Terra Innovatum to Go Public in $475M SPAC Merger Deal

Micro-reactor startup aims for 2028 launch with Nasdaq listing plan

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Terra Innovatum, a micro-modular nuclear reactor company, is set to go public through a merger with GSR III Acquisition Corp (NASDAQ), valuing the company at $475 million pre-money. The transaction is expected to bring in up to $230 million in gross proceeds—before accounting for potential redemptions or additional capital raises—and will result in Terra Innovatum trading on the Nasdaq under the ticker symbol "NKLR" by the second half of 2025.

This deal comes as the company prepares to scale its SOLO reactor platform, which targets behind-the-meter, distributed energy applications across remote, industrial, and high-demand environments. Commercial deployment is planned for 2028, aligning with increasing pressure on the energy grid and rising demand for decentralized clean power, particularly from data centers and critical infrastructure.

The company’s founders—Alessandro Petruzzi (CEO), Cesare Frepoli (COO), Marco Cherubini (CTO), and Massimo Morichi (CSO)—bring over 180 years of collective nuclear experience. Their focus has been on developing a system that aligns with existing regulatory frameworks, prioritizes safety, and reduces operational complexity. Post-merger, the current leadership team will continue to lead the company, with all existing shareholders retaining their equity.

GSR III’s leadership, including co-CEOs Gus Garcia and Lewis Silberman, framed the deal as a strategic investment in next-gen nuclear technology with wide commercial potential. They cited Terra Innovatum’s unique position to meet growing energy needs across traditionally underserved sectors.

SOLO Reactor Targets Scalable, Low-Cost Clean Power

Engineered for off-grid and behind-the-meter use cases, the SOLO reactor offers 1 MWe of clean electricity in a factory-assembled, modular form factor. The design is built around standardization, using off-the-shelf components and low-enriched uranium fuel already available in global markets. With finalized design work completed in late 2024, the company began formal engagement with the U.S. Nuclear Regulatory Commission in early 2025.

SOLO stands out for its minimal radiation footprint and simplified safety profile. According to the company, exposure over ten years near a unit is lower than the dose from a single chest X-ray. Its design eliminates meltdown risk and avoids the need for an Emergency Planning Zone, supporting easier deployment in sensitive or remote areas.

The expected levelized cost of electricity sits at $0.07/kWh, with ultra-long refueling intervals of 15 to 45 years depending on deployment needs. That price point and lifecycle make the system especially attractive to sectors facing rising power demands but limited access to stable, carbon-free energy—like mining, defense, heavy industry, and remote communities.

Environment + Energy Leader