A British nuclear startup has dropped plans to build a pioneering power plant in Cumbria and will invest £4bn in France instead, after it was lobbied personally by Emmanuel Macron.
Newcleo, which is headquartered in London, is developing a type of mini nuclear power plant, known as an advanced modular reactor (AMR), that will use nuclear waste for fuel.
The company had hoped to tap into the UK’s vast stockpile of waste at Sellafield, where it wanted to invest £2bn in a waste reprocessing factory and AMR that would have created around 500 jobs.
It was also planning a similarly-sized facility in France.
But Stefano Buono, Newcleo’s chief executive and founder, said the company has now dropped the UK plans after the Government ruled out giving private companies access to the Sellafield stockpile in a nuclear industry “roadmap” published this month.
Instead, Newcleo is planning an enlarged development at an undisclosed location in the south of France, where it now plans to spend £4bn and create around 1,000 jobs, he said.
As part of that scheme, it will buy nuclear waste from French state energy giant EDF.
The company is also currently in the middle of a €1bn (£860m) fundraising.
The decision comes after the company was blocked from participating in the UK’s design competition for mini nuclear reactors.
By comparison, France has eagerly supported Newcleo and Mr Buono was lobbied repeatedly for investment by President Macron in face-to-face meetings.
Newcleo, which was also invited to last year’s “Choose France” business summit at the Palace of Versailles, has never been offered an in-person meeting with a British prime minister.
Mr Buono told The Telegraph: “Our plan initially was to use one factory in France and one in the UK.
“Now, we will double the capacity of France and we are not investing in the UK.”
He added that the company had hoped to pioneer its technology in Britain but added: “In two years, we were not able to even locate the site, so we have decided to accept the offer from France.
“We can proceed with our business model there.”
Newcleo’s decision to build its first plant abroad comes amid growing frustration within the British nuclear industry over the slow progress the Government has made towards identifying sites for new power plants.
The loss of significant investment to France will also be seen as the latest sign that Downing Street’s efforts to attract business investment are being outshone by President Macron, who has launched a charm offensive to lure companies across the Channel since Brexit.
He was the only G7 leader to attend the World Economic Forum in Davos, Switzerland, this week, while he has rolled out the red carpet for business leaders including Tesla boss Elon Musk and JP Morgan banker Jamie Dimon at his annual Choose France event.
Last year’s summit resulted in major deals, with Taiwanese car battery maker ProLogium unveiling plans for a €5.2bn plant at the port of Dunkirk and Verkor, a French company, pledging a €1.6bn battery factory there too.
In the UK, six SMR developers including Rolls-Royce have been shortlisted for support under a competition run by Great British Nuclear.
Newcleo was not considered because of the AMR’s lead cooling system and unusual fuel, Mr Buono has claimed.
The company’s novel design would run on processed plutonium, helping countries such as the UK dispose of the dangerous waste, which is expensive to manage.
At Sellafield, the UK has amassed 140 tonnes of plutonium – the world’s biggest stockpile – as a result of historic nuclear weapons programmes and abandoned efforts to develop so-called fast breeding reactors that would have used it as fuel.
A massive effort is currently under way at the Cumbrian site to safely store the waste, but Mr Buono and his colleagues have argued it could be put to better use as reactor fuel.
The entrepreneur made his fortune selling cancer treatment developer AAA to Novartis for $3.9bn (£3.2bn) in 2017, reportedly earning him $420m.
His company has the backing of the Agnelli industrialist family, which made its money from Fiat and Ferrari.
The French government is expected to confirm a deal with Newcleo later this year.
The UK Government did not respond to requests for comment.
"Factory" - Google News
January 20, 2024 at 08:17PM
https://ift.tt/9SdtLB5
Nuclear start-up drops plans for British factory in favour of France - The Telegraph
"Factory" - Google News
https://ift.tt/umtWeZM
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Nuclear start-up drops plans for British factory in favour of France - The Telegraph"
Post a Comment