Italian company Terra Innovatum Srl announced this week the signing of two memorandums of understanding aimed at strengthening the commercialisation of its SOLO micro-modular reactor, designed for energy and medical radioisotope production. The first partnership was signed with Ameresco Inc., a US-based energy solutions company, while the second involves RAIT 88, an Italian defence engineering centre.
A modular device focused on industrial flexibility
The SOLO reactor is designed to produce approximately 1 MWe (5 MWt) using standard commercially available components. Fully factory-built, the reactor is designed to be transported and assembled on-site with minimal logistical constraints. Its architecture includes the use of low-enriched uranium (LEU) with zircaloy cladding and can be adapted for LEU+ or high-assay low-enriched uranium (HALEU) fuels, using helium as a coolant.
Regulatory process underway in the United States
Terra Innovatum stated that it has initiated several procedures with the United States Nuclear Regulatory Commission (NRC). The company has submitted a report on SOLO’s principal design criteria, a preliminary safety document, and an environmental analysis for the first deployment site. Discussions are ongoing regarding the reduction of the emergency planning zone, considering the design’s specific features.
Medical radioisotope production capacity
In addition to electricity generation, the reactor is also designed to locally produce radioisotopes used in nuclear medicine. It features multiple irradiation channels, hot cell connections, and can simultaneously produce various isotopes such as technetium-99m, lutetium-177 and actinium-225. Terra Innovatum declared its intention to cooperate with distributors and producers such as NorthStar, BWXT Medical, and NTP Radioisotopes.
A $42.5mn financing operation to support industrialisation
The company is undergoing a merger with GSR III Acquisition Corp., a listed acquisition company. Through this process, it has raised $42.5mn in equity financing, including $37mn via private investment in public equity (PIPE) and $5.5mn from a bridge loan. The merger is expected to close shortly after the Extraordinary General Meeting scheduled for 7 October. Once completed, the company will operate under the name Terra Innovatum and its common shares will be listed on Nasdaq.
