European Investment Bank Provides Financing Support to Finnish SMR Company Steady Energy

The European Investment Bank announced that it will provide up to 40 million euros in funding to Finland-based small modular reactor developer Steady Energy within the framework of its first investment in the field of reactor technology.

Scope and Objectives of the Investment

The European Investment Bank has decided to invest up to 40 million euros in Finland's small modular reactor company Steady Energy. This move marks the bank's first investment in small modular reactor technology.

The provided financing support aims to back the company's research, development, testing, and licensing activities between this year and 2028.

Executive Statements and Loan Structure

EIB Group Vice President Karl Nehammer stated that the support provided to Steady Energy backs innovations that will strengthen Europe's competitiveness and energy independence.

Steady Energy CEO Tommi Nyman emphasized that the investment will help advance concrete projects that will reduce dependence on imported fossil fuels in heat production. The investment in question is executed through a senior unsecured convertible loan formula.

Technical Features of the LDR-50 Reactor

Established in 2023 as a spin-off from Finland's VTT Technical Research Centre, Steady Energy is developing the LDR-50 reactor designed specifically for district heating networks.

Featuring a thermal output of 50 megawatts, the LDR-50 SMR is designed to operate at approximately 150 degrees Celsius exclusively for district heating, industrial steam production, and desalination projects rather than electricity generation.

Future Plans and Projects

The company has already signed agreements for 15 reactors across Finland, and the construction of the first facility is targeted to begin in 2029.