Newcleo announced on September 21 that it had completed its business combination with NewHold Investment Corp III. The deal delivers approximately $247 million in gross proceeds: a $216 million private investment in public equity and $31 million from NewHold’s trust account. The transaction valued newcleo at a pre-money equity value of about $2.4 billion; up to a further $75 million may become available under a forward purchase agreement.

Newcleo said its ordinary shares and warrants were scheduled to begin trading on Nasdaq on September 22 under the symbols NWCL and NWCLW. The company plans to use the capital to advance a 10 MWth non-nuclear demonstrator in Italy, work with U.S. and French nuclear regulators and pursue reactor and fuel-manufacturing opportunities in the United States and Europe. The release said total funds raised to date, including the transaction, exceeded $1 billion.