European advanced reactor vendor Newcleo announced in May its intention to list on the New York-based Nasdaq through a special purpose acquisition vehicle (Spac), a move the company hopes will allow it to raise up to $429 million in gross proceeds and continue funding development of its lead-cooled fast reactors. Newcleo had already far outpaced its European competitors in fundraising, raising a total of $780 million, but hasn't yet caught up to the fundraising totals of top US advanced reactor vendors such as Oklo and X-Energy, which have years-long head starts. Paris-based Newcleo is now shifting its planned site for first-of-a-kind deployment from France to the US, betting it will be easier to secure the plutonium needed for the mixed-oxide (Mox) plutonium-uranium fuel assemblies that will power its fast reactors and that licensing timelines will be faster. But this shift is dependent on the outcome of the US Department of Energy (DOE) surplus plutonium utilization program, which plans to award up to 20 tons of plutonium to selected advanced reactor vendors. Energy Intelligence’s Grace Symes spoke with Newcleo CEO and Co-Founder Stefano Buono this week about Newcleo’s Spac transaction, its strategic shift to the US and how it will source plutonium.