Terra Innovatum goes public via SPAC

US nuclear start-up Terra Innovatum has announced the closing of its business combination with GSR III Acquisition Corp (GSRT), a publicly traded special purpose acquisition company (SPAC), following shareholder approval. The combined company will operate under the name Global NV and its ordinary shares will begin trading on the Nasdaq Global Market under the ticker symbol NKLR. The Company will be led by its existing management team.

Earlier, Terra Innovatum and GSR III Acquisition Corp had announced additional private investment in public equity (PIPE) capital in connection with their business combination. The total equity financing committed prior to contribution from the GSRT trust account is $42.5m, including approximately $37m of PIPE capital and approximately $5.5m from a funded bridge facility.

Terra Innovatum CEO Alessandro Petruzzi said, “Closing this transaction and debuting on Nasdaq marks a defining moment for our company and for the future of clean energy”. He continued, “With SOLO, we’re advancing a reactor that is practical to manufacture, safe to deploy, and ready for real-world applications on a commercial timeline. By using proliferation-resistant LEU fuel and proven components, we’re removing the barriers that have slowed nuclear innovation from leaving the lab and entering commercial scale. Our team is focused on licensing and deployment execution, and we’re entering the public markets with a clear path to commercialisation, a scalable model, and a mission that aligns long-term value with global impact.”

SOLO is a 4 MWe/20 MWt micro-modular reactor (MMR) designed for applications such as off-grid military complexes. SOLO was conceptualised in 2018 and the design was developed over six years. Terra Innovatum anticipates that SOLO will be available globally within the next three years.

Terra Innovatum says it will be built from readily available commercial off-the-shelf components simplifying the licensing path to enable rapid deployment, minimising supply chain risks, and ensuring final cost predictability. It is designed to use both low enriched uranium and high-assay low-enriched uranium (HALEU). SOLO features a thermally-moderated, gas-cooled nuclear reactor core that operates with standard enrichment U235 (below 5%) and conventional Zircaloy-cladded UO2 fuel pellets.​

The reactor’s design efficiently decouples cooling and moderation functions, providing inherent safety features that significantly reduce its risk profile. This enables a straightforward safety analysis, where the safety case can be established based on fundamental principles, without the need for complex evaluation models.

The US Nuclear Regulatory Commission (NRC) is currently engaged in pre-application activities with Terra Innovatum as of January 2025, according to the company website. Terra Innovatum is developing its SOLO micro modular reactor design, intended to form the basis for a scalable modular energy platform from MWe to GWe-class. The design features a “solid heterogeneous composite moderator” and is intended to accommodate both traditional zircaloy-clad low-enriched uranium (LEU) fuel or, when available, LEU+ and high-assay low-enriched uranium (HALEU) fuels. Heat removal is accomplished by helium gas. The reactor is intended to feature autonomous operation, on-line safeguards-by-design, and a defence-in-depth structure of radiological barriers with the intent to minimise or eliminate emergency planning zone (EPZ) requirements beyond the operational boundary.

Terra Innovatum says SOLO is designed to offer a wide range of versatile applications, including off-grid power solutions for data centres, mini-grids serving remote towns and villages, and large-scale industrial operations. It can also supply heat for industrial applications and other specialised processes. SOLO can easily scale up to deliver 1 GWe or more with a minimal footprint.

Gus Garcia, Co-CEO and Director of GSRT, commented: “Completing our business combination with Terra Innovatum represents an exciting achievement for both teams. Terra Innovatum is pioneering a new chapter in clean energy with technology that is simple, safe, and extremely versatile in its commercial applications. We’re proud to support their vision as they move forward as a public company, and we believe they are exceptionally well positioned to lead the next wave of nuclear innovation and long-term value creation.”

Lewis Silberman, Co-CEO and Director of GSRT, said closing the business combination with Terra Innovatum marks the culmination of a shared commitment to advancing sustainable energy innovation. “Terra Innovatum’s disciplined execution, technical expertise, and clear path toward commercialisation set it apart in the clean energy landscape.”

Latham & Watkins LLP and Appleby (Cayman) Ltd served as legal counsel to GSR III Acquisition Corp. Loeb & Loeb LLP, Chiomenti, and Loyens Loeff served as legal counsel to Terra Innovatum. Park Avenue Capital acted as financial advisor to Terra Innovatum.

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