Newcleo said on Wednesday it will go public in the U.S. through a blank-check deal that values the nuclear power startup at about $2.4 billion on a pre-money basis.
Here are some details of the deal:
-
Newcleo’s deal with special purpose acquisition company NewHold Investment Corp III is expected to generate up to $429 million in gross proceeds, before accounting for redemptions and transaction expenses.
- “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,” CEO Stefano Buono said in a statement.
- A SPAC is a shell firm that raises capital through an IPO to merge with a private business, offering a quicker alternative than a traditional IPO.
- After the deal is completed, Newcleo is expected to trade on the Nasdaq under the ticker symbol ‘NWCL’.
- Founded in 2021, Newcleo is a nuclear energy company developing advanced modular, lead-cooled fast reactors and mixed oxide nuclear fuel from reprocessed nuclear materials.
- The deal comes as technology companies race to secure power for AI, boosting interest in nuclear energy as a future source.
- The company expects the deal to close in the second half of the year.
