Blykalla has submitted the first-ever application for advanced nuclear financing under the Swedish government’s new state aid framework. The proposed project in Norrsundet, Gävle municipality, aims to deploy six lead-cooled SEALER advanced modular reactors (AMRs) to address the growing power demands of the digital and industrial economy.
Blykalla (formerly known as LeadCold), founded in 2013, is a Swedish deep-tech company commercialising next-generation, lead-cooled Small Modular Reactors (SMRs). The company is a direct spin-off from the KTH Royal Institute of Technology in Stockholm. SEALER (Swedish Advanced Lead Reactor) is a compact 55 MWe / 140 MWt lead-cooled fast reactor measuring roughly 6 by 6 metres.
The proposed park will be situated in Norrsundet, a coastal area located two hours north of Stockholm. Six SEALER reactors will provide a total installed capacity of 330 MWe. The facility is projected to produce 2.76 TWh of baseload power annually, enough to power roughly 150,000 homes. If permits, municipal approval, and final investment decisions are secured, the park is targeted to become operational in the first half of the 2030s.
The SEALER design uses advanced lead-cooling technology, which offers compact footprints and passive safety features. Blykalla uses patented aluminium-alloyed steels that resist the highly corrosive nature of liquid lead, a historical hurdle for this type of reactor. Its footprint (some 15 hectares) is optimised for co-location with heavy industries and data centres.
The project aligns with Sweden’s national target to build 2,500 MWe of new nuclear capacity by 2035 and up to 10,000 MW by 2045. Blykalla’s application enters negotiations for a three-part financial model featuring government loans, 40-year contracts for difference (CfDs), and a risk-profit sharing mechanism. Beyond state financing, the park requires sequential approvals from the Swedish Radiation Safety Authority, the Land and Environmental Court, Gävle municipality, and the European Commission.
“This application is a major milestone toward building the clean baseload power Sweden needs,” said Blykalla CEO Jacob Stedman. “The new financing model is designed to enable exactly what we plan to build, an advanced nuclear reactor park that can meet Sweden’s rapidly growing electricity needs as industry is electrified and we increasingly rely on a digital infrastructure. For our reactor park in Norrsundet, it also means that we can expand supply chains with partners and suppliers, and thus take important steps towards commercial series production.”
The next step in the funding process is to negotiate with the Swedish government about the parameters of the financing model. At the same time, parallel applications are underway with permits according to the Environmental Code and the Nuclear Technology Act and close cooperation with Gävle Municipality.
“The fact that we are now receiving another application to build new nuclear power shows that the financing model with state support is working well,” said Sweden’s Minister of Financial Markets, Niklas Wykman. “With new nuclear power, we get stable and fossil-free base power that can secure jobs and growth in Sweden.”
The Swedish government received the first application in December to support proposals for either five GE Vernova Hitachi BWRX-300 reactors or three Rolls-Royce SMRs to provide about 1500 MW capacity at Ringhals on the Värö Peninsula. The application came from Videberg Kraft AB, a project company owned by Vattenfall AB and backed by a series of industrial firms via the Industrikraft i Sverige AB consortium.
The application will now be prepared at the Ministry of Finance by the Secretariat for Financing New Nuclear Power. The ministry said that an application means work to enable the government to make a decision on support can begin. In addition to preparing the application itself, the process also includes negotiations between the government and the company on the terms and scope of the support.
