Newcleo, the European nugget that is shaking up nuclear codes

A close relationship. Tracing the thread of Stefano Buono’s career, one cannot help but think that there is something between this Italian physicist and the atom that goes beyond strictly professional interest. Founder of the start-up Newcleo, he now heads one of the most prominent nuggets in the nuclear sector worldwide. A young shoot created barely a year ago, but which has already succeeded in raising 400 million euros and aims to shake up the universe, which is to say the least conservative of the atom. “It is a sector that has historically been very state-controlled but in full transition, which is now opening up to new private companies carrying innovative technologies”, confides the businessman with the piercing blue eyes, met a few weeks ago by L’Express. in Paris.

There is a form of logic in seeing Stefano Buono impose himself as a troublemaker of the ecosystem. From his intimate knowledge of atomic energy, already. A young graduate of the University of Turin in the early 1990s, he cut his teeth for ten years and jointly in the prestigious European Laboratory for Particle Physics (Cern) and in the Center for Advanced Studies, Research and development of Sardinia (CRS4). Directed by the Nobel Prize winner Carlo Rubbia, he worked in the field of energy production and the transmutation of nuclear waste. In 2002, he swapped the lab bench for the founder’s costume, with the creation of Advanced Acceleration Applications. A start-up specializing in medicine, nuclear of course, which he sold in 2018 for 4 billion dollars to the Swiss giant Novartis. At 52, this catamaran enthusiast could have sunk the sweet life on the seas. But his work under the leadership of Carlo Rubbia in the mid-1990s haunted him. As he said himself in 2021 at the creation of Newcleo, he feels “the scientific ambition and the moral obligation” to create a source of “safe, clean, renewable, and competitive energy, economically speaking”.

An immense challenge, at the height of the character. With his modular lead-cooled neutron reactor, Stefano Buono is convinced that he can solve the square of the circle. “It’s a proven reactor, I started working on it in the 1990s, the Russians used it for naval propulsion, and in Europe, there was a lot of research in Italy, in Belgium, Sweden or France. The technology has been refined, but never produced in this form”, explains the CEO of Newcleo, who intends to use thirty years of feedback to develop his baby. Simply put, the fast neutron reactor offers better efficiency for nuclear fission and a much greater use of uranium – by a ratio of 1 to 100 compared to current reactors.

“The choice of lead as the fluid transporting the heat given off by the fuel tends to compensate for the drawbacks of sodium reactors [NDLR : utilisé pour les premiers réacteurs rapides], highly reactive to air and water. Lead in particular makes it possible to simplify the installation”, explains Karine Herviou, Deputy Director General in charge of the Nuclear Safety pole at the Institute for Radiation Protection and Nuclear Safety (IRSN), technical right arm of the Nuclear Safety Authority (ASN) Newcleo, for its part, wishes to add an additional green brushstroke, with the choice of MOX fuel for its reactors.This product of the recycling of fuel from current nuclear reactors makes it possible to “close the fuel cycle”, significantly reducing the volume of waste and the need for uranium.

Mini-reactors for less than 1 billion euros

A reactor visibly adorned with all the virtues therefore. And yet. There is currently none in operation in the world, even if the Russians have one in the boxes. “Water reactors imposed themselves because they proved to be more efficient in producing electricity on a large scale in the years 1970-1980, in particular with very controlled costs”, confides Jean-Claude Garnier, head of a program of research at the CEA on the development of fourth-generation reactors. “In 2002, I gave up research because it was too difficult to carry out a project competitive with oil or gas”, indicates Stefano Buono. Twenty years later, the physicist wants to believe that the deal has changed. The explosion in the price of fossil fuels coupled with the imperative of decarbonization puts the atom back at the center of the game. Moreover, the commercial effervescence around small modular reactors makes people dream of new business models. “The industry has moved towards gigantism to gain in economy of scale and competitiveness. But a site like that of Sizewell C in England, for example [NDLR : les Britanniques veulent y construire deux réacteurs EPR de 1 600 mégawattheures (MW)]which costs between 20 and 30 billion and ties up capital for an indefinite period, it is not interesting for an investor.

Stefano Buono is betting on very low power with two types of very compact products: a 30 MW mini-reactor, perfectly suited to the demands of certain manufacturers or to power small islands or ships. Its big brother, whose power would reach 200 MW, could for its part be suitable for a more traditional use of a power station. Another advantage of the fast neutron reactor is that it produces heat at 500°C in addition to electricity. “With this type of installation, we can envisage supplying chemical factories which are fond of it and today use fossil fuels to heat their raw materials”, explains Jean-Claude Garnier. The price would not exceed one billion euros, promises its founder. Achievable? “It’s possible, because we’re talking about objects that are easier to handle, more industrializable, even if it’s not automotive series. At these projected cost levels, you have much faster returns on investment which can attract private capital”, analyzes Emmanuel Autier, partner at BearingPoint and nuclear specialist in particular. The 400 million received in two years of existence, which make Newcleo the third best valued atom start-up in the world, testify in any case to the strong interest of the ecosystem.

“Still a lot of locks to lift”

But the Italian boss prefers to keep a cool head. Step by step, the latter and his 150 employees first intend to build in Brasimone near Bologna, a non-nuclear prototype to validate their technological solution. Then, in 2030, it is in France that Newcleo wants to deploy its 30 MW mini-reactor. “This location will allow us to attract skills, in the country of nuclear power in Europe. This is also the reason why we opened an office in Lyon”, explains the manager, who confides that he has started discussions with a well-known player in the French atomic sector for setting up this reactor on one of its sites. Then in 2032, it is that of 200 MW which could see the light of day, on the other side of the Channel.

A progressive deployment, therefore, which is quite easily explained. “There are still a lot of obstacles to be lifted, especially since the experience feedback is weak at the international level. The first of them is probably the relationship of lead with the other reactor equipment, because it It is a very corrosive material”, points out Karine Herviou, of the IRSN. Of course, discussions on this subject and others have started between Newcleo and the ASN-IRSN couple. The opportunity for Stefano Buono to draw up an observation: “In the current period, there will undoubtedly be a significant influx of demand with different reactor technologies. It would take an investment on the institutional side too, in France or in England and in other countries, to speed up the authorizations”, explains the leader.

A necessity. In this new nuclear world, where the battle over tomorrow’s technological standards is raging between agile and well-funded start-ups, there is no time to lose for Europe and its Italian nugget. Of course, the market opening up to Newcleo is huge, given the needs of manufacturers and States to decarbonize the energy mix. The former are also on the move. “They are listening. The prospect of having this reactor in ten years does not scare them at all. It is an investment that they fully understand”, explains Stefano Buono. Will they go so far as to take part in the development of Newcleo for the next ten years? “We are having a lot of discussions right now,” breathes the Italian leader with a smile. Nuclear physicist, but above all an entrepreneur.