Nextchem (Maire) and New Cleo have signed a binding agreement for the establishment of Nextcleo spa, the company dedicated to the creation of technological solutions (IP) and the provision of technical services related to Conventional Island and Balance of Plant, which convert nuclear energy into electricity to be fed into the network or used to serve chemical districts, with a circular approach.
Nextcleo (60% Nextchem and 40% newcleo) will offer its services to both newcleo and other nuclear technology providers. Newcleo will have a 40% stake in Nextcleo and Nextchem will receive newly issued shares of nuclear startup newcleo in the amount of 1,25% to 5% of the share capital based on the current pre-money valuation. The deal paves the way for Nextchem's e-Factory model, aimed at decarbonizing the low-carbon chemical industry and synthetic fuels, a statement said. Tecnimont will receive the status of preferred supplier of engineering and construction services.
In a Business Square under pressure this morning due to geopolitical tensions (Ftse Mib at -1,21%), the Maire share price is 11,08 euros, down 0,090%.
Government authorization will be required for the Golden Power
The agreement provides for a period of 7-year lock-up from the signing of the relevant shareholder agreement, which will not apply to the participation granted by newcleo to NextChem. After the lockup period, a pre-emption right will be granted in favor of the other party. The completion is expected during the second half of the 2025 and is subject to the standard conditions for transactions of this nature, including authorization under Italian law Golden power.
Mission: Convert nuclear energy into electrical energy
Nextcleo will leverage the expertise of both shareholders and develop its own IP. In technical detail, newcleo will develop the Nuclear Island based on its own LFR (Lead-cooled Fast Reactor)-AS-200 technology, while Nextchem will bring its distinctive know-how for the development of advanced core engineering and provide proprietary equipment associated with the Conventional Island and Balance of Plant of the nuclear plant, as well as project management and integration services for newcleo.
Conventional Island and Balance of Plant are essential for convert the reactor's nuclear energy into electrical energy to enter in the network or to be used for serve the chemical districts according to the Nextchem e-Factory model, thus contributing to the decarbonization of the chemical industry through the production of low-carbon products and synthetic fuels.
The first prototype by 2026 in Italy
Nextcleo will also provide integration services to other SMR (Small Modular Reactor) and AMR technology providers. Newcleo's plan is for the first prototype simulator (so-called pre-cursor prototype) of an AMR is realized by 2026 in Italy and that the first reactor you get into business by the end of 2031 in France, while the final investment decision for the first plant of commercial scale is expected around 2029. newcleo's LFR-AS-200 technology offers safe nuclear energy combined with a model of The circular economy and reprocesses and recycles nuclear waste in line with Nextchem's circularity model.
