Steady Energy, a Finnish leader in small modular reactor (SMR) technology, has secured €22 million in funding to accelerate the development of its cutting-edge nuclear heat solutions. The company will begin constructing a full-scale pilot plant later this year. The successful funding round brings Steady Energy closer to completing its Series B funding and solidifies its position as a frontrunner in the race to deploy the world’s first commercially operational SMR.

A Breakthrough in Sustainable Energy

Tommi Nyman, CEO of Steady Energy, mentioned that the development represented a crucial milestone for the company and a solid validation of their team and technology. He mentioned that they were on track to demonstrate their ability to deliver scalable and commercially attractive nuclear heat. He also added that with their technology, utilities would be able to eliminate CO2 emissions more quickly and achieve a better return on investment compared to nuclear plants that generate both heat and electricity.

Strategic Backing from Lifeline Ventures

Lifeline Ventures, one of the early investors in Steady Energy, also joined this recent funding round. Mr. Timo Ahopelto, a founding partner at Lifeline Ventures, stated that Steady Energy’s reactor technology is based on world-class research and development from VTT Technical Research Centre of Finland. He added that it offers an appealing alternative for energy utilities and, importantly, meets the tight timeframes required for decarbonization.

Also read: Westinghouse’s Small Modular Reactor Gains Approval for Design Assessment in the UK

Revolutionizing Heating and Decarbonization

Heating accounts for 40% of global energy consumption and is one of the largest sources of CO2 emissions worldwide.In Europe, fossil fuels still power most district heating systems. Steady Energy’s 50 MW nuclear reactor is designed specifically to address this issue. Able to generate heat at costs below €40/MWh, the reactor provides a low-cost alternative to bioenergy, conventional nuclear, and fossil fuels. This makes it a competitive and sustainable option for utilities to decarbonize their heat.

CleanMax, a renewable energy solution provider to Asia’s Commercial and Industrial (C&I) sector, has announced a strategic joint venture with Osaka Gas Co. Ltd., one of Japan’s premier gas companies. CleanMax, with the backing of Brookfield, and Osaka Gas are partnering to enable businesses to transition to a low-carbon economy.

The partnership combines CleanMax’s decarbonization value with Osaka Gas’ experience in international markets to stimulate the uptake of renewable energy in India’s C&I segments. The venture is also Osaka Gas’s first entry into India’s green energy sector.

Introducing CleanMax Osaka Gas Renewable Energy Private Limited

The joint venture company, CleanMax Osaka Gas Renewable Energy Private Limited (CORE), will concentrate on developing and running renewable power plants in India. A group consisting of Osaka Gas’ affiliate, Osaka Gas Singapore PTE. LTD. (OGS), and the Japan Bank for International Cooperation (JBIC) will invest in the venture. JBIC, which is a policy-based financial institution owned fully by the Japanese government, will give the necessary funds.

During its first phase, the initiative will build renewable energy plants of 400 MW capacity, beginning with 300 MW. This project will allow Osaka Gas to enter India’s growing renewable energy market, focusing on Karnataka’s clean energy potential.

“Kuldeep Jain, Managing Director of CleanMax, said , “This joint venture aligns seamlessly with our vision to enable corporate India to achieve its net-zero ambitions. This marks a remarkable milestone in India’s sustainability journey, offering exciting new opportunities in the C&I energy sector.”

He added,”This association will expand CleanMax’s reach with Japanese and multinational clients, while also tapping into global capital sources like JBIC to fuel our aggressive growth. This reflects how strategic global collaborations can create real impact and enable industries to meet their decarbonization targets.”

Also read: ADNOC Signs Landmark LNG Deal with Osaka Gas

Empowering Indian Corporates with Clean Energy Solutions

The new venture will offer Indian businesses reliable, scalable renewable energy through long-term Corporate Power Purchase Agreements via the grid. This collaboration gives corporate clients direct access to clean energy, helping them achieve decarbonization goals and sustainability targets.