Steady Energy secures €22M in funding – led by Copenhagen based 92 Ventures - to accelerate pioneering small nuclear reactor technology
Summary
Steady Energy, a Finnish pioneer in small modular reactor (SMR) solutions, has secured 22 million in funding and will commence constructing a full-scale pilot plant in the second half of this year. The 22 million funding milestone brings the company very close to completing its B-round and solidifies its lead in the race for the worlds first commercial SMR in operation. With our technology, utilities can eliminate their CO 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. 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. 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.