LONDON, UK, 13 March 2023
The Enel Group and clean nuclear technology company newcleo signed a Cooperation Agreement under which they will pursue the opportunity to work together on newcleo’s Generation IV nuclear technology projects, which aim to provide the world with a safe and stable power source, and significantly reduce existing volumes of radioactive waste to be used as reactor fuel.
In line with the agreement, Enel will collaborate with newcleo on projects related to this advanced nuclear technology, providing specialized expertise through sharing a number of the company’s qualified personnel.
In view of the support provided, newcleo has committed to securing an option for Enel as first investor in its first nuclear power plant, which it will build outside Italy.
“Innovation is crucial to the development of technologies that can secure clean, reliable, affordable energy that is as independent as possible from geopolitical factors. For this reason, we continue to explore any area of the energy spectrum that can contribute to enabling a sustainable future,” said Francesco Starace, CEO of Enel. “This collaboration with newcleo is the latest example of our tireless search for the best companies to join us on our journey towards a clean future and we look forward to supporting newcleo in its challenging but promising roadmap to provide zero-emission electricity in a safe, affordable and sustainable way.”
“I am delighted that Enel has chosen to partner with newcleo. They are showing great foresight in being one of the first energy companies to appreciate and support our sustainable strategy and its impact on our collective future,” said Stefano Buono, CEO of newcleo. “newcleo’s fast reactor technology is the necessary step in the nuclear industry to enable multiple recycling of already extracted uranium and a massive reduction in nuclear waste. In addition, the use of lead opens the possibility to safer and cheaper reactor operating.”
Enel is a leader in sustainable generation also thanks to its relentless work in developing advanced and innovative technologies, including through collaborations activated with startups from all over the world, taking advantage of a pervasive network of Enel Innovation Hubs and laboratories active in three continents.
In addition, the Group has a strong expertise in nuclear technology and currently has over 3.3 GW of nuclear capacity in Spain, as well as detaining a stake of around 33% in Slovak company Slovenské elektrárne which recently connected to the grid the first of two turbine generators of the Mochovce Nuclear Power Plant Unit 3, the second newly built nuclear power plant to be connected to the European network in 15 years.
newcleo works to deliver innovative reactors, which significantly reduce existing volumes of radioactive waste and plutonium, as well as stopping the need for further uranium mining for the long-term benefit of communities and the environment.
The first step of newcleo’s delivery roadmap will be the design and construction of the first-of-its-kind Mini 30MWe LFR (Lead Fast Reactor) to be deployed in France by 2030, rapidly followed by a 200 MWe commercial unit in the UK. At the same time, newcleo will directly invest in a MOX (Mixed uranium / plutonium Oxide, manufactured from existing nuclear waste) plant to fuel its reactors.