MAIRE SIGNS AN AGREEMENT FOR A JVC BETWEEN NEXTCHEM AND NEWCLEO TO PROVIDE HIGHLY QUALIFIED TECHNICAL SERVICES FOR THE DELIVERY OF POWER PLANTS BASED ON NEWCLEO's 200 Mwe NUCLEAR ADVANCED MODULAR REACTOR (AMR)

(MENAFN- PR Newswire)

• The JVC
  will provide highly qualified technical services to
  newcleo for the delivery of design, critical equipment supply and project management integration
• The JVC will also look to offer its services to other SMR and AMR technology providers
• new cleo will take a 40% stake in the
  JVC focused
  on creating new IP and performing technical services and NEXTCHEM will
  be granted
  newly issued shares
  up to
  5% of
  newcleo's
  share capital at pre-money valuation
• TECNIMONT (MAIRE integrated E&C solutions) will
  be granted
  preferred
  status as
  E&C solutions provider

MILAN, Dec. 19, 2024 /PRNewswire/ -- MAIRE S.p.A.
and
newcleo Holding SA (" newcleo ") have signed an agreement for a
Joint Venture Company
(JVC) between MAIRE's subsidiary NEXTCHEM (Sustainable Technology Solutions) and newcleo to develop a
new generation commercial-scale
power plant, based on
newcleo's
200 MWe Advanced Modular Reactor (AMR).
According to
newcleo's
plan, the first
non-nuclear pre-cursor
prototype of the AMR
is expected to be
ready
by
2026
in Italy, the first reactor
operational in France as of end 2031,
while final investment decision for the first commercial power plant is expected around
2029.

newcleo's LFR (Lead-cooled Fast Reactor)-AS-200 technology fully embodies the circular economy model using
mixed
oxide (MOX)
as fuel
(i.e. reprocessed nuclear wastes), in line with NEXTCHEM's vision on circularity.

The JVC will facilitate and accelerate the development and commercialization of the "LFR-AS-200", thanks to the synergic competences of the two shareholders in the energy industry.

Upon execution of binding agreements,
newcleo
will take
a 40%
stake
in
the
NEXTCHEM's newly incorporated company focused on
creating new
intellectual property (IP) and
performing
technical services.
The deal will result in
NEXTCHEM
being granted
newly issued shares
up to
5% of
newcleo's
share capital at pre-money valuation,
subject to the achievement of certain
milestones
the first of which is
newcleo's
entrance
into the
JVC,
and
the last
being
linked to the final investment decision (FID) by the first client.

NEXTCHEM will contribute to the JV skills, management and engineering competences and tools, as well as a dedicated commercial platform for the
deployment
of LFR-AS-200 projects,
to complement
newcleo's ever growing expertise in the
nuclear
field.

The JVC will benefit from competences of both parties
and create its own new IP.
In particular,
newcleo
will develop the nuclear reactor for its own LFR-AS-200 technology, while NEXTCHEM will leverage its own distinctive know-how to enable the JVC to deliver
the extended basic design,
procure
the critical proprietary equipment relevant to the Conventional Island and Balance of Plant of the nuclear power plant, and provide
project management/integration services to
newcleo.

The Conventional Island and the Balance of Plant are essential to convert nuclear energy into electrical power dispatchable to the grid or used to serve chemical districts according to NEXTCHEM's e-Factory format, thus contributing to the decarbonization of the chemical industry by producing low-carbon chemicals and e-fuels.

The JVC will also provide integration services to other SMR (Small Modular Reactor) and AMR technology providers who are not competing with
newcleo. This business model will serve the industrialization of the energy transition for any customer potentially interested in implementing power plants based on Generation IV nuclear technologies.

TECNIMONT (Integrated E&C Solutions) will be granted a preferred partner status for the delivery of projects, thanks to its state-of-the-art modularization approach to optimize construction and planning methodology, reducing time and costs.

The transaction is expected to be finalized by the end of
February 2025.

Alessandro Bernini ,
CEO of MAIRE , commented: "This collaboration is a clear representation of our ability to offer
a
complete
range of services
for energy transition combining our innovative vision on sustainable technology solutions with our traditional competences in integrated engineering solutions. Today we set a further milestone in our progressive path to implement carbon-neutral chemistry models based on safe, reliable and competitive energy supply."

Logo -

SOURCE MAIRE S.p.A.

MENAFN19122024003732001241ID1109013094