Terra Innovatum Sets Its Sights on $230M SPAC
DOE Selects Four Companies for Advanced Nuclear Fuel Line Pilot Projects
Framatome and Standard Nuclear Announce TRISO Fuel Production
Oklo and Blykalla Form Transatlantic Partnership to Accelerate Advanced Reactor Commercialization
Micro Modular Reactor Company Hadron Energy Plans to Go Public
Data Centers and Energy Proposals Sought for Savannah River and other US Federal Sites
Terra Innovatum Sets Its Sights on $230M SPAC
Terra Innovatum, a developer of a 1 MW thermal-moderated, gas-cooled micro modular (MMR) nuclear reactor that uses LEU fuel is expecting to close on a business combination with GSR III Acquisition Corp (NASDAQ:GSRT) later this month.
The deal is expected to generate $230M in Series A gross proceeds. The firm has recently filed their S-4 with the SEC and filed a regulatory engagement plan with the NRC in January 2025. (ML25159A006).
Once the deal closes, Terra Innovatum will be listed on NASDAQ with the symbol NKLR. The company will open an offices in New York and in Pennsylvania after the NASDAQ listing.
In an video interview with two of the principals of the firm – Massimo Morichi, Partner, Chief Strategy Officer & Safeguards and Giordano Morichi – Partner, Chief Business Development Officer & Investor Relations – they explained that the firm expects to complete the process with the NRC for receiving a construction license for the first of a kind (FOAK) unit in 2027 and have it in revenue service for its customer Rock City Industrial Park in Valmeyer, IL in 2028. Power will be provided behind the meter and supplied directly to customers.The town is located just east of St. Louis, MO, on the Illinois side of the Mississippi river.
The two executives told Neutron Bytes the firm has bypassed the U.S. Department of Energy’s micro reactor program. The company was organized in Italy in 2018. In terms of major milestones, R&D for the reactor is done. A final design (Advanced Design) was completed as of October 2024. The supply chain vendors for major reactor components and fuel are in place.
They’ve done more than just bypass the DC bureaucracy. The firm has also bypassed the delays many micro reactor firms are facing in obtaining HALEU fuel.
The reactor design features a solid heterogeneous composite moderator and is intended to accommodate both traditional zircaloy-clad low-enriched uranium (LEU) fuel or, when available, LEU+ and high-assay low-enriched uranium (HALEU) fuels, using helium gas as the coolant.
By initially using conventional LEU uranium oxide fuel assemblies at less than 5% U235 normally installed in LWR reactors, the supply chain for fuel for fleet mode manufacturing in a factory of the 1 MW reactors is assured. The reactor will use helium as the coolant and also to transfer heat from the reactor core to a conventional off-the-shelf steam system to deliver electricity and process heat to customers. The firm plans to build as many as 50 of its 1 MW units in the US.
The project will supply power for co-generation of heat and power for Rock City facilities for an initial term of 15-years with an option to extend commercial operations for up to 45 years.
This strategic agreement between Terra Innovatum and the f Rock City industrial park grants the firm a land for the licensing, testing, and construction of the company’s first-of-a-kind (FOAK) SOLO reactor.
Terra Innovatum will supply Rock City’s industrial, logistics, food distribution and government clients with power via behind the meter private wire from the FOAK SOLO with an option to subsequently deploy 50 reactors on site, delivering up to 50 MWe for commercial use. Giordano Morichi told Neutron Bytes the power provided by its MMR reactors would cost customers $0.07/kWh.
In terms of an EPC for the project, the firm has a partnership with ATB Riva Calzoni that supports preparation, development, and production of FOAK SOLO reactor for target deployment of 2028 and full-scale commercialization.
Prior Coverage on this blog
About the SOLO Reactor
Unlike other advanced reactors, the SOLO micro reactor features a thermally-moderated, gas-cooled nuclear reactor core that operates with standard enrichment U235 (below 5%) and conventional Zircaloy-cladded UO2 fuel pellets, similar to those used in many large-scale reactors worldwide.
Conceptual image of SOLO reactor features. Image: Terra Innovatum
The reactor uses helium as the coolant and also as part of the heat transfer system. The firm said, without naming a specific vendor, that it will use a commercial off-the-shelf steam system to provide heat and power to customers.
The reactor’s design efficiently decouples cooling and moderation functions, providing inherent safety features that significantly reduce its risk profile. This enables a straightforward safety analysis, where the safety case can be established based on fundamental principles, without the need for complex evaluation models.
The firm’s executives also noted that the I&C system, being developed by Paragon, will provide real time material accountability of all fuel at all stages of use thus addressing IAEA nonproliferation objectives.
Giordano Morichi said,”Thanks to our embedded safeguards by design and a licensed fuel (LEU, with only 4.95% enrichment), this strategic channel is already enabling Terra Innovatum to advance commercial negotiations for projects across Europe and Asia, potentially totaling more than 1 GWe of capacity, with additional discussions underway in other international markets.”
The executives added that SOLO’s core is inherently safe, incapable of melting or exploding. It is engineered to deliver constant power throughout its operational life, utilizing a minimalist instrumentation and control (I&C) system while operating fully autonomously.
Key attributes of the SOLO reactor which the firm says gives it a competitive advantage over advanced micro reactor designs that require HALEU include the following points.
In its presentation to investors last month the firm said SOLO provides the only platform to be able to transition from currently licensed fuel products (LEU) to future fuel products and supply (HALEU)
Other key features of the reactor include;
LEU: can operate for ~15 years without need for refueling
HALEU: can operate for ~70 years without need for refueling
As of today, certain non-fuel materials would need to be replaced at 45 years
SOLO can also benefit from current and future accident tolerant fuel (ATF) solutions related to new clad material, which would allow an increase of the average working temperature, consequently improving the thermodynamic efficiency and possibly extending its range of industrial applications.
Strategic Alliance with Italy’s RAIT 88 to Promote Global Commercialization
Terra Innovatum on 10/02/25 announced a strategic alliance with Defense Engineering Center, RAIT 88, to accelerate global commercialization of its SOLO Micro-Modular Nuclear Reactors. The agreement creates business development opportunities across defense, civil energy, and government sectors, while advancing deployment, operations, and training of MMR systems.
RAIT 88 is a strategic hub for defense and NATO-aligned initiatives located in Italy. RAIT 88 is a defense engineering center internationally recognized for its expertise in engineering, R&D, systems integration, and obsolescence solutions, and is a leader in robotics, artificial intelligence, virtual reality, and the advancement of quantum lidar/radar and next-generation sensors.
The agreement provides for business development opportunities across the defense, civil energy, and governmental sectors through the integration of RAIT’s advanced simulation technologies used by industrial leaders in the aerospace, defense and security such as Leonardo DRS.
Giordano Morichi told Neutron Bytes – “The agreement establishes a broad collaboration designed to drive the global commercialization of SOLO as a non-proliferate energy and heat baseload solution for both defense and civilian applications for mission-critical environments, humanitarian missions, disaster recovery and civilian use.”
Terra Innovatum Secures $42.5 Million Financing Ahead of GSR III Acquisition Business Combination
Terra Innovatum, a developer of micro-modular nuclear reactors, announced on 10/02/25 a $42.5 million financing to support the deployment of its first-of-a-kind reactor in connection with its business combination with GSR III Acquisition Corp.
This financing includes approximately $37 million from private investment in public equity and $5.5 million from a bridge facility.
CEO, Alessandro Petruzzi, emphasized that the company’s reactor design allows for a simple, cost-effective, and reliable energy solution without relying on government subsidies, while plans for commercialization and production remain on track for 2028.
He added that the financing aims to accelerate deployment of Terra Innovatum’s first-of-a-kind reactor and to strengthen its market position.
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DOE Selects Four Companies for Advanced Nuclear Fuel Line Pilot Projects
The U.S. Department of Energy (DOE) announced it selected Oklo Inc., Terrestrial Energy Inc., TRISO-X LLC, and Valar Atomics Inc. for its new pilot program to build advanced nuclear fuel lines. The agency said its action will help strengthen America’s national security, reduce reliance on foreign sources of enriched uranium.
This is the second round of conditional selections under DOE’s Fuel Line Pilot Program. DOE previously selected Standard Nuclear to build and operate TRISO fuel fabrication facilities.
The following projects will leverage the Department’s authorization process to ensure a robust supply of fuel is available for research, development, and demonstration purposes— including the 11 reactors initially selected to participate in DOE’s Reactor Pilot Program:
Oklo Inc. (Santa Clara, California) – To build and operate three fuel fabrication facilities to support their Aurora and Pluto reactors, and possibly other fast reactors. Oklo did not respond to a media inquiry regarding its plans to finance and build all three fuel fabrication facilities.
Oklo’s first fuel facility, slated to be built in Oak Ridge, TN, is expected to cost $1.68 billion. The recycling facility will recover usable fuel material from used nuclear fuel and fabricate it into fuel for advanced reactors. The fuel recycling facility is the first phase of Oklo’s broader advanced fuel center, a multi-facility campus aimed at supporting recycling and fuel fabrication.
Terrestrial Energy Inc (Charlotte, NC) – To develop the Terrestrial Energy Fuel Line Assembly to demonstrate a fuel salt fabrication process in a phased approach. The firm has a deal with Orano to develop fuel for the molten sale reactor. The agreement’s broad scope of services includes uranium enrichment, chemical conversion to IMSR fuel form, its production, transportation, packaging, and logistics.
TRISO-X Inc. (Oak Ridge, Tennessee) – To build and operate an additional fuel fabrication laboratory facility to enable pilot-scale integration, training, and system validation to support the TX-1 commercial TRISO fuel fabrication facility. This firm is a subsidiary of X-Energy. The project is partially financed by X-Energy’s cost shared funding from DOE under its Advanced Reactor Demonstration Program (ARDP).
Valar Atomics Inc (Hawthorne, CA) – To support TRISO fuel fabrication for the Ward250 reactor deployment and potentially other high-temperature gas reactors. The firm has made several statements which when fact checked don’t add up.
Valar has made an audacious claim to the Governor of Utah that it will build and operate a test reactor in Utah by 2026. According to the Utah News Dispatch, the firm sued the NRC over its regulatory timelines while delaying submitting filing a regulatory engagement plan with the agency that is essential to eventually building a test reactor, or any reactor, in the US. The timeline for a test reactor includes design, licensing, construction, and commissioning.
Valar also made inaccurate claims about safe handling of spent nuclear fuel which were disputed by Nick Touran, a veteran nuclear engineer who holds a Ph.D. in the field. Valar claimed that spent nuclear fuel coming out of a reactor could be contact handled. Turan, and others on Reddit, responded that a person exposed to the radiation dose from spent nuclear fuel coming out of a reactor would be dead within a minute or less.
Scope of Work for the Pilot Program
Oklo, Terrestrial Energy, and Valar Atomics were initially selected into DOE’s Reactor Pilot Program. Today’s fuel line selections will expand access to the advanced fuel required to test their designs and accelerate the transition from demonstration to deployment.
Each company will be responsible for all costs associated with the construction, operation, and decommissioning of their fuel fabrication facilities, and must manage the sourcing of nuclear material feedstock.
Companies may apply to receive high-assay low-enriched uranium (HALEU) through DOE’s HALEU Availability Program. Development of these pilot projects could drive private sector investment and create a fast-track approach to commercial licensing.
More information on the DOE Fuel Line Program
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Framatome and Standard Nuclear Announce TRISO Fuel Production
(NucNet contributed to this report) Framatome and Standard Nuclear Inc. announced a joint venture (JV) to supply commercial quantities of Tri-structural Isotropic (TRISO) particles and proprietary advanced reactor products. This collaboration marks a significant advancement in Western nuclear fuel supply chain development, leveraging the expertise and robust infrastructure of two industry pioneers and their commitment to bringing advanced reactor fuel to the market.
The JV, a reactor-agnostic collaboration – named Standard Nuclear-Framatome (SNF) – will be governed by a board of directors with senior leaders from both companies. Combining Framatome’s fuel cycle expertise and proven infrastructure with Standard Nuclear’s technical manufacturing capabilities and industry-leading fuel production expertise to deliver finished TRISO-based fuel products, the partnership will meet the future demands of the advanced reactor nuclear market.
The 10 CFR Part 70 License amendment for Framatome’s Richland, WA, nuclear fuel manufacturing facility was submitted to the U.S. Nuclear Regulatory Commission (NRC) in September 2024, accepted for review, and planned to be finalized in spring of 2026. The JV plans to commence manufacturing in 2027 pending regulatory approvals.
According to the Framatome, the venture plans to produce about 2 tonnes of TRISO fuel annually, significantly scaling up current capacity to meet demand from advanced reactor developers, including small modular and microreactors.
Standard Nuclear is the nation’s only independent developer of TRISO fuel, a high-performance nuclear fuel made from uranium particles wrapped in protective ceramic and carbon layers. TRISO is known for its enhanced safety and durability at extreme temperatures, making it a critical component in many advanced reactor designs, including high-temperature gas-cooled reactors (HTGRs) and other emerging advanced nuclear reactors.
Triso fuel consists of a uranium-based fuel kernel surrounded by three distinct layers of ceramic and carbon materials, which form an individual containment system for each particle.
This tri-structural design is said to provide exceptional resistance to corrosion, high temperatures, and irradiation, making it impossible to melt under extreme conditions and containing radioactive fission products effectively.
Other US companies developing Triso fuel include X-energy, through its Triso-X subsidiary, and BWX Technologies, which has produced Triso for the US military’s Project Pele.
Standard Nuclear is in the process of acquiring key assets of Ultra Safe Nuclear Corporation (USNC), which filed for Chapter 11 bankruptcy in October 2024. The deal is subject to court approval and closing conditions, and is aimed at expanding Standard Nuclear’s capabilities in TRISO fuel development.
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Oklo and Blykalla Form Transatlantic Partnership to Accelerate Advanced Reactor Commercialization
Oklo Inc. (NYSE:OKLO) and Sweden’s Blykalla AB, both advanced nuclear technology companies, announced a strategic partnership focused on technology collaboration, supply-chain coordination, and regulatory knowledge-sharing.
The agreement includes Oklo co-leading Blykalla’s next investment round through an approximately $5 million commitment, a step that strengthens the companies’ transatlantic collaboration to accelerate advanced nuclear commercialization.
Under a Joint Technology Development Agreement, Oklo and Blykalla will share insights on materials, components, non-nuclear supply chain sourcing, fuel fabrication, and licensing best practices across the U.S. and Sweden. Through increased cooperation and coordination, both developers aim to reduce costs and schedule risks.
This is one of the first transatlantic partnerships in the advanced nuclear reactor sector. Aligning fast reactor developers across Europe and the U.S. shows how advanced nuclear companies can work together on fuel, supply chains, and regulation to accelerate commercialization globally, based on a shared commitment to advanced nuclear technology as a cornerstone of the clean energy transition.
Together the fast reactor companies will examine shared suppliers for reactor-agnostic equipment to improve availability, schedules, and cost. Oklo may also supply select components for Blykalla’s direct use to strengthen a vertically integrated, potentially cross-border, supply chain.
Oklo may also provide fuel fabrication services to Blykalla. In parallel, Oklo and Blykalla will pursue targeted R&D and regulatory analysis to boost reliability and lower lifecycle costs without requiring design changes.
Blykalla is developing a passively safe, highly compact 55 MWe lead-cooled fast reactor (known as SEALER) based on more than 25 years of research. Blykalla is currently raising its A2 round, which Oklo will co-lead. Oklo is developing its sodium-cooled fast-reactor powerhouses of up to 75 MWe, with a focus on deployment at U.S. sites to serve industrial, defense, and data-center customers.
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Micro Modular Reactor Company Hadron Energy Plans to Go Public
(WNN) Hadron Energy, a San Francisco, CA, developer of a 10 MW MMR, announced this week it is planning to go public. The business combination will see Hadron’s existing security holders provided with 100 million shares of GigCapital7 Corp’s stock, meaning the transaction values Hadron at around $1.2 billion prior to raising any public capital.
The business combination will provide around $200 million in net proceeds after transaction expenses from the cash currently held in GIG’s trust account. These will be used to accelerate product development and commercial deployment of Hadron’s technology, as well as to pay transaction expenses, the company said.
On completion of the business combination – which is expected to take place “during the first half of Q1 2026” subject to approvals – the combined company is expected to be listed on a US national exchange.
The Hadron MMR is built on proven light water reactor (LWR) technology and would generate 10 MWe and 35 MW of thermal heat. Its reactor core and containment shell is intended to be transported in standard shipping containers, and it is designed to operate on a 10-year fueling cycle.
“With power demand continuing to increase rapidly, nuclear energy is re-emerging as a compelling solution to today’s most pressing energy needs, with MMRs being central to this revolution,” Hadron founder and CEO Samuel Gibson said, but to tackle this effectively “we need to move beyond legacy nuclear technology. … with Hadron’s MMR technology, we are unlocking a new era of clean nuclear energy in a safe, scalable, and versatile way.”
Hadron said it has already engaged with key potential customers in spaces such as data centers, remote geographies, industrial hubs and defense and space, and is at “the letter of intent stage with more than six potential customers”.
It has actively engaged with the Nuclear Regulatory Commission (NRC), the US Department of Defense, the Department of Energy, and other regulatory bodies, and began engagement with the NRC on pre-application activities in April.
It plans to submit Design Certification and Early Site Permit applications by the fourth quarter of 2026. It filed a Regulatory Engagement Plan with the NRC in May and, earlier this month, filed its Quality Assurance Program Description with the regulator.
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Data Centers and Energy Proposals Sought for Savannah River and other US Federal SitesÂ
(WNN) Ten tracts of land totaling 3,103 acres at the Savannah River Site have been identified for artificial intelligence (AI) infrastructure projects and the National Nuclear Security Administration (NNSA) is seeking applications which integrate innovative energy generation and storage projects with the data centers.
According to an NNSA press statement, “The US private sector partners will … be responsible for building, operating, and decommissioning each infrastructure project. Partners must secure utility interconnection agreements. Proposals will be competitively evaluated for technological readiness, financial viability, and detailed plans to complete regulatory and permitting requirements.”
Applications, the Request for Proposals says, “are particularly encouraged to incorporate innovative and/or on-site energy generation, such as advanced nuclear reactor technology, and storage solutions, aligning with DOE’s commitment to reliable energy, and energy- and water-efficient operations.”
Submissions are required by 12/05/25Â at 17:00 EST.
The Savannah River Site is a 310-square-mile site in Aiken, SC, which was focused on the production of plutonium and tritium for use in the manufacture of nuclear weapons from the early 1950s until the end of the Cold War. In 1992, the focus at SRS turned to environmental cleanup, nuclear materials management, and research and development activities. It is home to Savannah River National Laboratory.
Oak Ridge proposals
In a separate announcement, the US Department of Energy Office of Environmental Management and Office of Science today issued a Request for Proposals from companies to build and power AI data centers at the Department’s Oak Ridge Reservation. Two sites are available for consideration: one at the East Tennessee Technology Park and the other on land adjacent to Oak Ridge National Laboratory.
The offices are seeking companies to potentially enter into one or more long-term leasing agreements at the site that would be solely funded by the applicants. Applicants will be responsible for building, operating, and decommissioning each infrastructure project and must secure utility interconnection agreements for new power generation and storage systems. Proposals will be competitively evaluated for technological readiness, financial viability, and detailed plans to complete regulatory and permitting requirements.
Proposals are due by 12/01/25
Savannah River and Oak Ridge are two of the four sites – from an initial list of 16 – selected by the US Department of Energy to move forward with plans to invite private sector partners to develop AI data center and energy generation projects. The other selected sites are Idaho National Laboratory – for which the Department of Energy issued a Request for Proposals in September – and the Paducah Gaseous Diffusion Plant in Kentucky.
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