Micro-modular nuclear reactor developer Terra Innovatum Srl has received approval for its merger with GSR III Acquisition Corp., a Nasdaq-listed special purpose acquisition company. The transaction includes $130mn in trust and equity financing, according to the two entities. This amount is expected to provide sufficient liquidity to support the upcoming commercialisation stages of the SOLO™ micro-reactor.
A capital-light model with reinforced cash position
The company is pursuing a capital-light approach and anticipates accelerating its industrial scale-up following the merger. Terra Innovatum plans to use the funds to complete the licensing process with the United States Nuclear Regulatory Commission (NRC). The SOLO™ project, based on low-enriched uranium (LEU) fuel, has been designed to utilise off-the-shelf commercial components. The first operational prototype is targeted before 2028.
The transaction will also allow the merged entity, Terra Innovatum Global N.V., to strengthen its supply chain and prepare for the industrial deployment of the SOLO™ model. The ordinary shares of the new entity are expected to be listed on Nasdaq under the ticker symbol “NKLR”, subject to the completion of all closing and listing conditions.
Targeting first-of-a-kind reactor deployment
The company expects to complete its first demonstration reactor, referred to as FOAK (First Of A Kind), in the near term before launching the commercial production phase. At this stage, Terra Innovatum confirms that it has already established a manufacturing base and a supplier network capable of supporting assembly and deployment of the initial units.
Under the terms of the agreement, GSR III Acquisition Corp. shareholders can no longer submit redemption reversal requests, marking a final step before legal closing. The approved vote paves the way for the creation of the first publicly listed developer of micro-modular nuclear reactors, positioned in the U.S. market with a product designed for high-demand or off-grid areas.
