Newcleo has reached an agreement to list on the Nasdaq stock exchange by merging with NewHold Investment Corp III, the blank-check company founded by Italian physicist Stefano Buono, the firm said on Wednesday. The transaction sets a pro forma valuation for Newcleo at $2.4 billion and is expected to deliver up to $429 million in gross proceeds when completed.
The company, founded in 2021, focuses on developing advanced modular lead-cooled fast reactors and on producing nuclear fuel derived from reprocessed nuclear material. As part of its planned expansion, Newcleo will collaborate with partner Oklo Inc. on a program launched by the U.S. Department of Energy that could repurpose surplus plutonium from the Cold War era as reactor fuel.
In a statement summarizing the collaboration, the companies said: "In partnership with Newcleo, Oklo would lead the utilization of surplus plutonium, while Newcleo would bring relevant fuel-cycle experience." The parties positioned the joint effort within the DOE program framework, which aims to explore options for handling surplus material.
Since its inception in 2021, Newcleo has raised roughly $780 million from private investors, including funding from Exor Seeds, the venture capital arm associated with the Agnelli family. The SPAC merger is expected to complete in the second half of 2026, subject to customary closing conditions.
Company representatives and transaction documents highlight the role nuclear energy could play in meeting rising electricity demand in the United States, especially from data centres and artificial intelligence applications that require growing power capacity. The deal would provide Newcleo with public market access and new capital to support its reactor and fuel-cycle development efforts.
Deal specifics
- Pro forma valuation: $2.4 billion.
- Potential gross proceeds from the transaction: up to $429 million.
- Expected closing timeline: second half of 2026.
Company background and partners
- Newcleo develops advanced modular lead-cooled fast reactors and nuclear fuel from reprocessed material.
- Partnered with Oklo Inc. on a U.S. Department of Energy program to assess using surplus Cold War-era plutonium as reactor fuel.
- Founded in 2021; private funding raised to date approximately $780 million, including capital from Exor Seeds.
Market context
The firms involved framed the transaction as a step to accelerate deployment of Newcleo's technology and to position nuclear power as an option to supply expanding electricity needs in technology-heavy sectors. The merger with NewHold Investment Corp III will transition Newcleo from private ownership toward the public markets and provide additional financing for its programs.