Italy’s Enel, British Startup newcleo to Partner in Nuclear Tech Projects

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.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Russia’s Lukoil to Divert Caspian Oil Exports Due to Western Sanctions

Russian energy company Lukoil is preparing to stop exports from its Caspian oilfields via the Baku-Tbilisi-Ceyhan (BTC) pipeline and divert them to the Caspian Pipeline Consortium (CPC) system from December due to Western sanctions. The European Union’s Dec. 5 sanctions will prohibit Russian oil imports, but will exclude the CPC as it is the primary route for delivering Kazakhstan’s oil to Europe. 

Chinese Refineries Ramping Up Fuel Oil Imports Blended from Russian Barrels

China’s independent refiners have been boosting imports of discounted fuel oil blended with Russian barrels, as some of them  are facing a shortage of government crude oil import quotas. Western sanctions on Russia, including the upcoming Feb. 5 EU embargo and price cap on Russian refined oil products have been diverting Russian fuel oil from West into Asia at significant discounts since last year. These barrels are sent to ship-to-ship transfer hubs of Malaysia and the UAE since the second quarter of 2022 to be blended with other oils to rebrand their country of origin. That way, the shipments can be insured and financed without being banned under the sanctions. 

U.S. Imposes Sanctions on Russian Defense Industry

The U.S. targeted Russia’s defense industry in the latest string of sanctions. The move is expected to not only affect Russia but also countries that rely on Russian military equipment. The measures are also imposed against Belarus, which has become a staging ground for Russian invasion of Ukraine.

Stay informed

error: This content is protected !!