Following a €10 million round, Espoo-based nuclear startup Steady Energy has secured €22 million in funding, led by 92 Ventures, a Copenhagen-based investment firm focused on nuclear technologies. Lifeline Ventures, an early backer, also participated in the round. The funding will support the construction of a full-scale pilot plant for Steady Energy’s LDR-50 small modular reactor (SMR), designed for district heating and industrial applications. The company aims to provide a lower-cost, zero-emission alternative to fossil fuels, with its reactor expected to operate at below €40/MWh.
Steady Energy develops small modular reactor (SMR) technology for district heating and industrial applications. Founded in 2023 and based in Espoo, Finland, the company focuses on heat-only nuclear reactors designed to operate at low temperatures and pressure. Its LDR-50 reactor is a compact, underground system intended to provide an alternative to fossil fuels in heating networks. Steady Energy’s work builds on research from the VTT Technical Research Centre of Finland, with ongoing efforts to develop a full-scale pilot plant.
“This is a major step for Steady Energy and a strong endorsement of our team and technology: we are on track to demonstrate that we can deliver nuclear heat that is scalable and commercially attractive,” said Steady Energy CEO Tommi Nyman. “With our technology, utilities can eliminate their CO2 emissions more quickly and with a better return on investment than with nuclear plants that generate both heat and electricity”, Steady Energy CEO Tommi Nyman said.
As part of this investment, Chirayu Batra, CTO of 92 Ventures, will join Steady Energy’s board of directors, bringing deep expertise in nuclear energy and strategic growth.
“At 92 Ventures, we believe nuclear energy must expand beyond the electricity sector to enable deep decarbonization. District heating presents an exciting opportunity for nuclear to play a transformative role, and Steady Energy’s LDR-50 is a practical, scalable solution that can extend beyond district heating to industrial heat applications,” said Anatol Kjær Knudsen, CEO and co-founder of 92 Ventures.
Lifeline Ventures, an investor in Steady Energy since its beginning, also participated in the recent funding round.
“Steady Energy’s reactor technology is based on world-class research and development at VTT Technical Research Centre of Finland. It is an attractive alternative for energy utilities and, crucially, is available within the tight timeframes that decarbonization needs”, said Mr. Timo Ahopelto, a founding partner at Lifeline Ventures.
Heating uses 40% of all energy and is the single biggest CO2 source in the world. In Europe, fossil fuels are the main source of district heat, and heating is the purpose Steady Energy’s 50 MW nuclear reactor is designed for. This allows it to deliver heat at below €40/MWh, which is more affordable than bioenergy, conventional nuclear and fossil fuels by a significant margin.
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Read the orginal article: https://arcticstartup.com/steady-energy-raises-e22-million/
