Finnish nuclear innovator Steady Energy has announced €22m in funding to further its reactor design which the company said will deliver affordable, zero-emission heat to Europe and beyond.
Steady Energy, a Finnish pioneer in small modular reactor (SMR) solutions, will now start constructing a full-scale pilot plant in the second half of this year. The funding brings the company close to completing its B-round.
“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.”
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.
The funding was led by 92 Ventures, a Copenhagen-based nuclear-focused investment firm.
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