00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Nuclear power developer Nucleo announced Wednesday it plans to go public through a
00:08merger with blank check company Newhold Investment Corp. 3 in a deal valuing it at about $2.4 billion,
00:16according to The Wall Street Journal. Founded in 2021, the Paris-based company has raised more
00:22than $780 million and says its SPAC merger will help it expand into the U.S. power market while
00:29funding its ongoing European projects. The merger is expected to generate more than $420 million
00:35in gross proceeds through a mix of cash from Newhold's trust account and a private investment
00:41in public equity. The deal is expected to close in the second half of the year. Nucleo uses a liquid
00:47lead-cooled reactor design running on recycled mixed oxide fuel. Tech companies are turning to nuclear
00:53power to meet the growing energy demands of artificial intelligence. The company aims to
00:59have a U.S. fuel factory operational by 2031 and a commercial reactor by 2032. For all things
01:05money, visit Benzinga.com.
Comments