Business Forum • 22 October, 2024 at 11:47 AM
The Lead-cooled Fast Reactor (LFR) proposed by newcleo, the clean and safe nuclear technology company, has been selected by the European Industrial Alliance on Small Modular Reactors (SMRs). The endorsement is a resounding recognition of the role newcleo's LFR could play in the delivery of a new European energy mix and in forming a Project-Based Working Group (PWG) within the Alliance.
As a supported technology, newcleo's PWG will benefit from working closely with the array of the Alliance's Technical Working Groups including those on Skills, Fuel, R&D, Supply Chain, and Financing.
Central to newcleo's LFR model is its plan to recycle spent nuclear fuel from conventional reactors, producing both low-carbon electricity and heat which could be used in a variety of industrial processes. This capability not only eliminates dependence on imported nuclear fuels but also provides a sustainable solution to the long-standing challenge of nuclear waste.
The advancement and deployment of Small Modular Reactors (SMRs) and Advanced Modular Reactors (AMRs) in Europe throughout the 2030s are crucial for the continent's energy security and climate transition.
The Alliance's principle aims are to fortify the nuclear supply chain, support specific SMR/AMR projects, and facilitate investment opportunities including from EU financial institutions such as the European Investment Bank.
Accordingly, the selection will provide an additional boost to newcleo's programme – already seen as the fastest growing nuclear start up in Europe whose business now counts over 90 partnerships, and more than 850 employees based in 19 locations across France, Italy, the UK, Switzerland, and Slovakia, including three manufacturing facilities.
Since 2021 the company has raised a total of over EUR 535m from institutional and individual investors and has seen an increasing number of European players joining newcleo's growing funding base - which to date counts over 700 shareholders.
newcleo will also explore opportunities to collaborate with other technologies selected by the Alliance to pool resources and knowhow with the aim of fast-tracking the development and deployment of LFR technology, reinforcing its potential as a cornerstone for clean, safe, and sustainable energy in Europe and internationally.
Stefano Buono, CEO of newcleo said: "This is a proud moment for newcleo and a ringing endorsement for our technology. While the notion of using lead isn't new, our project will maximise its potential to simplify the design and cost-effectiveness of our system, all while enhancing its passive safety functionality. Lead's ability to support higher temperatures also opens the potential to create high temperature heat upon which so many industrial processes depend, with greater reliability and more sustainably than ever before.
“In addition, by closing the nuclear fuel cycle we aim not only reduce the need to mine, transport and process new uranium but to provide a sustainable solution to the stockpiles of nuclear waste created by Europe's existing fleet of nuclear reactors. In so doing we aim not only to support the energy transition but to help secure Europe's energy independence. We look forward to collaborating with the new European Commission Commissioner and other industry stakeholders, who, like us, are members of the European Industrial Alliance of SMRs, to foster a supportive environment for the growth of new nuclear technologies.”
The European Industrial Alliance on Small Modular Reactors (SMRs) is spearheading the accelerated development of safe and low-carbon SMR technologies by the early 2030s. Focused on collaborative efforts among key stakeholders, the alliance aims to fortify the nuclear supply chain, support specific SMR projects, and identify investment opportunities. This crucial initiative plays a pivotal role in #decarbonizing challenging sectors like transport, chemicals and steel.
Since launching in 2021 newcleo has quickly established itself as innovator in the field of nuclear energy. newcleo is working to design, build, and operate Gen-IV Advanced Modular Reactors (AMRs) that are cooled by liquid lead and fuelled by reprocessed nuclear waste. Through an innovative combination of existing and proven technologies, and by reviving a nuclear industry model based on the manufacture and multi-recycling of Mixed Oxide fuel, newcleo aims to close the nuclear fuel cycle while safely producing clean, affordable, and practically inexhaustible energy required for low carbon economies.
With a €50 million group turnover in 2024, more than EUR 535m of private funding and over 90 partnerships and collaborations across the nuclear industry, the growth of the newcleo group is supported through the targeted acquisition of key companies with strong capabilities in nuclear engineering, manufacturing, and waste management. Through its workforce of over 850 highly qualified employees across France, the UK, Italy, Switzerland and Slovakia, newcleo is not only developing and delivering the skills and services required for the group's own ambitious project timelines, but also supporting the development of Small Modular Reactor supply chains in Europe and beyond.