Bitcoin price today: surges to $122k, near record high on US regulatory cheer
NEW YORK/DALLAS - Terra Innovatum Srl, a micro-modular nuclear reactor developer, has signed a Memorandum of Understanding with Paragon Energy Solutions to integrate instrumentation and control systems into its SOLO reactor, according to a press release statement issued Wednesday.
The agreement formalizes collaboration on design integration of Nuclear Regulatory Commission (NRC)-approved safety systems and manufacturing support for Terra Innovatum’s reactor, which the company aims to deploy commercially by 2028.
"We are working closely with their world-class team to implement NRC-approved I&C systems into our advanced nuclear reactors," said Alessandro Petruzzi, Co-founder and CEO of Terra Innovatum.
The partnership will focus on integrating control systems into the SOLO reactor, which is designed to operate on Low-Enriched Uranium and uses commercial off-the-shelf components, potentially streamlining regulatory review.
Tighe Smith, Chief Nuclear Officer of Paragon, stated: "We’re proud to collaborate with Terra Innovatum and help push the frontier of advanced nuclear forward to address worldwide energy demand."
Terra Innovatum recently announced a proposed business combination with GSR III Acquisition Corp. (NASDAQ:GSRT), a special purpose acquisition company. Currently trading at $10.61 with a market capitalization of $309.52 million, GSRT shows a FAIR financial health score according to InvestingPro analysis. The company also submitted an advanced nuclear proposal to New York State Energy Research and Development Authority in May, outlining potential reactor site plans.
According to the press release, engineering teams from both companies have already begun work on initial planning milestones. The agreement establishes a framework for future purchase orders and long-term service contracts.
The SOLO reactor is designed to provide 1MWe-5MWt of power and is intended for applications including data centers, mini-grids, and industrial operations.
In other recent news, Terra Innovatum has announced a definitive Business Combination Agreement with GSR III Acquisition Corp., a special purpose acquisition company. This merger is expected to facilitate Terra Innovatum’s listing on the Nasdaq under the ticker symbol "NKLR," with the transaction anticipated to close in the second half of 2025. The deal values Terra Innovatum at a pre-money equity valuation of $475 million, potentially generating up to approximately $230 million in gross proceeds. The SOLO™ micro-modular reactor, a key product of Terra Innovatum, is designed for off-grid deployment and aims for commercial deployment by 2028. Terra Innovatum has also responded to New York State’s Advanced Nuclear Request for Information, exploring potential test reactor sites for its SOLO™ reactor. This initiative aligns with New York’s goal of achieving a zero-emissions electricity sector by 2040. The company’s leadership team, with extensive experience in the nuclear industry, is actively engaging with the U.S. Nuclear Regulatory Commission to ensure regulatory compliance. The proposed business combination has received unanimous approval from the Boards of Directors of both companies involved.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.