Nuclear energy company Newcleo has entered an agreement to list on the Nasdaq stock exchange under the ticker symbol "NWCL" through a merger with NewHold Investment Corp III, according to reports from The Economic Times. The merger will value the company at $2.4 billion and is expected to provide up to $429 million in gross proceeds. The transaction is expected to close in the second half of 2026, as stated by Newcleo in its official announcement. The deal was built by three law firms, as reported by Law360, demonstrating the complexity of the nuclear energy startup's public listing strategy.
Newcleo is developing advanced modular lead-cooled fast reactors and nuclear fuel from reprocessed nuclear material, as reported by The Economic Times. The company will work with Sam Altman-backed Oklo Inc. on a programme launched by the U.S. Department of Energy to explore the potential use of the country's Cold War-era plutonium as nuclear reactor fuel. According to the company statement, Oklo would lead the utilization of surplus plutonium, while Newcleo would bring relevant fuel-cycle experience to the partnership.
The company has established significant operational presence with over 900 employees across 16 offices in 7 countries, as reported by The Economic Times. Newcleo has generated $80 million in revenue, other income and financial income in 2024 from its operating companies. The company's 200MWe (480MWth) commercial reactor design is aimed at addressing critical industry needs by supplying combined electricity and high-temperature heat to energy intensive off-takers across industries, including data centers, chemicals, steel, glass, ceramics and paper manufacturing.
In the United States, nuclear energy is seen as a promising solution to meet rising power demand from data centres and artificial intelligence, according to The Economic Times. Since its founding in 2021, Newcleo has raised approximately $780 million from private investors, including the Agnelli family's Exor Seeds venture capital fund and Italian entrepreneurs. The company aims to meet clean energy needs and also reduce existing and future nuclear waste with its expertise on reprocessing waste, as stated by CEO and co-founder Stefano Buono.
The existing management team will continue to lead the combined company following the transaction, as reported by The Economic Times. Existing Newcleo shareholders will roll over 100% of their equity. Guggenheim Securities is acting as financial adviser to Newcleo, while Goldman Sachs is acting as lead placement agent. BTIG is also acting as placement agent and capital markets adviser to Newcleo. The deal's legal structure was built by three law firms, as reported by Law360, highlighting the complex legal framework required for nuclear energy SPAC mergers.
