(Alliance News) - Italy is preparing to set up the first public newco for a return to nuclear power as early as Christmas, according to a report in Milano Finanza on Tuesday.

The company will see Enel Spa as the majority shareholder with 51 percent, followed by Ansaldo Nucleare at 39 percent and Leonardo Spa at 10 percent. The group led by Flavio Cattaneo will be the lead company, strong with 9 GW of installed nuclear capacity, including 6 GW in Spain and 3 GW in Slovakia through Slovenske Elektrarne.

Initially, the newco will focus on studying and researching Small Modular Reactors, small nuclear reactors that are becoming increasingly common in Europe. This project represents the Italian government's first concrete step to revitalize the nuclear sector and attract new entrants.

Among the possible partners is Newcleo, the startup launched in 2021 by Stefano Buono, which has raised more than EUR530.0 million thanks to about 700 investors, 90 percent of whom are Italian.

Buono declared Newcleo's interest in participating in the newco by offering expertise and innovative technologies, such as Mox nuclear fuel, produced by recycling uranium and plutonium from radioactive waste.

This process reduces the need to mine new uranium. Newcleo has relocated to France to access EU funds and work with already operating nuclear regulators, aiming to build a first reactor by 2033.

Newcleo is building 12 plants at Enea's Brasimone center and has expressed a desire to list the company on the Italian market. With a current valuation of EUR1.30 billion, Newcleo is already positioned as an industrial unicorn.

The Italian nuclear newco represents a strategic opportunity to revitalize nuclear energy and accelerate decarbonization goals in line with European policies.

By Antonio Di Giorgio, Alliance News reporter

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