The move highlights the advantages of having access to the EU market. Credits: GettyImages/Max Labeille

Newcleo, a British nuclear startup, is moving its holding company from the UK to France to tap into EU funds in its latest equity funding round. The company is Europe’s only unicorn in the nuclear sector. It has also raised a total funding of €487m ($541.6m) three years since it launched.  

The move comes almost a year and a half since the company announced in March 2023 that it was targeting a €1b ($1.1b) equity round.   

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Earlier this year, the company announced plans to grow the size of a planned fuel factory in France, as it shelved a project in the UK.  

Newcleo had planned to build mini nuclear power plants in Cumbria and dropped the initiative after the government ruled it would not allow private companies to access the Sellafield site in Cumbria. The site holds the world’s largest plutonium stockpile. However, the firm still has plans to build next-generation SMRs in the UK.

In April, Newcleo announced it signed a collaboration agreement with the government agency French Alternative Energies & Atomic Energy Commission (CEA) to develop a lead-cooled fast reactor in France.  

According to The Telegraph, French President Emmanual Macron made a personal “charm offensive” to attract the company to invest in France.  

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Newcleo assured that, despite its involvement in France, they still have significant ambitions for the UK. A spokesperson said: “While we are moving the location of our holding company, our plans for the UK are unchanged and we remain committed to investing and building next-generation SMRs to generate electricity for the UK grid and industry.”