Terra Innovatum Global S.R.L. (NASDAQ:NKLR) said it is advancing licensing and construction preparations for its SOLO nuclear microreactor, with the company targeting a first-of-a-kind deployment in Illinois by late 2027 and commercial operations in 2028.
Speaking at Canaccord Genuity’s 46th Annual Growth Conference, Chief Strategy Officer Massimo Morichi said the company began its licensing process with the U.S. Nuclear Regulatory Commission in January 2025. He said the reactor’s design work is complete and that Terra Innovatum is now focused on licensing, supply-chain execution and commercial deployment.
SOLO Design and Safety Claims
The company’s reactor uses helium in its primary cooling circuit rather than water. Morichi said this approach is intended to enable passive heat removal and avoid issues associated with water-based systems, including corrosion, fuel-assembly fretting and hydrogen-related explosion risks.
“Our reactor by physics, does not need really water,” Morichi said, adding that the reactor’s heat extraction requirement after shutdown is relatively low because of its 1-megawatt electrical output.
Morichi also said the reactor is designed to operate without an exclusion zone, claiming that radiation exposure near the concrete containment structure would remain below 1 millisievert annually. The company believes this could allow multiple units to be installed close together in modular configurations.
Fuel and Supply Chain Strategy
Terra Innovatum is designing SOLO to use low-enriched uranium, or LEU, rather than high-assay low-enriched uranium, or HALEU. Morichi said LEU is already commercially available and used in light-water reactors globally, while HALEU production capacity still needs to expand.
The use of LEU is also intended to support international deployment, according to Morichi, who said the fuel is non-proliferative compared with higher-enriched alternatives. The company said its reactor could also use HALEU in the future, potentially extending fuel duration.
Morichi said Terra Innovatum has secured suppliers for the first-of-a-kind project by designing the reactor around commercially available, qualified components. The company plans to assemble factory-built components at a contract manufacturing location.
- Supply-chain lead times for the first unit are generally below eight months, according to Morichi.
- Terra Innovatum expects lead times could fall to about six months during regular production.
- The company has ordered a turbine from Baker Hughes and is working with the company on potential scale-up configurations.
Morichi said the company is also investing in production capabilities, including machining tools for graphite components used in the reactor.
Licensing Outlook and Illinois Deployment
The company expects the NRC’s proposed Part 57 licensing framework for microreactors to provide a more streamlined regulatory pathway. Morichi said the framework, expected later this year, appears well suited to the SOLO design because of its 1-megawatt scale, use of LEU and safety profile.
Terra Innovatum’s first planned deployment is at Admiral Parkway in Illinois, at a Rock City site that contains underground limestone tunnels used for food storage and National Archives materials, according to Morichi. The site is also expected to add data center capacity, he said.
The company has signed a memorandum of understanding for 50 reactors at the Illinois location. Morichi said the first-of-a-kind unit will have the same design as subsequent commercial units, meaning the company does not anticipate a design transition between its demonstration reactor and commercial deployments.
Commercial Agreements and Funding
Morichi said Terra Innovatum has memorandums of understanding covering more than 200 units and approximately $4 billion in pre-commercial commitments. These include agreements involving Rock City, Uvation and Ameresco.
According to Morichi, the company has:
- Signed a letter of intent with Waiken for SOLO deployment and is working toward a binding agreement.
- Signed an agreement with Uvation for 100 reactors intended for data center applications.
- Signed an agreement with Ameresco covering 50 reactors for potential U.S. government and industrial sites.
Morichi said potential applications include utilities, industrial facilities, healthcare operations, data centers and mining. For larger installations, multiple SOLO units could share a common turbine. He said a 20-megawatt electrical configuration could use 16 SOLO units with a shared turbine rather than 20 individual 1-megawatt systems.
Terra Innovatum received $130 million through its SPAC transaction, Morichi said. The company had approximately $96 million in cash and expects about $70 million will be needed to fund activities through the first-of-a-kind reactor, including materials. He said the company expects to remain funded for the next three years and aims to obtain customer orders that include prepayments.
Morichi also said the company sees international interest in the U.S. microreactor licensing approach, including in Africa, Asia and Italy, where he said regulators are monitoring NRC developments and pursuing cooperation arrangements related to microreactor licensing.
About Terra Innovatum Global S.R.L. (NASDAQ:NKLR)
Terra Innovatum Global N.V. is a developer of micro-modular nuclear reactors. Terra Innovatum Global N.V., formerly known as GSR III Acquisition Corp., is based in NEW YORK.
