On November 10th, Italian small modular reactor startup Newcleo shifted its focus from the U.K. to the U.S. market, driven by recent U.S. policies aimed at attracting investment in the sector, signaling a new chapter for nuclear energy in the United States.

In May, the current administration signed an executive order to boost domestic nuclear production by reducing regulations and expediting the approval process for new licenses. In contrast, approval in other countries can sometimes take two to three times longer than in the U.S.

These new policies are encouraging both domestic and foreign investments. In the U.S., we are beginning to see large data center developers, like Microsoft, invest in nuclear power to ensure a stable energy supply for these energy-intensive facilities. 

The start-up Newcleo recently shifted its headquarters from France to Britain and is considering moving its 20-reactor deployment program from the U.K. to the U.S. It estimates that each planned reactor would require around €800m in investment.

Newcleo was the first new reactor design in almost a decade to apply for UK regulatory justification, and the company feels that it has not received sufficient support in the UK for this project. Substantial support for funding and investment lies in the U.S., but Newcleo still plans to maintain its presence in the UK.

Although no final decision has been made yet, Newcleo would not be the only SMR startup racing to secure a tender to develop fuel production in the U.S. Many European companies are looking to set up in the U.S., where they could get reactors operating faster than in Europe.

Europe’s two nuclear fuel producers, Orano (France) and Urenco (multinational), both plan to build new enrichment capacity in the U.S. to meet rising demand in the industry. 

Urenco has a plant in New Mexico that produces about 4.3 trillion tons of uranium a year and can add up to 2 million tons of additional capacity if needed. Orano plans to build its first overseas enrichment plant in Tennessee and commission it in 2031. 

The U.S. nuclear market is expanding and will continue to do so, closing the gap as it gains global support.