Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Newcleo to raise £900m to build fleet of small nuclear reactors in UK

by March 20, 2023
March 20, 2023
Newcleo to raise £900m to build fleet of small nuclear reactors in UK

A British-based nuclear company backed by Italy’s Agnelli family plans to raise nearly £900 million to advance a plan to build a fleet of small nuclear reactors in Britain.

Newcleo, based in London, has an ambitious scheme to build one plant a year in the UK up to 2050 and eventually generate 4 gigawatts of electricity, more than will be produced by the large new nuclear plant being built at Hinkley Point in Somerset by EDF.

Its reactor will use fuel made in part from plutonium. Britain has one of the world’s largest stores of plutonium, a waste product from traditional nuclear plants.

Newcleo could be a contender in the competition announced last week by Jeremy Hunt, the chancellor, for designs for small modular reactors (SMRs) to be built in the UK. Details of the contest are expected at the end of the month, but industry sources said it was expected the Treasury would co-fund development of a prototype, and perhaps also eventually commit to buying power from the first commercial plants at an agreed price.

Stefano Buono, Newcleo’s chief executive, said the company was happy with the competition and was waiting to see the details. He said, however, that Newcleo would press ahead regardless of the outcome. “For us the ideal situation is that a government gives us a contract to produce power at a certain price, then leaves us to do the rest,” he said.

Newcleo has already raised about £350 million from investors including Exor, the investment vehicle of the Agnelli family, the business dynasty with its roots in the Fiat motor company. It plans to build prototype plants in France and Italy, and is close to a final submission to Britain’s Office for Nuclear Regulation to have its reactor design approved, a process expected to take about four years. Newcleo’s design is unusual in that it uses lead as the coolant for the reactor, and a mixed-oxide fuel partly made from plutonium.

“The point of building these two prototypes is to help with the approval process in the UK. We will be able to produce evidence that we have a proven and reliable technology,” Buono said.

Read more:
Newcleo to raise £900m to build fleet of small nuclear reactors in UK

0
FacebookTwitterGoogle +Pinterest
previous post
Housing market stabilising after turbulence of Truss and Covid
next post
Credit Suisse rescued in emergency £2.7bn deal

You may also like

Huge boom in over 50 year old entrepreneurs...

March 12, 2024

Reimagining Financial Transactions with Banxe: The Frictionless Economy

July 25, 2024

Government opens consultation on biomass carbon capture and...

August 12, 2022

UK retirement age could hit 68 in the...

January 25, 2023

The Guide To SEO & Link Building (Plus...

August 6, 2024

Aston Martin poaches CEO from rival Bentley

March 22, 2024

Britain loses 6,000 retail outlets in five years...

July 28, 2023

New Home Office fraud legislation exposes employers to...

April 24, 2023

Gerry Adams considers suing Meta over alleged use...

April 10, 2025

Housing crisis leaves 21 hopeful tenants battling for...

September 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved