Insider Brief
- Steady Energy, a Finnish small modular reactor (SMR) developer, has raised €22 million in funding led by Copenhagen-based 92 Ventures, with participation from Lifeline Ventures, to support the construction of a full-scale pilot plant.
- The company’s LDR-50 reactor is designed to provide affordable, zero-emission heat at below €40/MWh, targeting district heating in Europe where fossil fuels remain the dominant energy source.
- With support from strategic investors, including 92 Ventures and Lifeline Ventures, Steady Energy aims to accelerate the deployment of SMR technology to meet decarbonization targets within tight timelines.
PRESS RELEASE – Finnish nuclear innovator Steady Energy announces a €22M funding milestone led by 92 Ventures, a Copenhagen-based nuclear-focused investment firm. The investment underscores private-sector confidence in Steady Energy and its breakthrough reactor design which will deliver affordable, zero-emission heat to Europe and beyond.
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 world’s first commercial SMR in operation.
“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”, Steady Energy CEO Tommi Nyman said.
“At 92 Ventures, we believe nuclear energy must expand beyond the electricity sector to enable deep decarbonization. District heating presents an exciting opportunity for nuclear to play a transformative role, and Steady Energy’s LDR-50 is a practical, scalable solution that can extend beyond district heating to industrial heat applications,” said Anatol Kjær Knudsen, CEO and co-founder of 92 Ventures. As part of this investment, Chirayu Batra, CTO of 92 Ventures, will join Steady Energy’s board of directors, bringing deep expertise in nuclear energy and strategic growth.
Lifeline Ventures, an investor in Steady Energy since its beginning, also participated in the recent funding round. “Steady Energy’s reactor technology is based on world-class research and development at VTT Technical Research Centre of Finland. 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.
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.
