Sweden’s nuclear technology company Studsvik has announced the acquisition of Kärnfull Next (KNXT), expanding Studsvik’s role from a technical services provider into a lead developer for small modular reactor (SMR) projects in the Nordic region.
The initial enterprise value is approximately €6.5m ($7.5m), consisting of €3m in cash and €3.5m in newly issued Studsvik shares. Potential additional payments of up to €16m are available – up to €2m in shares by 2029 and performance-based earn-outs of up to €14m linked to project milestones. The transaction is expected to close in Q2 2026, pending regulatory approvals.
KNXT founders Christian Sjölander and John Ahlberg will join Studsvik’s executive management team to lead the new project development arm. The acquisition allows Studsvik to leverage KNXT’s existing project portfolio and site development expertise. These include:
- Studsvik Site (Nyköping): The companies are already investigating the construction of SMRs directly on Studsvik’s industrial site.
- Valdemarsvik Project: KNXT has already secured land rights for a potential SMR power plant in the municipality of Valdemarsvik, Östergötland.
- Technology Partnerships: The platform remains technology-agnostic, although KNXT has existing memoranda of understanding with GE Hitachi for the BWRX-300 and works closely with Fortum.
The deal is timed to capitalise on the Swedish government’s new financing mechanisms worth SEK220bn (€20.6bn) intended to stimulate advanced reactor projects and energy security.
The move marks a strategic step as governments and industry increasingly turn to nuclear power to support energy security, electrification, and net-zero ambitions. By adding project development capability, Studsvik will now be able to support nuclear projects from their earliest stages through to operation and decommissioning.
Daniel S Aegerter, Founder & CEO of Armada Investment and the largest shareholder in Studsvik, said: “Together, Studsvik and Kärnfull Next will build a truly integrated nuclear services platform – and establish Studsvik as the home for entrepreneurial ambition in nuclear.” Kärnfull Next founders Christian Sjölander and John Ahlberg added: “Together, we will accelerate Studsvik’s transformation into a truly integrated nuclear services champion.”
The transaction also lays the groundwork for Studsvik’s next step in new nuclear development. The company is expected to announce further partnerships that demonstrate how this expanded capability will be applied in practice.
