French Nuclear Startup Seeks €150 Million for Reactor Model
- Rothschild is advising Naarea for its Series A funding round
- Industry trailblazer NuScale recently suffered project setback
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Naarea, a three-year-old French nuclear startup, is looking to raise €150 million ($164 million) as it seeks to develop a small reactor that would meet growing industrial decarbonization needs from the start of the next decade.
The company, which already raised €50 million from a handful of French family offices such as Eren Groupe SA and €10 million from the government, is reaching out to venture capital, industrial and institutional investors, and sovereign wealth funds for a Series A funding round with the help of Rothschild & Co., co-founder Jean-Luc Alexandre said in an interview in Paris Friday. He hopes to close the fundraising in the first quarter next year.