newcleo Strengthens U.S. Leadership Team with Strategic Appointments of Dustin Greenwood and Travis Chapman
NEW YORK, June 11, 2026 (GLOBE NEWSWIRE) -- newcleo ("newcleo", or the "Company"), a pioneer in advanced modular reactor ("AMR") technology and nuclear fuel manufacturing, today announced the appointments of two accomplished nuclear industry leaders to key positions within its growing U.S. organization. Dustin Greenwood has joined the Company as Vice President of U.S. Operations and Travis Chapman has been appointed Director of U.S. Regulatory Affairs and Licensing.
The strategic appointments mark an important milestone in newcleo's U.S. expansion, reinforcing the Company's commitment to advancing next-generation nuclear technologies and establishing a strong operational and regulatory foundation in the American market.
"Dustin and Travis bring exactly the kind of operational excellence, technical depth and regulatory expertise required to execute newcleo's long-term vision in the United States," said Stefano Buono, CEO and co-founder of newcleo. "Their leadership will be instrumental as we continue to build momentum for AMR deployment and sustainable fuel fabrication and engage with key stakeholders across the U.S. nuclear ecosystem."
Dustin Greenwood Appointed Vice President, U.S. Operations
Dustin Greenwood will lead the development of newcleo's U.S. operational footprint and oversee execution of the company's American projects. Greenwood will focus on establishing operational capabilities, building strategic partnerships and supporting delivery of the company's U.S. deployment roadmap.
Greenwood brings more than two decades of experience across nuclear operations, advanced reactor deployment, fuel cycle management and large-scale project execution. Most recently, he served as Vice President and Site Manager at BWXT Technical Services Group at Idaho National Laboratory, where he oversaw critical infrastructure project execution to support site operations. Prior to BWXT, Greenwood spent over ten years at NuScale Power, where he held a series of senior leadership positions and played a key role in advancing one of the industry's most prominent small modular reactor programs through development and commercialization stages. His earlier experience includes leadership roles at Urenco USA and Energy Northwest, where he developed expertise spanning enrichment operations, plant performance and nuclear generation strategy.
Dustin Greenwood, Vice President of U.S. Operations at newcleo
"I'm thrilled to join newcleo at this pivotal moment in the Company's U.S. expansion," said Dustin Greenwood. "The combination of proven lead-cooled fast reactor technology with MOX fuel fabrication represents a compelling solution to address America's clean energy needs while tackling the challenge of nuclear waste. I look forward to building the operational foundation that will bring this vision to reality."
A former U.S. Navy nuclear professional, Greenwood began his career serving in the Navy's nuclear propulsion program, providing the technical and operational foundation for his leadership in commercial nuclear energy. He holds an MBA from Oregon State University.
Travis Chapman Appointed Director, U.S. Regulatory Affairs and Licensing
Travis Chapman will lead newcleo's U.S. licensing, permitting and regulatory engagement strategy, overseeing the company's interactions with federal regulators and supporting the licensing pathway for newcleo's advanced reactor and fuel technologies.
Chapman joins newcleo from BWXT Advanced Technologies, where he served as Director of Regulatory and Licensing, leading regulatory strategy for advanced nuclear initiatives. He brings a distinguished background spanning both government and private-sector nuclear innovation. Prior to BWXT, Chapman held senior regulatory and licensing roles at X-energy and Oklo, where he helped shape licensing approaches for advanced reactor technologies and engaged directly with the evolving U.S. regulatory framework for next-generation reactors. He also previously served at the U.S. Nuclear Regulatory Commission, providing him with firsthand knowledge of federal licensing processes and regulatory policy development.
Travis Chapman, Director of U.S. Licensing and Regulatory Affairs at newcleo
"newcleo's technology platform offers an innovative approach that aligns perfectly with the evolving U.S. regulatory framework for advanced reactors," said Travis Chapman. "My extensive experience spanning government and industry sectors has provided me with the expertise to effectively manage our licensing strategies and I look forward to advancing these critical technologies through the regulatory process."
Chapman began his career as an officer in the U.S. Navy's nuclear propulsion program and later served as faculty at the U.S. Naval Academy, his alma mater, teaching mechanical and nuclear engineering for future technical leaders. He holds Masters' degrees in Nuclear Engineering from the University of Maryland and Engineering Management from Old Dominion.
Accelerating newcleo's U.S. Growth
These appointments reflect newcleo's continued investment in world-class leadership as the company advances its mission to deliver innovative nuclear technologies capable of supporting decarbonization, energy security and industrial competitiveness.
By strengthening its U.S. leadership team with proven experts in reactor deployment and regulatory execution, newcleo is further positioning itself to help shape the future of advanced nuclear energy in one of the world's most important clean energy markets.
Founded in 2021, newcleo is pioneering the next generation of nuclear technologies through its advanced modular (AMR) lead-cooled fast reactors (LFRs) and mixed-oxide (MOX) fuel – a proven nuclear fuel made from reprocessed nuclear waste and nuclear materials – to create safe, clean and competitive nuclear energy.
newcleo recently established a U.S. headquarters in New York City that will support its expansion efforts across the country.
On May 27, 2026, newcleo and NewHold Investment Corp. III ("NewHold") (NASDAQ:NHIC) announced that they have entered into a definitive business combination agreement that upon closing would result in the combined company being listed on the Nasdaq exchange under the ticker symbol "NWCL."
About newcleo
newcleo is an innovative nuclear energy company developing AMRs cooled by liquid lead, and facilities to produce nuclear fuel from recycled nuclear waste, with the goal of delivering abundant, competitive, low-carbon energy. The company was founded by physicist-entrepreneur Stefano Buono following the USD $3.9 billion sale of his previous venture – Nasdaq-listed nuclear medicine company Advanced Accelerator Applications – to Novartis. With over USD $80 million in revenue, other income, and financial income in 2024 including from its operating companies, approximately USD $780 million in private funding, and more than 900 highly skilled employees across Europe and the United States, the company has built a network of over 100 industry partnerships and supports its growth through the targeted acquisition and vertical integration of key companies in the nuclear supply chain.
On May 27, 2026, newcleo announced that it had entered into a definitive agreement for a business combination with NewHold Investment Corp. III (NASDAQ:NHIC) in a transaction that, upon closing, would result in newcleo becoming a U.S.-listed public company. The combined company is expected to be listed on the Nasdaq exchange under the ticker symbol "NWCL" following an anticipated transaction close in the second half of 2026, subject to satisfaction of customary closing conditions. For more information visit www.newcleo.com/investors/
Important Information for Investors and Shareholders
NewHold and newCleo Ltd. ("newcleo") intend to file with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form F-4 (as may be amended, the "Registration Statement"), which will include a preliminary proxy statement of NewHold and a prospectus of newcleo (the "Proxy Statement/Prospectus") in connection with the proposed business combination between NewHold and newcleo (the "Business Combination"), the private placements of securities in connection with the Business Combination, if any (the "Private Placement Transactions"), and the other transactions contemplated by the Business Combination Agreement and/or as described in this communication (together with the Business Combination and the Private Placement Transactions, the "Proposed Transactions"). The definitive proxy statement and other relevant documents will be mailed to shareholders of NewHold as of the record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. NewHold and/or newcleo will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF NEWHOLD AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH NEWHOLD'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT NEWHOLD, NEWCLEO AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by NewHold and newcleo, without charge, once available, on the SEC's website at www.sec.gov, or by directing a request to: NewHold Investment Corp. III, 52 Vanderbilt Avenue, Suite 2005, New York, New York 10017, or to: newcleo Ltd., 55 South Audley Street, London, W1K 2QH, United Kingdom.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION, OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
The securities to be issued by newcleo in connection with the Proposed Transactions have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), except pursuant to the Registration Statement once declared effective by the SEC, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Participants in the Solicitation
NewHold, newcleo and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies from NewHold shareholders in connection with the Business Combination. A list of the names of NewHold's directors and executive officers and information regarding their interests in the Business Combination and their ownership of NewHold's securities is, or will be, contained in NewHold's filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from NewHold shareholders in connection with the Business Combination, including the names and interests of newcleo's directors and executive officers, will be set forth in the Proxy Statement/Prospectus, which is expected to be filed by NewHold and newcleo with the SEC. Investors and security holders may obtain free copies of these documents as described above.
No Offer or Solicitation
This communication is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization, with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of NewHold or newcleo, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions and the parties thereto. All statements contained in this communication other than statements of historical fact, including, without limitation, statements regarding the Business Combination between NewHold and newcleo; the anticipated benefits and timing of the transaction; expected trading of the combined company's securities on Nasdaq; the completion of investments from certain institutional investors; the expected amount of gross proceeds from any investments or other financing arrangements; the anticipated use of proceeds from such investments or financing arrangements; newcleo's development and commercialization of its lead-cooled fast reactor technology, mixed-oxide fuel capabilities and related products and services; the expected timing, cost, performance and benefits of newcleo's demonstration projects, fuel facilities, reactor deployments and licensing activities; newcleo's ability to execute its business strategy, develop its technology, obtain required regulatory approvals, permits and licenses, enter into commercial arrangements, achieve its market opportunity and positioning and support the growth of advanced nuclear energy; newcleo's expectations regarding strategic partnerships, customer demand, project pipeline, revenue streams, capital expenditures and financing needs; and other statements regarding management's intentions, beliefs, or expectations with respect to the combined company's future performance, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "develop," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on the current expectations and assumptions of NewHold and newcleo and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could delay or prevent the consummation of the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against NewHold, newcleo, the combined company, or others following the announcement of the Proposed Transactions; (3) the inability to complete the Business Combination due to failure to obtain NewHold shareholder approval or satisfy other closing conditions; (4) the inability to complete any Private Placement Transactions or other financing arrangements on the expected terms, or at all; (5) changes to the structure, timing or terms of the Proposed Transactions; (6) the ability of the combined company to meet applicable listing standards or to maintain the listing of its securities following the closing of the Business Combination; (7) the risk that the announcement and consummation of the transaction disrupts current plans, operations, relationships with customers, suppliers, regulators, partners and employees, or newcleo's ability to retain key personnel; (8) the ability to recognize the anticipated benefits of the Business Combination, including the ability to fund and execute newcleo's technology development, licensing, manufacturing, fuel supply and commercialization plans; (9) risks related to newcleo's early stage of development, limited operating history and expected need for substantial additional capital to develop, license, construct and commercialize its technologies and facilities; (10) risks related to the development, demonstration, licensing and deployment of advanced nuclear technologies, including newcleo's lead-cooled fast reactor technology and mixed-oxide fuel strategy; (11) risks related to technical performance, engineering, manufacturing, construction, supply chain, fuel availability, cost estimates, project delays, cost overruns, corrosion, materials performance, safety, reliability and other development or operational challenges; (12) risks related to obtaining, maintaining or complying with required regulatory approvals, permits, authorizations, licenses and export control approvals in the United States, the United Kingdom, France, Italy, the European Union and other jurisdictions in which newcleo may operate; (13) changes in market, regulatory, political and economic conditions affecting the nuclear energy industry, advanced reactor development, energy markets, capital markets and infrastructure financing; (14) the costs related to the Proposed Transactions and those arising as a result of becoming a public company; (15) the level of redemptions of NewHold's public shareholders, which may reduce the amount of cash available to the combined company and may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing or trading of securities of NewHold or newcleo; (16) risks related to increased competition in the industries in which newcleo will operate; (17) risks related to changes in U.S. or foreign laws and regulations applicable to nuclear energy, export controls, sanctions, trade restrictions, foreign investment, environmental protection, health and safety, securities and public company reporting; (18) the possibility that the combined company may be adversely affected by competitive factors, investor sentiment, litigation, cybersecurity incidents, geopolitical developments or other macroeconomic conditions; (19) the risk of being considered to be a "shell company" by any stock exchange on which newcleo securities will be listed or by the SEC, which may impact the ability to list newcleo's securities and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; and (20) other risks detailed from time to time in NewHold's filings with the SEC, including the Registration Statement and related documents filed or to be filed in connection with the Business Combination.
The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the final prospectus of NewHold dated February 27, 2025 and filed by NewHold with the SEC on February 28, 2025, NewHold's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on April 1, 2026, the Registration Statement and Proxy Statement/Prospectus that will be filed by newcleo and NewHold, and other documents filed by NewHold and newcleo from time to time with the SEC, as well as the list of risk factors included herein. These filings do or will identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation or intends to update or revise these forward-looking statements, each of which is made only as of the date of this communication.
Newcleo Contacts
Newcleo press office
media@newcleo.com
Investor and media contact
newcleo@icrinc.com
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