A consortium led by Newcleo has been selected to receive funding for the development of a floating nuclear power solution aimed at decarbonising the French maritime sector.

The project, named n-Floating, was chosen under a call-for-projects managed by Bpifrance. The initiative aims to demonstrate the technical feasibility of a non-self-propelled floating unit housing multiple LFR-AS-200 reactors.

Project Details and Consortium

The consortium includes Newcleo, Bureau Veritas Marine & Offshore, and ABMI Groupe. It has been awarded almost €1 million in funding. Work on the project has already commenced and is expected to run for approximately 18 months.

Bureau Veritas Marine & Offshore will contribute expertise in classification, risk assessment, and certification. ABMI Groupe will provide engineering and project delivery experience in the maritime and nuclear sectors.

Strategic Context

Stefano Buono, CEO of Newcleo, stated that floating nuclear offers an opportunity to bring reliable, low-carbon power to applications at sea and coastal locations. The project builds on existing collaborations with Fincantieri on nuclear-powered commercial vessels and Saipem on offshore nuclear applications.

The concept leverages proven approaches from the oil and gas sector for designing floating infrastructure. The initial phase focuses on conceptual studies for applications including supplying isolated regions, ports, and supporting energy-intensive uses such as desalination.

What the Numbers Show

The project roadmap targets potential industrial deployment by 2036. This timeline aligns with Newcleo’s broader strategy to design and build the solution in France, contributing to the country’s industrialisation efforts. Each reactor in the proposed barge configuration offers an electrical output of 200 MWe.

Corporate Developments

Newcleo announced on May 27, 2026, that it entered into a definitive agreement for a business combination with NewHold Investment Corp. III (NASDAQ: NHIC). The combined company is expected to be listed on Nasdaq under the ticker symbol "NWCL" in the second half of 2026, subject to closing conditions.

Newcleo holds approximately $780 million in private funding and employs more than 900 people across Europe and the United States.

The U.S. Securities and Exchange Commission (SEC) declared the Registration Statement on Form F-4 effective on August 7, 2026, clearing the final regulatory hurdle for the business combination between NewHold Investment Corp. III and newcleo Ltd. This effectiveness allows the combined nuclear energy platform to proceed toward closing the transaction and listing on the Nasdaq Stock Market LLC under the ticker symbol "NWCL". The move positions newcleo plc to access public capital markets to fund its advanced modular reactor technology deployment across Europe and the United States.

An Extraordinary General Meeting of NewHold Investment Corp. III shareholders is scheduled for September 17, 2026, at 9:00 am ET to vote on the proposals approving the business combination. The record date for determining shareholder eligibility to vote is August 7, 2026. A definitive proxy statement containing voting procedures and further details was filed with the SEC on August 10, 2026. Shareholders of record are urged to review these disclosures before casting their ballots.

The financial structure of the deal is designed to provide significant liquidity to newcleo Ltd., a pioneer in advanced modular lead-cooled fast reactors (LFRs) utilizing mixed-oxide (MOX) fuel. The proposed business combination is expected to generate up to $429 million in gross proceeds for newcleo. This capital infusion combines $220 million from private investment in public equity (PIPE) transactions and up to $209 million from cash held in the NewHold trust account, subject to redemptions and transaction expenses.

Stefano Buono, CEO of newcleo, stated that going public enables the company to advance its reactor deployment and fuel manufacturing capabilities while delivering competitive clean energy solutions. Kevin Charlton, CEO of NewHold, emphasized that newcleo’s advanced technology and experienced team position the combined company to address the growing global demand for reliable, low-carbon energy.

Transaction Background and Technology

NewHold Investment Corp. III entered into the business combination agreement with newcleo Ltd. on May 27, 2026. The transaction has been approved by the Boards of Directors of both entities and is expected to close in the second half of 2026, pending shareholder approval and other customary closing conditions. Founded in 2021 by physicist-entrepreneur Stefano Buono, newcleo focuses on closing the nuclear fuel cycle through proprietary reactor and fuel manufacturing approaches. The company aims to address critical industry challenges regarding costs, safety, and waste management by using reprocessed nuclear waste as fuel. With approximately $780 million in prior private funding and over 900 employees, newcleo has established more than 100 industry partnerships to support its vertically integrated business model.