Nuclear startup newcleo lists on Nasdaq with $250M SPAC deal
What's the deal? Newcleo, a developer of advanced modular reactors and nuclear fuel, has closed its business combination with special purpose acquisition company NewHold Investment Corp IIIDealroom has a profile for this one. Try Dealroom →, raising roughly $247 million in gross proceeds. The Paris- and New York-based company will begin trading on the Nasdaq Global Select Market under the ticker "NWCL" on September 22, 2026.
The numbers: The deal valued newcleo at a pre-money equity value of about $2.4 billion. Proceeds came from an oversubscribed $216 million private placement and $31 million from NewHold's trust account. An additional $75 million may become available under a forward purchase agreement.
What's the endgame? Newcleo is building lead-cooled fast reactors and mixed oxide (MOX) nuclear fuel, aiming to move both toward commercialisation. It plans to use the capital to complete and operate a 10MWth non-nuclear demonstrator in Italy and to advance licensing with US and French nuclear safety regulators.
Why now? The listing follows approval by NewHold's shareholders on September 17, 2026. Newcleo has raised close to $20 million since announcing the combination, bringing total funds raised to over $1 billion to date.
The combined company will keep newcleo's existing management, with a board led by Jeffrey Lyash, former president and chief executive officer of the Tennessee Valley AuthorityDealroom has a profile for this one. Try Dealroom → and Ontario Power GenerationDealroom has a profile for this one. Try Dealroom →.
What they said: "Today we are reaching a new steppingstone that sets newcleo up for long-term success," said Stefano Buono, chief executive officer and co-founder. He added the company aims to deliver "safe, clean, sustainable and competitive nuclear energy" from "the world's greatest market for innovation capital."
The signal: At $247 million, the raise sits in the upper tier of recent funding rounds. It reflects continued investor appetite for low-carbon power as advanced nuclear developers chase commercial deployment across the US and Europe.
Read more: benzinga.com
Image credit: IAEA Imagebank
