Highlights:
➢ London-based independent upstream energy company Viaro Energy and clean nuclear technology developer newcleo have established a strategic partnership centred around the future deployment of Advanced Modular Reactors (AMR) to support the decarbonisation of the oil and gas sector;
➢ Following the successful completion of feasibility studies, the companies will establish a joint venture to deploy newcleo’s 200MWe lead-cooled fast reactor at Viaro Energy sites to decarbonise its existing and future assets.
Viaro Energy Limited (Viaro), a London-based independent upstream energy company, and newcleo Ltd (newcleo), the clean and safe nuclear technology company developing innovative Generation IV reactors using nuclear waste as fuel, are pleased to announce a strategic partnership centred around the decarbonisation of the oil and gas sector through the deployment of cutting-edge low-carbon nuclear technology.
Viaro and newcleo have signed a Memorandum of Understanding (MOU) outlining a framework for planned collaborative activities to decarbonise Viaro’s existing and future oil and gas infrastructure.
newcleo is developing a unique lead-cooled fast reactor (LFR) technology which will be suitable for a wide range of locations thanks to its unique intrinsic safety and compact characteristics and can be co-located with electro-intensive industries. The LFRs will also run on reprocessed spent fuel currently created by existing reactors – not only reducing the climate footprint of newcleo’s own operations, but it will also effectively close the fuel cycle, increase the useable energy from previously mined uranium, eliminate the need to extract and process new uranium resources and reduce the stock of long-lived wastes.
Following the completion of feasibility studies, the companies will establish a joint venture for the deployment of newcleo’s 200MWe LFR reactors at chosen sites within Viaro’s portfolio, assessing both existing assets and prospective acquisitions in which Viaro is currently engaged. The technology will contribute to net-zero goals by maximising the benefits of AMRs for cogeneration, combined heat and power and off-grid application. The average life span of an LFR reactor is 60 years and after the decarbonisation of the Viaro’s hydrocarbon assets, the LFRs will continue providing clean energy to the UK’s national electric grid and elsewhere across Europe where the technology is implemented.
In addition to the executed MOU, as demonstration of its belief in newcleo’s potential for supporting the energy transition generally and specifically through the decarbonisation of oil and gas assets, Viaro has also directly invested in newcleo by way of acquiring shares in its latest capital raise.
Francesco Mazzagatti, CEO of Viaro Energy, commented: “The partnership with newcleo is a major milestone in our strategy to exemplify the only economically viable approach to the energy transition by investing in both energy security and long-term net-zero goals. We are proud to spearhead decarbonisation efforts in the oil and gas sector through the implementation of newcleo’s clean nuclear energy technology into our operations.
Stefano Buono and his team are true visionaries with decades of experience with nuclear energy, and we are confident in newcleo’s potential to pave the way towards a sustainable and affordable clean energy solution, as evident from its already numerous partnerships with the leaders and pioneers of each core industry segment. It is because of my belief in the concept and the team behind it that both Viaro and myself personally have also acquired shares in newcleo.”
Stefano Buono, newcleo Chairman and CEO, commented: “This is an exciting partnership and demonstrates the potential for newcleo’s technology to support industrial decarbonisation. The transition to net-zero will only be achieved by decarbonising not only the energy, transport and heat sectors but also energy intensive and “hard to abate” heavy industries.
“Our technology means that, for the first time, nuclear reactors will provide decentralised, baseload, low-carbon energy to customers with enhanced safety and security of supply. Viaro’s pragmatic and forward-looking approach will help them to blaze a trail towards lower-carbon operations in the oil and gas sector and we are delighted to be partnering with them and to provide energy solutions to make their aims a reality.”