French nuclear power developer Newcleo announced plans Wednesday to go public through a merger with a special-purpose acquisition company (SPAC), valuing the combined entity at approximately $2.4 billion. The move aims to support Newcleo’s expansion into the U.S. market and provide funding for ongoing projects across Europe.

The Paris-based firm operates in seven countries, including the United States, and intends to merge with NewHold Investment Corp III, a New York-based SPAC. The agreement is expected to close in the second half of 2026, after which the company will be listed on the Nasdaq stock exchange under the ticker symbol NWCL.

Newcleo, founded in 2021, has raised over $780 million to date. The combined transaction is expected to generate more than $420 million in gross proceeds, sourced from both cash held in NewHold’s trust account and a private investment in public equity. According to Newcleo CEO and founder Stefano Buono, this capital should sustain operations through 2028 or 2029, even if the company accelerates licensing and construction efforts in the U.S. The company currently employs over 900 staff members.

Unlike traditional nuclear reactors that use water-based cooling, Newcleo’s design utilizes liquid lead, which offers a higher boiling point allowing operations at atmospheric pressure. This technology uses mixed-oxide fuel composed of plutonium recovered from spent nuclear fuel and surplus government stockpiles, combined with depleted uranium. The reactor is designed to produce 200 megawatts of electricity, roughly one-fifth the output of a large conventional reactor, or alternatively 480 thermal megawatts suitable for industrial heat applications such as steel production or chemical manufacturing.

Newcleo’s announcement comes amid a broader trend of nuclear power developers leveraging public markets to raise capital for new projects. Companies like Oklo, NuScale Power, and X-Energy have recently gone public through SPAC mergers or traditional initial public offerings, with market capitalizations ranging from $4 billion to $11 billion. These developments signal increased investor and industry interest in next-generation nuclear technologies, especially as demand grows for reliable and low-carbon energy sources to power emerging technologies, including artificial intelligence.

Buono highlighted the importance of rapid access to U.S. capital markets in deciding to pursue a SPAC merger, enabling Newcleo to establish its presence swiftly. The company has begun preliminary discussions with the U.S. Nuclear Regulatory Commission regarding licensing for its first American reactor and fuel fabrication facility. Newcleo aims to have a fuel manufacturing plant operational by 2031 and to commission its first commercial reactor by 2032, though Buono noted these timelines could potentially be expedited.

As governments and industries seek innovative solutions to meet rising electricity demand and decarbonize power generation, Newcleo’s approach represents a novel combination of advanced reactor design and fuel recycling strategies aimed at delivering scalable, flexible nuclear energy for diverse customers worldwide.