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.