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Newcleo raises $315 million for pilot projects in France, UK

The London-based nuclear power startup harnesses new technology of lead-cooled fast reactors rather than the commonly used high-pressure water reactors. Its reactors run on conventional wastes and do not require mined uranium, thus saving costs

June 20, 2022 / 18:53 IST
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Newcleo, a nuclear power startup, has raised 300 million euros ($315 million dollars) from its existing investors to develop affordable power-generation pilot projects in France and the UK.

The London-based startup harnesses new technology of lead-cooled fast reactors rather than the commonly used high-pressure water reactors. These reactors run on conventional wastes and do not require mined uranium.

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“We are going to use these reactors as a test for these technologies,” Bloomberg quoted Newcleo CEO Stefano Buono as saying. “We believe our reactor is cheaper than current reactors.”

Newcleo is looking to develop the pilot, a 30-megawatt prototype, for 400 million euros, the company said.  Although typical reactors are 20 times this size, the company is using this pilot to test the technology. If successful, the company aims to build a 200-megawatt commercial unit in under a billion euros owing to its cheaper nuclear reactor.