In July, Steady Energy raised an additional 32 million euros in funding. Investors in the round included 92 Capital, Lifeline Ventures, LähiTapiola, Valo Ventures, and Move Energy. Tesi also participated in the round with its initial investment. In addition, they have started a pilot at the former Salmisaari coal power plant, although without nuclear fuel. They have also signed a preliminary agreement for the construction of 15 small modular reactors (SMRs) in Finland.
Finnish nuclear technology company Steady Energy announces the successful completion of its €32 million funding round and 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 is on track to deploy the world’s first commercial nuclear heating plants in the early 2030s.
In December, the first international agreement was signed with the South Korean company Korea District Heating Corp.
Things seem to be going quite well, but it’s still in the early stages and many hurdles may lie ahead. For example, the reform of Finland’s Nuclear Energy Act is only expected to reach Parliament in the spring of 2026; if it doesn’t pass, we are unlikely to see small modular reactors in Finland.
Steady Energy’s CEO appeared on Martin Paasi’s “paasipodi” podcast in the fall to talk about small modular reactors for an hour.