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Steady Energy and Fortum have signed a framework agreement under which Fortum will support Steady Energy in planning its district heating reactor’s operation and maintenance model. In addition, Fortum will invest in Steady Energy.
The Finnish nuclear developer Steady Energy Oy and the Nordic energy company Fortum Corporation have signed a framework agreement for Fortum to provide nuclear expert services as Steady Energy develops its small modular reactor (SMR) technology. Fortum will support planning and developing the plant’s operation and maintenance model and related operations.
The agreement gives Fortum exclusive rights to provide operation and maintenance services for Steady Energy’s SMR plants in Finland and Sweden.
“Fortum has decades of experience in operating nuclear power plants safely, and having such a significant European energy company involved gives us a whole new level of credibility”, says Tommi Nyman, CEO of Steady Energy.
In addition to this cooperation, Fortum will make a capital investment of €2.1 million in Steady Energy. The investment comes through Fortum’s Innovation and Venturing programme, which identifies and supports start-ups and technologies for a low-carbon future.
Steady Energy’s technology is especially designed for district heating. Their underground construction and other key safety features allow them to be built in urban areas close to district heating networks. Steady Energy is working on three projects in Finland: Helsinki, Kuopio and Kerava. The company also recently signed a cooperation agreement with Korea’s largest district heating company, KDHC.
“Our goal is to complete the design phase by 2028, enabling us to begin the construction of the first commercial plant. The current policy environment is very favorable towards SMR development in Finland. A revised nuclear energy act is expected to be adopted by the parliament later this year with one specific aim to accommodate the adoption of SMRs.” Nyman adds.
Steady Energy aims to deploy a fleet of nuclear heating plants and assume responsibility for their operation and maintenance. Managing a standardized fleet will generate substantial synergies and reduce operating costs.
Fossil fuels account for more than half of district heating production in Europe. The heat currently produced from natural gas and coal corresponds to the output of about 800 Steady Energy LDR-50 reactors.
For more information and interview requests
Lauri Muranen, Director, Steady Energy Oy
+358 40 707 6637, lauri.muranen@steadyenergy.fi