerships to achieve its ambitious goals in the nuclear energy sector.
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