PARIS and NEW YORK - Newcleo Ltd., a nuclear energy company developing lead-cooled fast reactors and mixed oxide fuel, announced today it has entered into a definitive agreement to merge with NewHold Investment Corp III (NASDAQ:NHIC).
The transaction values Newcleo at a pre-money equity value of approximately $2.4 billion and is expected to provide up to $429 million in gross proceeds from a combination of $220 million in PIPE and up to $209 million of cash held in NewHold's trust account.
NewHold's stock surged 12.5% over the past week ahead of the announcement. The combined company is expected to list on the Nasdaq under the ticker NWCL, with the transaction closing in the second half of 2026.
Founded in 2021, Newcleo operates in seven countries with over 900 employees and generated approximately $80 million in revenue in 2024. The company has raised about $780 million in private funds since its founding.
Newcleo is developing 200MWe commercial reactor designs and MOX fuel produced from reprocessed nuclear waste. The company has a joint venture with JAVYS in Slovakia to deploy up to four reactors at the Bohunice site.
In October 2025, Newcleo partnered with Oklo Inc. to build advanced fuel manufacturing infrastructure in the U.S. The transaction is subject to shareholder and regulatory approvals.
