Nuclear energy company Newcleo has entered an agreement to list on the Nasdaq stock exchange through a merger with NewHold Investment Corp III, the firm founded by Italian physicist Stefano Buono said on Wednesday.
Newcleo is developing advanced modular lead-cooled fast reactors and nuclear fuel from reprocessed nuclear material. It will work with Sam Altman-backed Oklo Inc. on a programme launched by the U.S. Department of Energy to explore the potential use of the country's Cold War-era plutonium as nuclear reactor fuel.
"In partnership with Newcleo, Oklo would lead the utilization of surplus plutonium, while Newcleo would bring relevant fuel-cycle experience," the company said. In the United States, nuclear energy is seen as a promising solution to meet rising power demand from data centres and artificial intelligence.
The merger with NewHold Investment Corp III will value the company at $2.4 billion and is expected to provide up to $429 million in gross proceeds, with the transaction expected to close in the second half of 2026, Newcleo said in a statement.
"The capital raised as part of this strategic transaction, combined with public market access, will enable us to rapidly advance our reactor deployment and fuel manufacturing capabilities across Europe and the United States," Newcleo CEO and co-founder Buono said.
The company aims to meet clean energy needs and also reduce existing and future nuclear waste with its expertise on reprocessing waste, Buono added.
Newcleo's existing management team will continue to lead the combined company following the transaction and existing Newcleo shareholders will roll over 100% of their equity, Newcleo said. Since its founding in 2021, it has raised about $780 million from private investors including the Agnelli family's Exor Seeds venture capital fund and Italian entrepreneurs.
Guggenheim Securities is acting as financial adviser to Newcleo while Goldman Sachs is acting as lead placement agent. BTIG is also acting as placement agent and capital markets adviser to Newcleo.
