France-based Orano announced the signing of a EUR 125 million (approximately USD 143 million) bilateral loan agreement with the European Investment Bank (EIB) on July 1, 2026. Proceeds are directed to Orano Med, Orano's clinical-stage radiopharmaceutical subsidiary, to fund pipeline development and the construction of the Advanced Thorium Extraction Facility (ATEF) in Bessines-sur-Gartempe, France — the world's first industrial-scale facility dedicated to producing thorium-228, the precursor isotope for lead-212 (²¹²Pb) targeted alpha therapies.
The transaction is a bilateral direct loan from the EIB, the EU's long-term financing institution. No coupon, maturity, or repayment terms were disclosed. The EIB's involvement is consistent with its mandate to support European industrial sovereignty in healthcare: this is its second loan to the Orano group in just over a year, following a EUR 400 million facility in March 2025 for Orano's Georges Besse 2 uranium enrichment plant expansion. The loan carries no dilution for Orano, which is majority state-owned and not publicly listed on an equity exchange.
ATEF is central to Orano Med's integrated supply strategy. With a floor area of nearly 7,000 m² and production capacity ten times greater than Orano Med's existing Maurice Tubiana laboratory, ATEF will centralize thorium-228 production in France and supply all downstream ATLabs manufacturing sites where ²¹²Pb-based therapies are produced for patients. The facility is progressing on schedule, with civil engineering completed and operations targeted for 2027. Total ATEF investment is estimated at EUR 250 million, of which EUR 22 million comes from French government France 2030 funding.