Finnish start-up Steady Energy has completed its €32m ($37.7m) funding round. It says it will now begin constructing a full-scale pilot plant. With preliminary agreements secured for 15 reactors in Finland and a potential to deliver dozens of reactors in the European Union, Steady Energy aims to deploy the world’s first commercial nuclear heating plants in the early 2030s.
Steady Energy was spun out from the VTT Technical Research Centre of Finland in 2023. It provides engineering services to develop the LDR-50 district heating small modular reactor (SMR). The reactor has been under development at VTT since 2020. The Finnish Radiation & Nuclear Safety Authority (STUK – Säteilyturvakeskus) in June completed an assessment of the concept of the LDR-50 NPP.
Steady Energy CEO Tommi Nyman said closure of the funding round “demonstrates investors’ trust in Steady Energy’s team and ability to deliver the world’s first commercial nuclear heating reactor by early 2030s”. The funds will be used to strengthen its team, accelerate design efforts, expand sales activities in Sweden and Poland, and build a non-nuclear pilot plant.
Most the funds will go towards the pilot plant at a recently decommissioned coal plant in Helsinki city centre. Construction begins later in the year. The pilot will physically demonstrate the LDR-50 reactor’s key safety features. Additionally, Steady Energy will use this opportunity to verify and stress-test supply chains. The project is led by Sweco, a leading engineering firm, which has contributed to every nuclear project in Finland over the past decades. This means Steady Energy gains detailed advance insight into steps required for the eventual commercial plant. Steady Energy aims to reach ready-to-build phase by 2028.
Major Finnish investors include LocalTapiola, a mutual insurance company, and Tesi (Finnish Industry Investment), a state-owned investment company. “Steady Energy combines a skillful team with innovative technology that can be scaled commercially. For these reasons, we see significant potential for international growth in the company,” said Samppa Sirviö, Investment Manager at Tesi.
An investment by Amsterdam-based venture capital firm Move Energy is among the new private equity. “We are impressed with Steady Energy’s simple heat-only design which enables carbon-free, baseload heat production at an attractive cost. We believe that Steady Energy’s highly capable team… is well positioned to bring this affordable SMR to market following the successful demonstration of a pilot plant”, said Move Energy’s Partner Frederik de Hosson.
“Steady Energy’s proprietary solution offers firm, carbon-free power with walk-away passive safety features,” said Scott Tierney, Managing Partner at Valo Ventures. another new investor. “They are making nuclear so simple it’s cost disruptive and scalable.”
Steady Energy reached the round’s halfway target in March, led by 92 Ventures, now 92 Capital, a dedicated nuclear-focused fund. “Steady Energy has positioned itself as one of the most promising SMR companies in the game,” said Anatol Kjær Knudsen, Partner at 92 Capital. “We look forward to bringing additional experience and knowledge, enabling the company to reach its target of deploying the world’s first commercial heating SMR by 2030.
“Because our reactor is small and simple, we can afford to rehearse at full scale before commercial deployment and proactively lower major risks traditionally responsible for delays and cost overruns in large-scale reactor projects.”, said Tommi Nyman. “By the time all permittings are due, engineering and logistics will have been proven and tried out. No other player can currently match this ability.”
