newcleo drives step change with acquisition of nuclear engineering leaders SRS and Fucina

newcleo acquires 100% of SRS-Fucina Group, worldwide leaders in the design and building of nuclear systems deploying liquid lead technology

- Acquisition will add more than 110 skilled employees to newcleo’s current team of 230, further enhancing newcleo’s strong nuclear engineering capabilities
- newcleo is working on a multi-million investment plan to expand know-how, facilities and skills
- Existing facilities and production area to become key production hub for newcleo’s projects

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LONDON, UK – 7 June 2023 – newcleo, the clean and safe nuclear technology company developing innovative Generation IV reactors using nuclear waste as fuel, has announced an agreement to purchase in full of S.R.S. Servizi Ricerche e Sviluppo S.r.l. (“SRS”), and of Fucina Italia S.r.l. (“Fucina” – the two firms are jointly referred to as the “SRS-Fucina Group”).

Both based in Italy, SRS and Fucina jointly work in the energy and nuclear engineering sector. SRS focuses on the design and engineering of nuclear systems, and Fucina on the manufacturing of these systems. SRS holds a 30% stake in Fucina. The businesses are worldwide leaders in the design and building of nuclear systems deploying liquid lead technology, the technology at the heart of newcleo’s innovation.

This acquisition is a step change for newcleo only 20 months since its launch. SRS-Fucina Group, which employs more than 110 people, will provide outstanding capabilities for nuclear engineering, manufacturing and waste management, helping to boost the delivery of the newcleo vision based on innovative Lead Fast Reactor (LFR) technology and the use of MOX as fuel.

Under newcleo’s ownership, SRS-Fucina Group will continue to serve its blue chip customer base and generate revenue, whilst becoming integral to the delivery of newcleo’s ambitious plans. newcleo is preparing a multi-million investment plan to expand the acquired group’s know-how, facilities and skilled employees, to support its overall development programme, and to continue to deliver specialised components and systems in the growing nuclear energy market.

The SRS – Fucina Group

With a workforce of about 60 employees and a long track record in the nuclear, oil & gas and petrochemical engineering, SRS has increased its focus and track record on nuclear technology applications over the last few years. SRS has capabilities in decommissioning of power plants, nuclear waste management, development activities of fusion reactors, Generation IV reactors and nuclear fuel cycle systems. It will become a cornerstone in the newcleo development strategy, having already been involved in 24 LFR projects, becoming the world leader in reactor lead cooling technology.

With a workforce of about 50 employees, Fucina has evolved from a high technology automation and steel and naval structures manufacturer to become a leading company in the nuclear decommissioning, nuclear waste management and liquid lead systems. In its factory in Piombino (Livorno, Italy), Fucina has developed a production platform benefitting from a current production area of about 20,000 sqm (of which 9,000 sqm are within a covered area) and has additional available land of 11,000 sqm (with potential for additional 6,000 sqm of covered area) that will become a key production hub for newcleo’s projects.

Stefano Buono, newcleo Chairman and CEO, commented:

I am delighted to welcome the SRS-Fucina team to newcleo. We are at a very exciting stage of our growth, with our current capital fund raise and the ongoing talent recruitment efforts taking us to around 250 people in 20 months.

The addition of a further 110 colleagues from SRS-Fucina with outstanding skills, the group’s first-class manufacturing facilities and existing customer contract portfolio brings a strong step change for us.

We are laser focused on accelerating on the delivery of our ambitious project timelines, with our first nuclear reactor operating in 2030 in France. This acquisition is a significant milestone and is part of our global strategy aiming at creating our global manufacturing capability through a mix of European suppliers, key partnerships and acquisitions.”

Ulisse Pasquali, SRS CEO, commented:

The nuclear sector is experiencing a significant renaissance and to keep pace with the significant growth that is expected and consolidate a leadership position, we have decided to join the European leader of LFR SMR (Small Modular Reactor) development. I have been impressed by the speed of newcleo’s capital raising and operation establishment. We are thrilled to become part of an initiative that can create a meaningful impact in the energy sector in a very short time”.

Antonio Dimatteo, Fucina General Manager, commented:

Fucina is ideally positioned in a region with high manufacturing skills; our company has had an ambitious expansion plan to reinforce its leadership position in the field of innovative nuclear designs, including those involving liquid lead reactors. newcleo is committed to significantly invest in our manufacturing capability, providing the opportunity to accelerate our expansion and to further increase the quality and quantity of our products.

The transaction is expected to close by mid-July 2023 and is subject to customary closing conditions, The consideration is undisclosed; part of it will be payable in shares of newcleo Ltd.