Terra Innovatum has announced a strategic merger with GSR III Acquisition (GSRT, Financial), paving the way for its debut as a publicly traded company on Nasdaq under the ticker "NKLR." The agreement, finalized on April 21, plans for the transaction to conclude in the latter half of 2025.
Specializing in the development of micro-modular reactors, Terra Innovatum aims to address the global demand for low-carbon and reliable energy solutions. Its SOLO micro-modular reactor is engineered for efficiency and flexibility, targeting various high-demand sectors such as industrial manufacturing, remote communities, and AI/data centers. Notably, the reactors promise a levelized cost of electricity at $0.07/kWh and boast extensive refueling periods of 15 to 45 years, depending on configuration.
The reactors will be entirely factory-assembled utilizing standard off-the-shelf components, which minimizes supply chain risks while ensuring accelerated deployment. This approach embodies a de-risked business model, with embedded safeguards enhancing safety and resilience. Terra Innovatum's leadership, with over 180 years of combined expertise in nuclear engineering and regulatory affairs, further strengthens its market position.
The company's regulatory engagement plan was submitted to the Nuclear Regulatory Commission (NRC) in January 2025, marking significant progress toward its expected commercial deployment by 2028. The transaction values Terra Innovatum at $475 million pre-money equity, providing a significant cost advantage compared to other nuclear reactor developers. The merger is anticipated to yield up to $230 million in gross proceeds, prior to any redemptions or committed financing.
Upon finalization, Terra Innovatum's current management will continue to helm the company, with shareholders retaining their full equity in the new public entity. The boards of directors for both GSRT and Terra Innovatum have unanimously endorsed the transaction, with completion contingent on standard closing conditions expected by the second half of 2025.
