Enel Leads Public Nuclear Newco with Ansaldo and Leonardo
Italy is making significant strides towards re-entering the nuclear power sector, with plans to establish its first public nuclear newco by the upcoming Christmas. This initiative marks an important step in revamping the nation’s nuclear energy industry and is spearheaded by prominent companies in the sector.
The composition of this new company is set to include Enel Spa as the majority shareholder with a 51 percent stake, followed by Ansaldo Nucleare with a 39 percent stake, and Leonardo Spa completing the partnership with a 10 percent stake. Enel, led by Flavio Cattaneo, brings an impressive 9 GW of installed nuclear capacity to the table, spanning 6 GW in Spain and 3 GW in Slovakia, primarily through Slovenske Elektrarne.
Initially, the focus of the newco will be on the study and research of Small Modular Reactors (SMRs). These smaller, more versatile nuclear reactors are gaining traction across Europe for their potential to provide efficient and adaptable energy solutions. This endeavor represents the Italian government’s initial concrete efforts to breathe new life into the nuclear sector while also attracting new market players.
A noteworthy potential partner in this initiative is Newcleo, a forward-thinking startup that was established in 2021 by Stefano Buono. Since its inception, Newcleo has successfully raised over EUR530.0 million from around 700 investors, with the vast majority—90 percent—stemmed from Italian sources.
Stefano Buono has expressed Newcleo’s keen interest in joining this newco by contributing its advanced expertise and pioneering technologies. One of Newcleo’s notable innovations is the use of Mox nuclear fuel, which is produced through the recycling of uranium and plutonium from radioactive waste. This innovative process significantly reduces the dependency on mining new uranium, making it an environmentally more sustainable option.
Newcleo’s strategic decision to relocate to France has been influenced by a desire to tap into EU funds and collaborate with already established nuclear regulators. The company aims to construct its first reactor by the year 2033, moving a step closer to realizing its aspirations.
Currently, Newcleo is developing 12 plants at Enea’s Brasimone center and has expressed intentions of listing on the Italian market. With a current valuation of EUR1.30 billion, Newcleo stands poised as an industrial heavyweight, already achieving the status of a unicorn.
The establishment of the Italian nuclear newco signifies a strategic move to reinvigorate nuclear energy within the country. It is also a crucial element in advancing Italy’s decarbonization objectives, aligning with broader European energy and environmental policies.
