Paris-based Newcleo, established in 2021, is developing a lead-cooled fast reactor design targeting European markets. The company raised €535 million by 2025, with a €151 million round in September 2024. Captured nearly 92% of SMR equity funding alongside NuScale, X-Energy, and TerraPower. Targeting French and UK regulatory processes. Regulatory status in France (ASNR, August 2026): Newcleo completed the preparatory review (Step 2) on June 26, 2024 and on December 19, 2025 submitted a request for an opinion on the safety options of its LFR-AS-30 reactor, entering Step 3 (pre-licensing); it also submitted a safety-options request for its pilot MOX-LFR fuel plant on December 13, 2024.