Steady Energy, a Finnish nuclear technology company focused on heat-only small modular reactors (SMRs), has closed a €32 million funding round. Investors include Finnish institutions such as Tesi and LocalTapiola, as well as international firms like Move Energy, Valo Ventures, and 92 Capital. The funding will support the construction of a full-scale, non-nuclear pilot plant in central Helsinki, further design work, and market expansion efforts in Sweden and Poland. Steady Energy has secured preliminary agreements for 15 reactors in Finland and is aiming for commercial deployment in the early 2030s. The pilot project is intended to demonstrate the safety and feasibility of the company’s LDR-50 reactor, which is designed to provide district heating as a carbon-free alternative to fossil fuels.
Steady Energy develops small modular nuclear reactors designed primarily for district heating applications. The company focuses on creating compact, heat-only reactors intended to provide a stable, low-carbon alternative to traditional fossil fuel-based heating systems. Steady Energy’s technology aims to address regional energy needs by offering emission-free heat production with simplified design and safety features. The company is currently engaged in design development, regulatory assessments, and the construction of a pilot plant to validate its reactor concept. The company raised €22M a few months ago.
“Our mission is to make nuclear simple to provide affordable, emission-free heating without subsidies,” said Steady Energy’s CEO Tommi Nyman. “The smooth closure demonstrates investors’ trust in Steady Energy’s team and ability to deliver the world’s first commercial nuclear heating reactor by early 2030s.“
Steady Energy will use the funds to strengthen its team, accelerate design efforts, expand sales activities in Sweden and Poland, and build a pilot plant in the centre of Helsinki. The company has secured preliminary agreements for up to 15 reactors in Finland.
Major Finnish investors include LocalTapiola, a mutual insurance company, and Tesi (Finnish Industry Investment), a state-owned investment company.
“Steady Energy combines a skillful team with innovative technology that can be scaled commercially. For these reasons, we see significant potential for international growth in the company,” said Samppa Sirviö, Investment Manager at Tesi.
An investment by the Amsterdam-based venture capital firm Move Energy is among the new private equity.
“We are impressed with Steady Energy’s simple heat-only design which enables carbon-free, baseload heat production at an attractive cost. We believe that Steady Energy’s highly capable team, drawing on years of experience in the nuclear industry, is well positioned to bring this affordable SMR to market following the successful demonstration of a pilot plant”, said Move Energy’s Partner Frederik de Hosson.
“Steady Energy’s proprietary solution offers firm, carbon-free power with walk-away passive safety features,” said Scott Tierney, Managing Partner at Valo Ventures and a new investor in Steady Energy. “They are making nuclear so simple it’s cost disruptive and scalable.”
Steady Energy previously announced reaching the round’s halfway target in March, led by 92 Ventures, now 92 Capital, a dedicated nuclear-focused fund consisting of technical and financial experts.
“Steady Energy has positioned itself as one of the most promising SMR companies in the game,” says Anatol Kjær Knudsen, Partner at 92 Capital. “We look forward to bringing additional experience and knowledge, enabling the company to reach its target of deploying the world’s first commercial heating SMR by 2030.
Majority of the funds will go towards constructing a full-scale, non-nuclear pilot plant at a recently decommissioned coal plant in Helsinki city center. Construction begins later in the year, and the pilot will physically demonstrate the LDR-50 reactor’s key safety features, well ahead of commercial deployment. Additionally, Steady Energy will use this opportunity to verify and stress-test supply chains. The project is led by Sweco, a leading engineering firm, which has contributed to every nuclear project in Finland over the past decades. This means Steady Energy gains detailed advance insight into steps required for the eventual commercial plant.
Steady Energy aims to reach ready-to-build phase by 2028. In June, it received a preliminary safety assessment from the Finnish Radiation and Nuclear Safety Authority STUK, a globally esteemed regulator. STUK announced that the LDR-50 can be designed to fulfil Finnish nuclear safety standards.
The company’s growing team with over 250 years of nuclear experience is complemented with a Steady Energy-led network of 200 professionals that contributes to the design, including leading professionals from Fortum, VTT, Sweco, LUT University, Tractebel, Framatome, and Westinghouse.
“Because our reactor is small and simple, we can afford to rehearse at full scale before commercial deployment and proactively lower major risks traditionally responsible for delays and cost overruns in large-scale reactor projects.”, said Tommi Nyman. “By the time all permitting are due, engineering and logistics will have been proven and tried out. No other player can currently match this ability.”
Over 40 percent of global energy use is heat, and Steady Energy addresses an urgent need for hundreds of reactors in Europe alone from cities committed to net zero targets. Steady Energy’s shipping container-sized 50 MW reactor can also be used for cooling, industrial steam provision and desalination. The radically simple reactor delivers emission-free energy at a steady cost, running for 60 years practically without maintenance shutdowns. At around €100 million per reactor, Steady Energy’s SMR is investable and outcompetes all alternatives by a significant margin.
Read the orginal article: https://arcticstartup.com/steady-energy-raises-e32-million/
