Newcleo, the Franco-Italian nuclear deeptech company, announced on 4 February 2026 the closing of a €75 million funding round. This brings funds raised over the past twelve months to more than €105M, and total funding since the company was founded in 2021 to €645M. The capital will finance the deployment of PRECURSOR, a 10 MW non-nuclear testing system, and commercial expansion in the United States.
A round that strengthens Newcleo's European position
The €75M round brings together strategic industrial investors, including the Italian group Danieli (steelmaking), the cement maker Cementir, and Ecoline, the investment vehicle of valve manufacturer Orion Valves. According to Nuclear Engineering International, these new entrants reflect heavy industry's interest in decarbonization through advanced nuclear.
Newcleo was founded in September 2021 by Stefano Buono, Luciano Cinotti and Elisabeth Rizzotti. The company relocated its headquarters from London to Paris in September 2024, as confirmed by the company's Wikipedia page. Since the Choose France summit in May 2023, the company has put forward a €3 billion investment plan in France by 2030, including a recycled MOX fuel plant in Nogent-sur-Seine (Aube) valued at €1.8 billion, according to Le Journal des Entreprises.
LFR technology: a bet on lead-cooled fast reactors
Newcleo is developing Lead-cooled Fast Reactors (LFR), small generation IV modular reactors cooled by molten lead rather than pressurized water or liquid sodium. This technology claims three advantages: MOX fuel produced by recycling existing nuclear waste, passive safety reinforced by the physical properties of lead, and a cogeneration capacity suited to heavy industry.
The flagship project is PRECURSOR, a 10 MW non-nuclear demonstrator designed to validate the integration of the reactor's subsystems up to the turbine. Construction is starting in Italy. The first commercial unit, a 200 MWe LFR, is announced for the early 2030s.
Why lead instead of sodium
Sodium fast reactors have historically dominated the Generation IV field (Phénix, Superphénix, the Russian BN-800). Lead eliminates two major sodium constraints: its flammability on contact with air and water, and the need for an intermediate secondary circuit. The trade-off is a coolant weight roughly ten times higher, which complicates mechanical design and component corrosion.
The French context: advanced nuclear backed by the State
The operation is part of the France 2030 strategy, which has earmarked one billion euros for the development of SMRs (Small Modular Reactors) and innovative reactors, as the government recalled on info.gouv.fr. Newcleo appears there alongside Nuward (EDF), Jimmy (industrial heat), Naarea (molten salts) and Calogena.
The company employs around 900 people, mainly based in Paris, Turin, London and Switzerland. It has recruited some fifty engineers from the CEA and EDF since 2022, benefiting from the consolidation of the French nuclear sector around the EPR2 and the extension of the existing fleet.
A booming advanced nuclear sector
According to the International Energy Agency, more than 80 SMR projects are in development worldwide in 2025. The European market is driven by Newcleo, the British Rolls-Royce SMR (470 MWe pressurized water reactor) and the Swedish Blykalla, also working on lead-cooled technology. On the American side, NuScale, X-energy and TerraPower (backed by Bill Gates) are closing funding rounds of over a billion.
Danieli's industrial commitment reflects a deeper trend: steelmakers are looking for a dispatchable, low-carbon source of electricity and heat to reduce the carbon intensity of steel, at a time when green hydrogen remains expensive and wind and solar are intermittent. The Newcleo-Danieli partnership signed in March 2025 explores the integration of LFRs into steel mills.
The challenges of industrialization
Three obstacles shape the path ahead for Newcleo and its competitors:
- Regulatory: no LFR is currently certified by the French ASN or the US NRC. The commissioning timeline depends on a multi-year technical dialogue with the safety authorities.
- Fuel: the MOX chain requires a dedicated plant. The Nogent-sur-Seine project is central but still awaits ASN approval.
- Capital: the business press flagged cash flow pressures in 2025 linked to the length of investment cycles. The 75 M€ round and the 105 M€ raised over twelve months provide some operational breathing room.
What this means for the French nuclear industry
With 645 M€ raised since 2021, Newcleo is now one of Europe's five nuclear deeptech unicorns, compared with the 600 M£ raised by Rolls-Royce SMR and the roughly 750 M€ raised by France's Naarea. The company is entering the technical validation phase with PRECURSOR, a pivotal step before any commercial deployment.
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With this fundraising, Newcleo is preparing to deploy its PRECURSOR system and expand into the United States, which calls for a solid brand positioning strategy to strengthen its market presence. In addition, performance analysis through web analytics will be crucial for optimizing its sales operations.
With this funding round, Newcleo aims to strengthen its presence in the American market, an objective that requires a well-defined digital marketing strategy to ensure a successful expansion. In addition, the development of their PRECURSOR system could benefit from optimization through AI chatbot solutions to improve stakeholder interaction.
With this funding round, Newcleo aims to strengthen its commercial expansion, particularly in the United States, which underscores the importance of strategic brand positioning. In addition, the investment in the development of PRECURSOR could benefit from artificial intelligence expertise to optimize its operations.
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FAQ
What is the exact amount raised by Newcleo in 2026?
Newcleo closed a €75 million funding round announced on 4 February 2026, bringing the total raised since the company was founded in 2021 to €645 million, according to the official press release carried by GlobeNewswire.
Who are the investors in the €75M round?
The round brings together strategic industrial investors: Italian steel group Danieli, cement maker Cementir, and Ecoline (the investment vehicle of valve manufacturer Orion Valves), alongside existing investors.
Where is Newcleo headquartered?
Newcleo relocated its headquarters from London to Paris in September 2024. The company retains offices in Turin, London, and Switzerland, and employs around 900 people across Europe.
What is an LFR (Lead-cooled Fast Reactor)?
An LFR is a small Generation IV modular reactor that uses molten lead as a coolant instead of the pressurized water used in conventional reactors. This technology aims for enhanced passive safety, the use of recycled MOX fuel, and potential integration into industrial applications (steelmaking, process heat).
When will the first Newcleo reactor be operational?
The non-nuclear PRECURSOR demonstrator (10 MW) is under construction. The first commercial unit, a 200 MWe LFR, is slated for the early 2030s, subject to certification by the nuclear safety authorities.