(Alliance News) - newcleo, a clean and safe nuclear technology company engaged in the development of innovative Generation IV reactors using existing nuclear waste as fuel, announced Tuesday that it has signed an agreement with Fincantieri Spa and RINA, a multinational ship inspection, certification, classification and engineering consultancy.

Under this agreement, the three companies will combine their deep international expertise and experience in innovation to jointly carry out a feasibility study for nuclear applications in the naval sector, taking advantage of newcleo's small modular lead-cooled reactor technology.

The use of newcleo's innovative lead-cooled fast reactor for ship propulsion would involve the installation of an enclosed mini-reactor on ships, which would function in the manner of a small nuclear battery capable of producing 30 MW of electrical power. This would require sporadic refueling-only once every 10 to 15 years, very limited maintenance, and easy replacement of the reactor at the end of its life.

Using clean nuclear power to power ships would help rapidly decarbonize an industry grappling with the huge consumption of fossil fuels and the resulting carbon emissions. The shipping industry, through the International Maritime Organization, endorsed new greenhouse gas emission reduction targets last week at MEPC(80), to reduce them to zero by or around 2050.

Although the shipping industry still transports 90 percent of the World's cargo and the IMO's fourth 2020 GHG study confirms that its carbon dioxide emissions are less than 3 percent of total man-made CO2 emissions, the actions of the big players in this sector have the potential to drive markets and generate trends.

In addition, the use of nuclear power on ships safeguards the marine ecosystem in the event of an accident. With newcleo's design, the liquid lead inside the reactor would solidify by cooling in contact with cold water, enclosing the reactor core in a solid envelope and containing all radiation due to lead's shielding properties.

Finally, newcleo's naval prousion reactors would eliminate the current need for frequent refueling, and at the end of their life, the entire LFR unit would simply be removed and replaced with a new one, while the spent unit would be taken away for decommissioning and reprocessing.

Fincantieri's stock is down 0.1 percent at EUR0.50 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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