Terra Innovatum Advances NRC Licensing of SOLO™ Reactor Licensing Through Expanded Regulatory Submissions

Rhea-AI Summary

Terra Innovatum (NASDAQ: NKLR) reported substantive licensing progress for its SOLO™ Micro-Modular Reactor (MMR) through expanded regulatory submissions and frequent NRC engagement in Q4 2025.

Activities included more than 10 meetings with the U.S. Nuclear Regulatory Commission and topical submissions covering: reactor module and internals, core design using LEU <5% U-235, an Emergency Planning Zone (EPZ) technical basis claiming EPZ elimination beyond the operational boundary, a FOAK siting white paper naming Rock City Admiral Parkway, a Pre-FOAK test plan, and a defense-in-depth technical report. The company plans to progress toward a Preliminary Safety Analysis Report (PSAR) and construction permit application while the NRC advances a draft rule for low-consequence reactors expected for public comment by the end of February.

Positive

• Hosted >10 NRC face-to-face and online meetings in Q4 2025
• Core design uses <5% U-235 LEU, reducing fuel qualification risk
• EPZ analysis supports elimination of offsite Emergency Planning Zone

Negative

• No construction or operating license yet; work remains pre-application
• Federal government shutdown in Q4 2025 may slow regulatory timelines

Key Figures

NRC meetings in excess of 10 Face-to-face and online meetings in the last quarter of 2025

LEU enrichment below 5% U-235 Commercially available Low Enriched Uranium fuel specification

Fuel operating history more than five decades Operating history of zircaloy-clad fuel rods in commercial reactors

Draft rule timing end of February Expected timing for draft proposed NRC microreactor rule

Market Reality Check

$5.05 Last Close

Volume Volume 535,439 is below 20-day average 900,006 (relative volume 0.59). low

Technical Price $5.25 is trading below 200-day MA at $7.52 and 76.03% under the 52-week high.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 20	AI deployment LOI	Positive	-7.2%	LOI for 1 MWe SOLO pilot with 100 MWe expansion option for AI data centers.
Nov 17	Earnings & funding	Positive	-11.3%	Reported Q3 2025 results and $131M gross proceeds to fund FOAK deployment.
Nov 06	Earnings date notice	Neutral	-11.0%	Announced timing and format for Q3 2025 results call and webcast.
Nov 05	Manufacturing partnership	Positive	+8.4%	Agreement with ATB Riva Calzoni to start early industrial production activities.
Oct 27	Product introduction	Positive	+12.8%	Introduced SOLO as a compact micro modular nuclear reactor targeting 2028 release.

Pattern Detected

Recent history shows mixed reactions: commercialization and manufacturing updates drew positive moves, while an AI-focused LOI and Q3 funding milestones were followed by notable selloffs.

Recent Company History

Over the last few months, Terra Innovatum has focused on commercializing its SOLO micro-modular reactor, highlighting its compact design and targeting commercial release by 2028. Manufacturing de-risking advanced via a partnership with ATB Riva Calzoni to start early industrial production. The company then moved into capital and commercial positioning, reporting Q3 2025 results with $131 million in gross proceeds to fund FOAK deployment and outlining MOUs for up to 100 units. An AI/data-center-focused LOI followed. Today’s NRC licensing update continues that trajectory toward deployment readiness.

Market Pulse Summary

The stock moved -8.8% in the session following this news. A negative reaction despite constructive licensing news would fit prior patterns where seemingly positive updates preceded pullbacks larger than 7%. The announcement underscores Terra Innovatum’s engagement with the NRC and multiple topical reports, but the market has previously faded similar milestones while the stock traded well below its 52-week high. Concerns about long timelines to commercialization and the need to fund FOAK deployment could have amplified downside pressure.

Key Terms

micro-modular reactor technical

"Terra Innovatum Global N.V. ... a developer of micro-modular nuclear reactors"

A micro-modular reactor is a very small, factory-built nuclear power unit designed to produce a modest amount of steady electricity or heat and to be combined with others as needed, like Lego blocks for a power plant. For investors it matters because these units promise lower individual upfront costs, faster factory production and flexible scaling, while also carrying regulatory, long-term construction and public-acceptance risks that affect returns.

low enriched uranium medical

"ability to utilize commercially available Low Enriched Uranium (LEU) fuel below 5% U-235"

Low enriched uranium is uranium that has been processed so the concentration of the fissile isotope (U‑235) is raised above natural levels but kept well below the concentration used for weapons. Investors care because it is the standard fuel for most commercial nuclear reactors and thus links to electricity supply, fuel prices, regulatory approvals and geopolitical risks; think of it as refined fuel oil for nuclear plants, whose availability and rules affect utility earnings and energy markets.

zircaloy-clad fuel rods technical

"traditional zircaloy-clad fuel rods with more than five decades of operating history"

Zircaloy-clad fuel rods are long metal tubes made from a zirconium-based alloy that hold the ceramic pellets of nuclear fuel inside a reactor. Think of them as a sealed metal straw around the fuel that keeps radioactive material contained and coolant flowing smoothly. Investors care because their integrity affects reactor safety, operating reliability, regulatory approval, maintenance costs, and the risk of costly shutdowns or contamination.

emergency planning zone regulatory

"Emergency Planning Zone (EPZ) Topical Report — A technical basis demonstrating the elimination"

An emergency planning zone (EPZ) is the designated area around an industrial or power facility where authorities prepare specific evacuation, sheltering, medical, and communication plans in case of a serious accident or release of hazardous material. Think of it like a pre-mapped neighborhood that must be ready to respond quickly to protect people and property; for investors, EPZs indicate the geographic scope of potential operational risk, regulatory oversight, liability exposure, and costs tied to emergency readiness and incident response.

first-of-a-kind technical

"First-of-a-Kind (FOAK) Siting White Paper — A comprehensive discussion of Terra Innovatum’s FOAK siting"

A first-of-a-kind product, therapy, device, or project is one that has no prior commercial equivalent and breaks new ground in technology, regulation, or application. For investors, it signals both opportunity and risk: like backing the first airplane, it can capture big rewards if it succeeds but carries extra uncertainty about safety, rules, costs, and customer demand because there is no tested blueprint to follow.

defense-in-depth technical

"Defense-in-Depth Technical Report — A detailed discussion of the layered and diverse safety features"

A strategy of layered safeguards that combines multiple, different controls to prevent failures, breaches or accidents. Like a series of locked doors, alarms and backup plans protecting the same asset, each layer reduces the chance that a single problem becomes a crisis; for investors, clear defense-in-depth means management is actively lowering operational, cybersecurity and regulatory risk, which can protect earnings, reputation and long-term value.

preliminary safety analysis report regulatory

"advancing toward submission of its Preliminary Safety Analysis Report (PSAR) in support of a Construction Permit"

An early evaluation of safety data from an ongoing clinical trial that summarizes side effects, unexpected problems, and any emerging patterns that might pose risks to participants. Investors care because it signals whether a drug or treatment faces safety-related delays, additional testing, or regulatory scrutiny—much like an early weather report that warns whether a storm could disrupt a project’s timeline and prospects.

construction permit regulatory

"Preliminary Safety Analysis Report (PSAR) in support of a Construction Permit application"

A construction permit is an official authorization from a local or national government allowing a project to build, alter, or occupy a structure according to approved plans and safety rules. For investors it signals that a project has cleared key regulatory and safety checks and can proceed on schedule, affecting timelines, costs and revenue prospects — think of it as a green light that reduces uncertainty and helps estimate when an asset will start producing value.

AI-generated analysis. Not financial advice.

New SOLO™ Micro-Modular Reactor Submissions Advance Licensing as Low-Consequence Regulatory Framework Takes Shape

NEW YORK, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Terra Innovatum Global N.V. ("Terra Innovatum" or the “Company”) (NASDAQ: NKLR), a developer of micro-modular nuclear reactors today announced continued substantive progress in the licensing of its SOLO™ Micro-Modular Reactor (MMR) through active engagement with the U.S. Nuclear Regulatory Commission (NRC), reinforcing the company’s position at the forefront of next-generation nuclear deployment.

Despite the federal government shutdown, during the last quarter of 2025, Terra Innovatum has had in excess of 10 face-to-face presentation and online meetings with the NRC in which the Company has detailed a comprehensive suite of technical and regulatory submittals addressing crucial-to-approval topics such as reactor design maturity, safety philosophy, and deployment readiness. These engagements reflect a deliberate licensing strategy aligned with the NRC’s regulatory framework for low-consequence reactors, a unique pathway ideally suited to the SOLO™ MMR.

The rapid cadence of the Company’s engagement with the NRC is aimed at securing both construction and commercial licenses for the SOLO reactor as quickly as possible to address demand from both public and private sector off-takers.

Key licensing updates and activities presented to the NRC in the last quarter of 2025 include:

• Reactor Module and Internals Topical Report — A detailed description of the SOLO reactor module architecture and internal systems, supporting early NRC familiarity with the integrated design.
• Core Design Topical Report — Presentation of SOLO’s core design, the company’s key innovation, demonstrating the ability to utilize commercially available Low Enriched Uranium (LEU) fuel below 5% U-235 and traditional zircaloy-clad fuel rods with more than five decades of operating history in commercial reactors, significantly reducing fuel qualification and supply-chain risk.
• Emergency Planning Zone (EPZ) Topical Report — A technical basis demonstrating the elimination of an EPZ beyond the operational boundary of the reactor, reflecting SOLO’s inherently low-consequence safety profile.
• First-of-a-Kind (FOAK) Siting White Paper — A comprehensive discussion of Terra Innovatum’s FOAK siting approach, using the Rock City Admiral Parkway site as the selected location, and addressing regulatory, environmental, and deployment considerations early in the licensing process.
• Pre-FOAK Test Plan Topical Report — A structured test program supporting validation of key safety and performance assumptions prior to first deployment.
• Defense-in-Depth Technical Report — A detailed discussion of the layered and diverse safety features embedded in the SOLO design, supporting a robust and demonstrable safety case.

“These engagements reflect the maturity of the SOLO™ design and our disciplined approach to licensing,” said Cesare Frepoli, Co-Founder – Chief Operating Officer & Director of Regulatory Affairs for Terra Innovatum. “From fuel selection to emergency planning and defense-in-depth, we are deliberately addressing the issues that matter most for regulatory confidence, deployment flexibility, and commercial scalability.”

Terra Innovatum’s licensing progress coincides with broader regulatory developments that are expected to further support the deployment of inherently safe microreactors. The NRC is currently advancing a dedicated rulemaking focused on licensing requirements for microreactors and other low-consequence reactors, aimed at establishing a more tailored, risk-informed, and performance-based regulatory framework. A draft proposed rule is currently expected to be issued for public comment by the end of February.

“SOLO was designed from inception to align with the direction of U.S. nuclear regulatory modernization,” Frepoli added. “Our early and continuous engagement with the NRC positions Terra Innovatum to efficiently transition from pre-application activities to construction and operation as this framework evolves.”

Looking ahead, Terra Innovatum plans to continue its structured NRC engagement, incorporating regulatory feedback into its licensing basis and advancing toward submission of its Preliminary Safety Analysis Report (PSAR) in support of a Construction Permit application.

For additional information, please refer to the U.S. Nuclear Regulatory Commission (NRC) reference page for Terra Innovatum’s Regulatory Engagement Plan submission and the NRC ADAMS system for access to docketed documents.

ABOUT TERRA INNOVATUM & SOLO™

Terra Innovatum's mission is to make nuclear power accessible. We deliver simple and safe micro-reactor solutions that are scalable, affordable and deployable anywhere 1 MWe at a time.

Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind.

It is anticipated that SOLO™ will be available globally within the next three years. Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the proven licensing path for SOLO™ enables rapid deployment and minimizes supply chain risks, ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies.

SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment.

To learn more, visit: https://investors.terrainnovatum.com/. Follow us on X: https://x.com/TerraInnovatum and LinkedIn: https://www.linkedin.com/company/terra-innovatum-solo/.

FORWARD LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, opinions and projections prepared by Terra Innovatum’s management. Forward-looking statements generally relate to future events or future financial or operating performance, including pro forma and estimated financial information, and other “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). For example, projections of future sales, EBITDA, Adjusted EBITDA and other metrics are forward-looking statements. The recipient can identify forward-looking statements because they typically contain words such as “outlook,” “believes,” “expects,” “ will,” “projected,” “continue,” “increase,” “may,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negatives or variations of these words or other comparable words and/or similar expressions (but the absence of these words and/or similar expressions does not mean that a statement is not forward-looking). These forward-looking statements specifically include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and the potential success of Terra Innovatum’s strategy and expectations. Forward-looking statements, opinions and projections are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of Terra Innovatum’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Terra Innovatum’s control. These uncertainties and risks may be known or unknown. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Terra Innovatum; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Terra Innovatum’s ability to manage future growth; Terra Innovatum’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Terra Innovatum’s future business; and the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries. If any of these risks materialize or the Terra Innovatum’s assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements contained herein. In addition, forward-looking statements reflect Terra Innovatum’s expectations and views as of the date of this presentation. Terra Innovatum anticipates that subsequent events and developments will cause its assessments to change. However, while Terra Innovatum may elect to update these forward-looking statements in the future, each of them specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on the forward-looking statements, which speak only as of the date they are made.

CONTACTS

Giordano Morichi
Founding Partner, Chief Business Development Officer & Investor Relations
Terra Innovatum Global N.V.
E: g.morichi@terrainnovatum.com
W: www.terrainnovatum.com

Kaitlin Taylor
Vice President
Investor Relations
Alliance Advisors IR
E: TerraIR@allianceadvisors.com

Fatema Bhabrawala
Director
Media Relations
Alliance Advisors IR
E: TerraIR@allianceadvisors.com

FAQ

What licensing progress did Terra Innovatum (NKLR) report for SOLO in December 2025?

Terra Innovatum reported >10 NRC meetings in Q4 2025 and multiple topical submissions including core design, EPZ analysis, and module/internals reports.

How does the SOLO core design affect fuel risk for NKLR?

SOLO's core is designed for commercially available LEU below 5% U-235, which the company says reduces fuel qualification and supply-chain risk.

What did Terra Innovatum claim about the Emergency Planning Zone for SOLO (NKLR)?

The company submitted an EPZ topical report asserting elimination of an offsite Emergency Planning Zone beyond the reactor's operational boundary.

Has Terra Innovatum (NKLR) selected a site for its FOAK SOLO reactor?

Yes; the FOAK siting white paper identifies Rock City Admiral Parkway as the selected location.

What regulatory milestone is Terra Innovatum (NKLR) targeting next?

The company plans to submit a Preliminary Safety Analysis Report (PSAR) in support of a Construction Permit application.

Will NRC rulemaking affect Terra Innovatum's SOLO licensing timeline?

Potentially; the NRC is expected to issue a draft proposed rule for low-consequence reactors for public comment by the end of February, which could influence licensing requirements.