Throughout August, we’re revisiting eight long-form FTJ articles whose themes continue to resonate today. From AI and deeptech to sovereignty, cybersecurity and global scale, they explore the ideas, companies and debates shaping French Tech. We hope you enjoy revisiting them with us.
First published in January this year, this story retraces the rise and demise of Naarea, one of France's most promising nuclear startups.
Founded in 2020 by veteran engineer Jean-Luc Alexandre, Naarea set out to tackle industrial decarbonization by developing compact molten salt reactors that could be deployed directly at factories, where heat accounts for around 80% of industrial energy demand.
Fuelled by plutonium and uranium recovered from spent nuclear fuel, the project promised to address two of nuclear energy’s biggest challenges: reducing long-lived radioactive waste while delivering low-carbon heat and electricity where they were needed most.
Backed by the French government, renowned investors and industrial giants including Dassault Systèmes and Orano, Naarea quickly became one of the flagship projects of France’s nuclear renaissance.
But by early 2026, the dream had collapsed.
How did one of France’s most promising deeptech companies burn through €90 million and end in spectacular fashion? Read on to find out.
How NAAREA Burned Through €90 Million and Collapsed in Spectacular Fashion
On the morning of January 14, 2026, the employees of NAAREA arrived at work expecting salvation. After six months in judicial reorganization, the French nuclear startup had finally found a buyer. The Polish-Luxembourgish energy company Eneris was set to acquire them the very next day, preserving 108 of their 206 jobs. The nightmare, it seemed, was ending.
Then came the cold shower.
Hours before the scheduled court hearing, Eneris announced it was walking away. The company cited "the discovery, after the filing of its offer and at the hearing of the court, of legal, social and technological elements that had been concealed."
More damning still: Eneris declared that NAAREA was "in a technological impasse on its project of a fast neutron microreactor."
The accusation sent founder Jean-Luc Alexandre into a fury. "The real reason is that Eneris doesn't have the funds to carry out this operation," he stormed to reporters, insisting his buyer knew "nothing about nuclear."
His protests fell on deaf ears. Within five days, Eneris, having been forced by the court to complete the acquisition anyway, filed for bankruptcy of NAAREA itself, bringing a definitive end to one of France's most ambitious bets on next-generation nuclear technology.
👋🏻 If you’re enjoying The French Tech Journal, support the project by forwarding it to friends and sharing it on your social networks. You can also comment on this post. And if you have ideas for stories, tips, or just want to harass us, shoot us an email: chris@frenchtechjournal.com / helen@frenchtechjournal.com 👋🏻
