Nuclear startup newcleo raises $89 million from Italian investors

MILAN, Feb 4 (Reuters) - Italian nuclear startup newcleo said on Wednesday it had raised 75 million euros ($88.60 million) in a new funding round with contributions from new investors, including Italian iron and steel group Danieli DANI.MI and cement maker Cementir Holding CEMI.MI.

The latest funding brings the company's total capital raised over the past 12 months to more than 105 million euros, while total funding since its 2021 founding has reached 645 million euros.

"This funding will support the strengthening of our research and development infrastructure in Europe and accelerate our expansion in the United States," newcleo founder and CEO Stefano Buono said in a statement.

Buono recently said that the developer of small modular reactors was aiming to capitalise on U.S. policies supporting the nuclear sector.

U.S. President Donald Trump signed an executive order in May to boost domestic nuclear production by cutting down regulations and fast-tracking new licenses.

Newcleo specialises in creating advanced modular reactors powered by reprocessed nuclear waste, a technology designed to lower costs and mitigate risks stemming from atomic waste handling.

($1 = 0.8465 euros)