Facing a less competitive environment in the UK, newcleo relocates to Paris, despite no staff transfers.
- The move aims at better accessing European markets and funding opportunities for nuclear innovations.
- newcleo’s future plans in the UK remain expansive, focusing on strategic developments.
- The company highlights its focus on European expansion, closing nuclear fuel cycles for clean energy.
- Relocation accompanies newcleo’s strategic goals, including key projects in Italy and France.
In a significant strategic development, newcleo, the renowned advanced modular reactor developer, has officially shifted its headquarters from London to Paris. This relocation reflects the company’s assessment that the UK offers a less competitive environment compared to France for developing small modular reactors (SMRs) and advanced modular reactors (AMRs). Intriguingly, the move did not involve any transfers of staff. However, contrary to what might be expected, the company’s plans within the UK remain on a notably aggressive growth trajectory.
An earlier report by sifted, affiliated with the Financial Times, in August 2024, foretold newcleo’s intentions to relocate. This move was later confirmed by the company, emphasising their commitment to tapping into the European markets. A further announcement in May 2023 confirmed their ongoing pursuit of substantial investment, seeking €1 billion for an SMR design based on lead-cooled fast reactors (LFRs). So far, newcleo has secured £352 million to support its innovative designs capable of operating using nuclear waste.
newcleo’s relocation announcement mentioned the completion of a UK Series A funding stage with raising approximately €135 million from it. Nevertheless, the decision to shift to Paris is strategic, aimed at accessing wider European funding avenues. This strategic move aligns with their broader objectives, including the establishment of a precursor reactor in Italy by 2026 and a MOX manufacturing plant in France by 2030.
Moreover, newcleo’s ambitious timeline includes the creation of a prototype reactor in France by 2031 and the deployment of commercial reactors by 2033. Their robust strategy underscores a concerted effort to enhance their international footprint, already comprising over 90 partnerships and more than 850 employees across multiple countries, including France, Italy, the UK, Switzerland, and Slovakia.
Positioning its headquarters in Paris not only opens up broader funding opportunities but also aligns with newcleo’s commitment to closing the nuclear fuel cycle. This alignment is further illustrated by a statement from newcleo’s founder, CEO, and chairman, Stefano Buono, who acknowledged the move as a critical milestone in advancing sustainable nuclear energy. This strategic decision underscores the company’s endeavour to make a global impact by providing clean, inexhaustible energy sources.
newcleo’s strategic relocation to Paris marks a pivotal step in its mission to lead nuclear innovation.
