Nuclear energy company Newcleo has entered an ​agreement to list on the Nasdaq stock ‌exchange through a merger with NewHold Investment Corp III (NHIC.O), the firm founded by Italian physicist Stefano Buono said ​on Wednesday.

Newcleo is developing advanced modular lead-cooled ​fast reactors and nuclear fuel from reprocessed ⁠nuclear material.

It will work with its partner Oklo ​Inc. (OKLO.N) on a program launched by the U.S. ​Department of Energy to potentially use the country's Cold War-era plutonium as nuclear reactor fuel.

"In partnership with Newcleo, Oklo would ​lead the utilization of surplus plutonium, while Newcleo ​would bring relevant fuel-cycle experience," the company said.

In the United ‌States, ⁠nuclear energy is seen as a promising solution to meet increasing power demand for data centres and artificial intelligence.

The merger with NewHold Investment Corp ​III will ​value the ⁠company at $2.4 billion and is expected to provide up to $429 million in gross ​proceeds, with the transaction expected to ​close ⁠in the second half of 2026, Newcleo said in a statement.

Since its founding in 2021, it has ⁠raised ​about $780 million from private investors ​including the Agnelli family's Exor Seeds venture capital fund.