"Terra Innovatum, a company developing micro-modular nuclear reactors, is one of the contenders. It's pursuing a SPAC by merging with GSR III Acquisition Corp, with the aim of raising around $230 million at a $475 million pre-money valuation. Its chief business development officer, Giordano Morichi, told Business Insider that the company is opting for a SPAC because the startup sees itas a smoother alternative to an IPO."
"The team has earmarked around $70 million to build its first unit, a cubic reactor that aims to deliver one megawatt of electricity through its standard fuel rods. The startup anticipates generating this through the listing, which is set for early autumn. The SPAC process is much faster than that of a traditional IPO, and one that suits a pre-revenue company, said Alex Gadotti, capital markets advisor at Terra Innovatum."
Terra Innovatum plans to merge with GSR III Acquisition Corp to raise about $230 million at a $475 million pre-money valuation. Executives selected a SPAC as a smoother, more regulated fundraising route than a traditional IPO, offering faster timing, greater certainty on proceeds, and more control for a pre-revenue company. The company plans to allocate roughly $70 million to build a one-megawatt cubic micro-modular reactor using standard fuel rods and aims to complete the listing in early autumn. Other nuclear startups including Terrestrial Energy and Eagle Energy Metals are also pursuing SPAC mergers as the SPAC market revives, with $11 billion raised in the US in early 2025.
Read at Business Insider
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