newcleo is a nuclear technology company developing Generation IV lead-cooled fast reactors and mixed-oxide (MOX) fuel. The company's primary reactor design is the LFR-AS-200, a small modular reactor engineered to generate baseload electricity and industrial heat for utilities and industrial customers such as data centers and steel manufacturers. To supply these reactors, newcleo develops MOX fuel by recycling plutonium from spent nuclear fuel with uranium to create a closed fuel cycle. For its reactor business, newcleo uses an asset-light model, planning to license proprietary designs to third-party plant operators, supply specialized reactor components, and provide engineering and construction management services. For its fuel business, the company plans to own and operate manufacturing facilities to supply MOX fuel to reactor operators across multi-decade operating lifecycles. While its reactor and fuel programs remain in development, newcleo currently generates revenue through engineering subsidiaries that manufacture nuclear-grade pumps, produce reactor components, and provide nuclear consulting services to third-party operators.