UK's Newcleo to raise $1.1 billion to build fleet of small reactors – The Times

(Reuters) -London based nuclear company Newcleo plans to raise 900 million pounds ($1.10 billion) to advance a plan to build a fleet of small nuclear reactors in the U.K., the Times reported.

Last week, the British start-up signed an agreement with Italy’s biggest utility Enel (BIT:) to work together on projects for providing safe and stable power.

Newcleo plans to design and construct the first-of-a-kind mini lead fast reactor to be deployed in France by 2030.

Last year, Newcleo raised $315.6 million and was in talks with French company Orano about moving into the French market.

Newcleo did not respond to Reuters’ request for comment.

($1 = 0.8206 pound)