(Alliance News) - MAIRE Spa announced on Tuesday that its subsidiary NextChem and newcleo SA have signed a binding agreement to establish Nextcleo Spa, a joint venture between NextChem and newcleo.
As explained by the company in a statement, the goal is to develop the Conventional Island and Balance of Plant for next-generation commercial-scale nuclear plants based on newcleo's 200 MWe advanced modular reactor.
NextChem will hold 60% of Nextcleo's share capital, while newcleo will retain the remaining 40%.
Nextcleo will be fully consolidated by NextChem, which will maintain operational control.
The binding agreements also stipulate that NextChem will receive an initial stake of approximately 1.3% in newcleo shares, which could rise to around 5% at newcleo's current pre-money valuation, upon reaching certain milestones.
The agreement includes a seven-year lock-up period from the signing of the relevant shareholder agreement, which will not apply to the stake granted by newcleo to NextChem. After the lock-up period, a right of first refusal will be granted to the other party.
The transaction is expected to close in the second half of 2025 and is subject to standard conditions for deals of this nature, including authorization under Italy's Golden Power regulations.
newcleo's plan foresees the construction of the first AMR simulator prototype in Italy by 2026, with the first reactor to become operational in France by the end of 2031. The final investment decision for the first commercial-scale plant is expected around 2029.
By Claudia Cavaliere, Alliance News reporter
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