Finnish nuclear innovator Steady Energy secures €32M to build pilot plant for emission-free heating solution

Steady Energy, a Finnish pioneer in small modular reactors, announced completion of its €32 million funding round and will now begin constructing a full-scale pilot plant. The round was backed by a mix of private-sector and state-backed investors. Key investors include LocalTapiola, Tesi, and Move Energy.

About Steady Energy

• Steady Energy is a Finnish company, founded in 2023, specializing in small modular reactors (SMRs) for emission-free heating solutions. 

• Founded with a mission to provide affordable, sustainable heating without subsidies, Steady Energy has developed the LDR-50, a compact 50 MW reactor designed for applications in heating, cooling, industrial steam, and desalination.

• The company’s technology innovation enables them to supply heat at below €40/MWh, significantly more affordable than bioenergy, traditional nuclear, and fossil fuels.

“Our mission is to make nuclear simple to provide affordable, emission-free heating without subsidies. The smooth closure demonstrates investors’ trust in Steady Energy’s team and ability to deliver the world’s first commercial nuclear heating reactor by the early 2030s,” said Tommi Nyman, CEO of Steady Energy.

Investment details

The round was backed by LocalTapiola, a mutual insurance company, and Tesi (Finnish Industry Investment), a state-owned investment company. The round also saw investment from Move Energy, an Amsterdam-based venture capital firm, and 92 Ventures, a dedicated nuclear-focused fund.

Steady Energy previously announced raising the €22 million in March, led by 92 Ventures, a dedicated nuclear-focused fund consisting of technical and financial experts.

Steady Energy will use the funds to strengthen its team, accelerate design efforts, expand sales activities in Sweden and Poland, and build a pilot plant in the centre of Helsinki. The company has secured preliminary agreements for up to 15 reactors in Finland.