Italian small modular reactor (SMR) company Newcleo is considering abandoning its plan to build 20 SMRs in the UK – a project valued at around €16bn – in favour of pursuing opportunities in the US, reported Reuters.
The shift comes as European nuclear companies respond to US policy moves designed to attract investment in the sector.
In May, US President Donald Trump signed an executive order aimed at boosting domestic nuclear production by reducing regulations and expediting the approval process for new licences.
At the World Nuclear Exhibition in Paris, Newcleo CEO Stefano Buono said: "There are a lot of tools that are encouraging investment into the US now.”
The start-up, which recently shifted its headquarters from Britain to France, estimates that each planned reactor would require around €800m in investment.
A company spokesperson told the media outlet that no final decision has been reached on its plan to build SMRs in the US and several steps remain before an investment commitment is made.
In addition to reactor deployment, Newcleo is also among the contenders in a US tender for fuel production.
The demand for nuclear energy is rising with the growth of data centres and AI. Large data centre operators such as Microsoft are also investing in nuclear power to support the energy needs of their facilities, reported the media outlet.
European companies report that regulatory permissions there are slower, sometimes taking up to three-times longer than in the US.
Thorizon, a Franco-Dutch SMR manufacturer, is among other companies that are considering setting up operations in the US due to quicker pathways to market.
French company Orano and multinational Urenco are also reportedly planning to set up new enrichment facilities in the US to cater to rising industry demand.
Urenco CEO Boris Schucht said: "A lot of customers, especially US customers, are once again supporting us with very long-term contracts for our own capacity programme.”
Urenco currently operates a site in New Mexico, with capacity expansions under way, while Orano is planning its first overseas enrichment plant in Tennessee, US, pending subsidy approvals for an expected $4bn–5bn investment.
Orano aims to have this facility operational by 2031 and predicts that the US may soon become its largest market, overtaking France.
