Newcleo, Nextchem joint venture launched

Nextchem - a subsidiary of Italy's Maire SpA - and Newcleo signed a binding agreement in June that would see Nextchem take 60% of the joint venture, tentatively named NextCleo, with Newcleo having 40%. Nextchem will be granted an initial stake of 1.25% of Newcleo shares, increasing to around 5% pending specific milestones.

"Following the approval of the competent authorities, the finalisation of the agreements announced in June has been reached," Nextchem has now announced. "The completion of the additional corporate activities required for the mutual transfer of minority shareholdings in NEXT-N (40% Newcleo) and Newcleo (up to 5% Nextchem) will take place, as previously communicated, by the end of 2025."

Newcleo will develop the nuclear reactor for its LFR-AS-200 technology, while Nextchem will leverage its own know-how to enable the joint venture company to deliver the extended basic design, procure the critical proprietary equipment relevant to the conventional island and balance of plant of the nuclear power plant, and provide project management/integration services to Newcleo. The joint venture - now renamed NEXT-N - will also provide services to other small and advanced modular reactor technology providers.

Newcleo has awarded a EUR70 million (USD81 million) engineering services contract to NEXT-N to develop the basic design of the conventional island and balance of plant of a first-of-a-kind nuclear power plant based on Newcleo’s LFR-AS-200 reactor design.

"NEXT-N will facilitate and accelerate the development and commercialisation of the LFR-AS-200 by Newcleo, as well as other technologies," Nextchem noted. "In particular, within the framework of the E-factory for chemistry model, detailed studies on the integration of the small modular reactor with hydrogen and ammonia technologies have been developed, to leverage a safe, reliable and competitive energy supply for the production of carbon neutral chemicals."

"We are very happy to launch our company NEXT-N, dedicated to creating new IP for the conventional island," said Nextchem Managing Director Fabio Fritelli. "With this contract we start the engineering activities for the first ever new-generation nuclear power plant based on Newcleo's innovative advanced modular reactor. We have already started to collaborate also with other nuclear technology providers to serve the nuclear industry. With NEXT-N we started a new path to industrialise carbon-neutral chemistry models based on safe, reliable and competitive energy supply. We will contribute to transform the Italian supply chain in a new energy transition paradigm and to foster new competences in Italy and Europe."

Paris-headquartered Newcleo's delivery roadmap sees the first non-nuclear precursor prototype of its reactor being ready by 2026 in Italy and the first reactor operational in France by the end of 2031, while the final investment decision for the first commercial power plant is expected around 2029.

At the same time, Newcleo will directly invest in a mixed uranium/plutonium oxide (MOX) plant to fuel its reactors. It has initiated site acquisition and public consultation processes in France for the MOX fuel pilot assembly line in Nogent-sure-Seine. It has also established a joint venture with Javys for up to four LFR-AS-200 reactors at the Bohunice nuclear power plant site in Slovakia.