Observed Signal · Sep 25, 2026 · Policy Update · Source: Trending Topics (DACH/CEE Innovation & Tech) · Impact: 1/5 · Sentiment: Positive
Italy Passes Nuclear Return Law, SMR Companies Pounce
Italy's parliament has approved a framework law ending a nearly 40-year ban on nuclear power, clearing the way for the government to set regulations by decree. Companies are already positioning: Terra Innovatum, a Nasdaq-listed microreactor developer, plans to enter the Italian market with its SOLO reactor, targeting data centers and industrial sites. Italian industrial groups Enel, Ansaldo Energia, and Leonardo formed the Nuclitalia joint venture, while Newcleo, a French-based startup, is seen as a government-favored partner. The law also covers safety, spent fuel, and hydrogen production. However, challenges remain, including commercial viability, high costs, a lack of a waste repository, and a recent $30 billion drop in SMR sector market value. The first plants could come online by 2033-2034.
Not directly relevant to AdTech, but SMRs may power data centers which could indirectly affect infrastructure.
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Key Takeaways & Evidence Grounding
- Italian Parliament approved a framework law to reintroduce nuclear power.
- Terra Innovatum's SOLO microreactor may target Italian data centers and industrial facilities.
- Enel, Ansaldo Energia, and Leonardo created the Nuclitalia joint venture.
- Newcleo is developing lead-cooled reactors and is considered a favored government partner.
- The SMR sector has lost around $30 billion in market value since October 2025.
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
US Approves First Small Modular Reactor at Clinch River
The U.S. Nuclear Regulatory Commission (NRC) has granted Tennessee Valley Authority (TVA) a construction permit for the first small modular reactor (SMR) in the United States, the GE Vernova Hitachi BWRX-300, at the Clinch River site in Oak Ridge, Tennessee. The permit was issued 14 months after application, four months ahead of schedule. The 300 MW reactor will power about 300,000 homes, with commercial operation planned for the early 2030s. The U.S. Department of Energy is supporting the project with $400 million. The reactor aims to meet electricity demand from AI data centers, projected to consume 12% of U.S. power by 2030. Critics argue SMRs remain too expensive and slow, citing the cancellation of a NuScale project and higher-than-expected costs for Canada's first BWRX-300.
Finnish SMR Startup Steady Energy to List via Merger, Raises €40M from EIB
Finnish nuclear technology startup Steady Energy, a spin-off from VTT, plans to go public on the Nasdaq First North Growth Market Finland through a merger with investment firm 3North Partners (3NP). The company, which develops the LDR-50 small modular reactor for district heating, aims to raise over €100 million, including a €69.8 million subscription from institutional and strategic investors like Elo, Ilmarinen, Varma, Fortum, Orlen's VC arm, Tesi, and others. Additionally, the European Investment Bank (EIB) provided a €40 million convertible loan, marking its first financing for an SMR company. The company operates on two models: traditional EPC sales and Heat as a Service (HaaS). The listing will offer shares at €10, and the post-money valuation is estimated at €330 million. The company aims for revenue of €500 million by 2035 and 70 reactors delivered by 2045, with core markets in Finland, Sweden, Poland, and Czechia.
Race to Power the Grid by 2035 Widens
Tech companies' growing AI compute needs are driving investment and commercial deals across fusion, small modular fission, natural gas, and long-duration battery storage as contenders to supply reliable 24/7 power by 2035. Natural gas remains the current baseload choice but faces supply-chain vulnerabilities and multi-year turbine backlogs. Several small modular reactor (SMR) firms and fusion startups aim to connect commercial plants to grids in the early 2030s; notable projects include Kairos Power's Hermes 2 demo, Oklo's 2028 target, Commonwealth Fusion Systems' demo and 400 MW Arc, and Helion's aggressive plan to deliver electricity to Microsoft by 2028 and to supply OpenAI at multi-gigawatt scale by 2030–2035. Cost and scale remain key hurdles: current levelized costs for new nuclear and fusion are high versus gas and renewables paired with batteries, while new long-duration storage (iron‑air, organic fluid designs) could undercut alternatives.
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