Stockholm-based nuclear startup Blykalla has raised $50 million to advance the industrialization of SEALER, its lead-cooled small modular reactor aimed at delivering stable, low-carbon baseload power. The round was co-led by Oklo Inc, Norrsken Launcher, and ARMADA Investment AG, with participation from KDDI, CoreWeave co-founders Brian Venturo and Peter Salanki, and investors including August One, GK Goh, Pitango, Nucleation Capital, and Earth Venture Capital. The funding will be used to expand testing and validation at its advanced reactor testing site in Oskarshamn, progress engineering and design work for its first nuclear units, and move forward on commercial and regulatory preparations required to site and license an initial SEALER deployment, as demand for reliable power infrastructure grows alongside energy-intensive industries such as data centers and advanced computing.
Founded as a spin-out from research conducted at the KTH Royal Institute of Technology, Blykalla is developing compact lead-cooled reactors designed to provide continuous, low-carbon baseload power with a focus on industrial users and energy-intensive infrastructure. Unlike intermittent renewable sources, lead-cooled reactors are positioned as always-on systems, a feature that has drawn growing attention as electricity demand rises from data centers, AI workloads, and electrification more broadly.
“As early backers of both Oklo and Blykalla, we are thrilled to see two of the strongest SMR companies on each side of the Atlantic team up and advance the technology needed to meet unprecedented demand,” says Daniel Aegerter, Founder & CEO of Armada Investment.
According to the company, the new capital will be directed toward three near-term priorities: scaling testing and validation activities at its advanced reactor testing site in Oskarshamn, progressing detailed engineering and design of its first nuclear units, and advancing commercial and regulatory work to secure a site and licensing for an initial SEALER deployment in Sweden. The engineering program is being carried out in collaboration with industrial partners including Uniper, KSB, and ABB.
The financing also builds on Blykalla’s expanding collaboration with Oklo, an advanced nuclear developer based in the US. Earlier this year, the two companies entered into a joint technical development agreement covering areas such as licensing approaches, key components, fuel, and non-nuclear supply chains. By aligning on shared infrastructure and sourcing, the companies aim to reduce development timelines and mitigate supply-chain risks that have historically slowed nuclear projects.
“One of the fastest ways to scale advanced nuclear power is to build supply chains that can serve fleets, not one-off projects,” said Oklo co-founder and CEO Jacob DeWitte. “By investing in and working with Blykalla through our joint development agreement, we can share lessons learned, align on key components and sourcing, and broaden supply chains as both companies push toward deployment. Additionally, we are eager to bring our capabilities and expertise to help Blykalla accelerate, and support potential fueling needs they may have. We continue to be impressed by the team, technology, and their ability to execute.”
Existing investors Norrsken Launcher and Armada Investment increased their commitments in the round, signaling continued confidence in Blykalla’s progress since their initial backing. With this latest raise, Blykalla is positioning itself to move beyond laboratory and pilot-scale work toward its first commercial reactor deployment, as policymakers and industrial customers reassess the role of nuclear energy in Europe’s long-term power mix.
“It has been a pleasure to see Blykalla’s progress since we first backed them in 2022. We are thrilled to continue our commitment as the team accelerates execution toward bringing the SEALER to market, especially in light of the hyperscaler growth we’ve experienced since,” says Erik Engellau-Nilsson, Managing Partner of Norrsken Launcher.
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