Luxembourg has declined to purchase a French start-up

French start-up Naarea, which specialises in developing new-generation mini-reactors, is on the verge of liquidation. The only candidate to buy the company, the Polish-Luxembourg group Eneris, announced that it was withdrawing its bid just before the court in Nanterre was due to rule on the economic activity. Eneris announced this in a comment to AFP, stating that it had officially notified the court of its refusal without disclosing the detailed reasons.

This is a key turning point in the fate of Naarea, which has been undergoing judicial reorganisation since early September. Until the last moment, Eneris remained the only potential investor capable of preventing the immediate liquidation of the company. The group, founded by Franco-Polish entrepreneur Artur Dela and based in Luxembourg, preferred to leave the final decision to the court, citing arguments already presented during the proceedings.

On 7 January, Eneris' offer still looked quite substantial. It provided for immediate financing of €5.5 million, including the purchase price and initial own funds, a budget of €21 million for 2026, and the preservation of 107 jobs — about 65% of Naarea's workforce. The last-minute withdrawal from the deal reinforced fears that the company had virtually no alternative rescue scenarios left.

Naarea was founded in 2020 and quickly attracted around €90 million in investment, including €10 million in public funding as part of the France 2030 plan. The company's project focused on developing a fast neutron molten salt mini-reactor capable of producing not only electricity but also decarbonised heat for industry using spent uranium fuel. This made Naarea one of the most technologically advanced initiatives in the French nuclear ecosystem.

However, the situation surrounding the company illustrates a broader problem. Despite strategic interest in small and advanced modular reactors, the European industry is developing slowly. The main reasons are a lack of long-term funding and uncertainty on the part of the state. Naarea, like other innovative nuclear companies in France, has repeatedly stated the need for a "clear signal from the state" that could stabilise its financial position and convince private investors.

By the time the judicial recovery procedure was introduced, the company was facing a serious liquidity shortage and debts of around €15 million. Eneris' refusal highlights the fragility of the entire chain of support for nuclear start-ups: even with the right technology and government interest, the lack of sustainable financing makes them vulnerable. The court ruling, expected in the near future, may now mark the end of one of the most ambitious nuclear projects in France in recent years.