Italian engineering group Maire and European advanced reactor developer Newcleo have signed an agreement to set up a joint venture aimed at building power plants based on the Newcleo’s technology for advanced modular reactors, the two companies said.
Newcleo will partner with Maire’s unit Nextchem to accelerate the development and the commercialisation of its lead-cooled fast reactor powered by reprocessed nuclear waste.
Under the agreement, Newcleo is due to take a 40% stake in the joint venture. Nextchem will be granted newly issued shares up to 5% of Newcleo's share capital, subject to the achievement of certain milestones, including the announcement of a final investment decision.
According to Newcleo’s plan, the first operational reactor in France is expected as of end 2031, while the final investment decision for the first commercial power plant is expected around 2029.