newcleo plans to fuel its reactors with recycled nuclear material. The SPAC deal that took it public set a pre-money value of about $2.4 billion. On day one, the stock traded as high as $13.56 and as low as $7.15. Energy Vault had a steadier week.
newcleo Closes SPAC Merger, Raises $247 Million, Starts Trading on Nasdaq
newcleo plc (Nasdaq: NWCL, NWCLW) closed its merger with NewHold Investment Corp III on September 21, pulling in about $247 million in gross proceeds. An oversubscribed $216 million PIPE (a private share sale to institutional investors alongside the deal) supplied most of it. Only $31 million came out of NewHold’s trust account at closing.
Shares began trading September 22 and spent part of the first session down roughly a third, per StockTitan’s delayed data.
The technology is a lead-cooled fast reactor, a design that uses molten lead instead of water to carry heat, paired with fuel made from recycled nuclear material. It is not commercial yet. The company plans to put the new money toward a 10MWth non-nuclear demonstrator in Italy and licensing work with U.S. and French nuclear regulators.
Energy Vault Buys 2.3 GW Battery Pipeline, Places 275 MW Generation Order
Energy Vault Holdings, Inc. (NYSE: NRGV) bought a 15-project battery storage portfolio from Goshe Energy Storage on September 22, adding more than 2.3 GW to its development pipeline. No purchase price was disclosed.
Two projects matter now. At 150 MW and 200 MW, both are ready to build, and Energy Vault expects them online in the first quarter of 2028, generating about $30 million a year in combined run-rate EBITDA. S2G Investments committed a credit facility of up to $40 million to the portfolio. The other 13 projects are further back.
Pipeline is not revenue. Energy Vault’s own release lists the risk that developed projects never turn into revenue, or never reach commercial operation at all.
One day later, 2G Energy announced a 275 MW order from Energy Vault for containerized generation systems serving AI data center customers. Deliveries are scheduled from Q4 2027 through Q3 2028. Energy Vault shares slipped about 5% intraday that day.
CHAR Tech Starts Final Construction Step at Thorold Biocarbon Plant
CHAR Technologies Ltd. (TSXV: YES; OTC Pink: CTRNF) started installing pyrogas treatment piping at its Thorold, Ontario facility this week. That is the last major mechanical job before commissioning, and commercial operations are targeted to ramp through October.
The plant uses high-temperature pyrolysis, heating waste wood without oxygen, to make biocarbon that replaces metallurgical coal. Phase 1 is designed for up to 5,000 metric tons a year. ArcelorMittal Dofasco and Elkem have both signed offtake agreements.
Thorold is still commissioning. CHAR expects production and revenue there to build through the end of 2026, and it owns only half the plant. The BMI Group holds the other 50% after an $8 million project-level investment.
US buyers note: CHAR trades on OTC Pink, a tier with limited disclosure requirements. Check with your broker before trying to buy.
newcleo, Energy Vault, CHAR Tech: Forward-Looking FAQ
Possibly. The company says up to $75 million more may become available under a forward purchase agreement disclosed in NewHold’s September 11 filing, but that amount is not guaranteed.
Not on the company’s timeline. Both are expected to reach commercial operations in Q1 2028, and the roughly $30 million in combined annual run-rate EBITDA is the company’s own estimate.
Installing the pyrogas piping this week, then commissioning, with commercial operations targeted to ramp through October and production building through year-end. A second kiln and renewable natural gas equipment come only after Phase 1 is complete.
Sources
- GlobeNewswire: newcleo Completes Business Combination, Raises $247 Million and Will Start Trading on Nasdaq Under Ticker Symbol “NWCL” on September 22, 2026, September 21, 2026
- GlobeNewswire: newcleo Begins Trading on Nasdaq Under Symbol “NWCL,” September 22, 2026
- StockTitan: newcleo (NWCL) first-session trading data, September 22, 2026
- Business Wire / StockTitan: Energy Vault Expands Asset Vault Platform with Portfolio Acquisition of Goshe Energy Storage, September 22, 2026
- PR Newswire / StockTitan: 2G Energy Receives 275 MW Order from Energy Vault Holding Inc, September 23, 2026
- ACCESS Newswire / StockTitan: CHAR Tech Nears Final Mechanical Installation at Thorold Facility, September 23, 2026
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