Italy’s Enel, British Startup newcleo to Partner in Nuclear Tech Projects
- March 15, 2023
- Posted by: Quatro Strategies
- Category: Cleantech
Italian renewable energy company and the country’s biggest utility Enel signed an agreement with London-based nuclear technology startup newcleo to work on the British firm’s technology projects, which aim to provide safe and stable power, the two companies announced on Monday. The deal marks a renewed interest for nuclear around the world with large energy groups exploring the possibility of developing innovative solutions with startups as an alternative to fossil fuels.
“Generation IV nuclear solutions aim to provide a safe and stable power source and to significantly reduce existing volumes of radioactive waste,” Enel and newcleo said in a statement.
Under the agreement, Enel has secured an option to become first investor in newcleo’s first nuclear power plant.
The London-based startup plans to design and construct the first-of-a-kind mini lead fast reactor to be deployed in France by 2030.
Italy banned nuclear energy in 1987 after it was rejected in a national referendum.
Enel currently has over 3.3 GW of nuclear capacity in Spain and retains a stake of around 33% in Slovak company Slovenské elektrárne, which recently connected to the grid the first of two turbine generators of the nuclear power plant of Mochovce.
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