ONE Nuclear Energy to Go Public via Hennessy VII Combination
The SPAC deal would list the gas-and-SMR developer on Nasdaq as ONEN after a first-half 2026 close.
ONE Nuclear LLC, an independent developer of large-scale energy solutions powered by natural gas and advanced nuclear small modular reactor technologies, and Hennessy Capital Investment Corp. VII (HVII) entered into a definitive business combination that would take the energy developer public on Nasdaq under the ticker “ONEN.”
The transaction is expected to provide up to $210 million in gross proceeds from a combination of anticipated PIPE proceeds and up to $195 million of cash held in the Hennessy trust account, before accounting for potential redemptions and transaction expenses. Closing was expected during the first half of 2026, subject to customary conditions.
The combination positions ONE Nuclear to advance its nuclear and large-scale energy infrastructure development platform, launching a combined platform with 5 GW of nuclear, natural gas, and battery storage capacity in active development.
“Today is an important milestone in ONE Nuclear’s journey. As a public company, we are well positioned to accelerate the development of our integrated natural gas and advanced nuclear platform and help meet the surging demand for reliable, baseload power,” said Richard Taylor, Co-Founder, Chairman, and Chief Executive Officer of ONE Nuclear.
ONE Nuclear’s hybrid gas-and-nuclear strategy is built around a develop-own-operate model that pairs early revenue from fast-track natural gas power with longer-term cash flows from nuclear SMR generation. Access to Rolls-Royce gas power units is intended to deliver gigawatt-scale gas capacity as a near-term baseload bridge. The company plans to use SMR nuclear technology up to 470 MW and modular technology up to 1 GW, selecting the most suitable advanced nuclear vendor for each customer and site.
It has identified two priority development sites, one in Oklahoma and another in East Texas, where it plans to develop up to 2 GW of gas generation capacity by 2028 and 3 GW of advanced nuclear SMR capacity by 2034. A broader pipeline is estimated at up to 15 GW of gas and nuclear capacity by 2032.
The company has a strategic relationship with a global energy group to optimize electricity offtake and sales in the U.S., alongside agreements with Black & Veatch for engineering, procurement, and construction and with Futureworx for program management.
Upon completion, ONE Nuclear will become a direct wholly owned subsidiary of Hennessy VII, which will be renamed ONE Nuclear Energy Inc. Existing ONE Nuclear equity holders are rolling 100% of their equity into the combined company, with no founder or management shares cashed out. Cash delivered at closing is slated to convert priority sites into projects with signed PPAs.