Newcleo
Deeptech startup with Turin roots developing advanced lead-cooled fission reactors (LFR), with €300M+ raised and operations in UK, France, Italy and Switzerland.
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Podcast Episode
🎙️ Deep Dive
Daily News – 4 February 2026
Listen to the episodeAbout Newcleo
Newcleo is one of the most ambitious deeptech startups to emerge from Italy — founded by Stefano Buono in Turin in 2021, then legally headquartered in London. The company develops advanced lead-cooled fast reactors (LFRs), designed to produce low-carbon energy and burn the waste from existing reactors. The €300M round in 2022 and the subsequent €135M in 2024 make it one of Italy's most capitalised deeptech companies, with operations across four countries.
The Story
Founded in 2021 by Stefano Buono, physicist and serial entrepreneur (founder of Advanced Accelerator Applications, later acquired by Novartis), with the goal of bringing advanced nuclear energy to the commercial market.
How Newcleo works
Business Model
Development of LFR nuclear reactors for utilities and government entities; potential technology licensing.
Revenue Model
Contracts with utilities and governments for reactor development and deployment; no energy sales revenue at current R&D stage.
Products & Services
Key Products
- Lead-cooled Fast Reactor (LFR)
- Reattore dimostrativo 30 MWe
- Ciclo del combustibile nucleare chiuso
Core Use Cases
- Produzione di energia pulita
- Smaltimento scorie nucleari
- Decarbonizzazione industriale
- Sicurezza energetica europea
Market & Clients
Key Customers
Electric utilities and European governments; no commercial customers at the current development stage.
Geographic Presence
How Newcleo competes
Competitors
Competitive Advantages
- LFR technology for burning existing nuclear waste
- Founder with exceptional track record
- Support from European strategic investors
- Operations in four countries for regulatory diversification
How Newcleo grows
Growth Strategy
Complete the demonstration reactor, obtain regulatory licences and scale towards commercial 200 MWe reactors.
Distribution Model
Government and utility contracts for development and deployment.
Moat (Defensibility)
IP on LFR reactors, rare technical expertise, founder credentials and strategic backing.
Regulatory Context
Relevant to national nuclear regulations, Euratom, NRC equivalents and environmental authorisations.
Key Risks
- Long regulatory licensing pathway
- Technology risk in a complex sector
- Requires billions of euros to reach commercial stage
- Dependence on European energy policy
Strategic Insights
- The return of nuclear energy in Europe is driven by energy security objectives as well as decarbonisation.
- LFR reactors can solve the existing nuclear waste problem, reducing one of the main political objections.
- Energy deeptech requires enormous capital and long time horizons: only founders with exceptional credentials can raise at these scales.
Funding & Investors
Total Funding
Funding Rounds
- 2022 - Series A: €300M
- 2024 - Series B: €135M
Key Investors
Founding Team
Founders
Key Executives
- Stefano Buono - CEO
Key Metrics
Lessons from Newcleo
- The founder's credentials (Buono already built and sold a company to Novartis) are decisive for raising capital in extreme deeptech.
- The 'burn waste' narrative is much more politically sellable than 'build new nuclear'.
- The multi-country approach (UK, FR, IT, CH) is strategic for diversifying regulatory risks.
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