Photo: Newcleo
Newcleo signed agreements with two Slovakian companies on the joint development of a project for up to four lead-cooled advanced modular reactors of 200 MW each and the development of its technology. The startup’s solutions rely on processing and reusing spent nuclear fuel.
Newcleo said its new framework agreements with two Slovakian nuclear companies are a significant endorsement of its model of reusing spent nuclear fuel and the development of its lead-cooled fast reactor (LFR) advanced modular technology. The deal with Jadrová vyraďovacia spoločnosť (JAVYS), state-owned enterprise responsible for the management of spent nuclear fuel, envisages the creation of a joint venture.
The proposed firm, called Centre for Development of Spent Nuclear Fuel Utilisation – CVP, would develop and build a nuclear power plant of up to four advanced modular reactors (AMRs). The idea is also to work on a supply route, with the support of the French government and with the ultimate goal of the processing and use of Slovakian spent nuclear fuel.
AMR project estimated at EUR 3.2 billion
JAVYS would hold 51% of the joint project firm, which would utilize newcleo’s planned fuel manufacturing plant in France, according to the update. The site for the AMR facility is at the Bohunice V1 nuclear power plant, the companies said. They valued the project at EUR 3.2 billion.
The only other option for dealing with spent fuel would be costly long-term storage, according to CEO of newcleo Stefano Buono
“This resounding endorsement at state level of our reactor technology and our aim to close the nuclear fuel cycle is testament to the role small and advanced modular reactors will play in securing Europe’s energy future and provides an example that could be used in other European countries, whose only other option for dealing with spent fuel would be costly long-term storage. The reuse of the existing nuclear spent fuel also guarantees hundreds of years of energy independence to Europe at competitive and stable prices,” Chief Executive Officer of newcleo Stefano Buono said.
VUJE to help newcleo to develop, implement LFR technology
Newcleo signed the other agreement with Slovakian nuclear engineering company VUJE. They intend to cooperate on the development and implementation of the LFR technology.
Advanced modular reactors are a subgroup of small modular reactors or SMRs of the fourth-generation nuclear technology. They typically use new cooling technologies. Notably, no lead-based solution has yet been deployed anywhere. Advanced SMRs are designed for diverse functionalities such as the supply of process heat for the industry or desalination.
Newcleo, founded in 2021, formally moved its seat last year from Britain to France. It also operates in Italy and Switzerland.
The company is working on an electrically heated, non-nuclear prototype, targeting 2026 for completion. It would be a precursor for its 30 MW reactor for industrial and maritime applications. In Slovakia, it would build its LFR-AS-200 systems of 200 MW each. Newcleo said earlier it would develop the model by 2032.
The group has raised more than EUR 537 million in private funding.
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