Steady Energy secures €22M in funding – led by Copenhagen based 92 Ventures - to accelerate pioneering small nuclear reactor technology

Company Overview - Steady Energy, a Finnish innovator in small modular reactor (SMR) technology, has secured €22 million in funding, marking a significant milestone in its development [2][3] - The company is set to begin construction of a full-scale pilot plant in the second half of 2025, positioning itself as a leader in the race for the world's first commercial SMR [3] Investment Details - The funding round was led by 92 Ventures, a Copenhagen-based investment firm focused on nuclear energy, highlighting strong private-sector confidence in Steady Energy's technology [2][5] - Lifeline Ventures, an early investor in Steady Energy, also participated in this funding round, emphasizing the attractiveness of the company's reactor technology [6] Technology and Market Potential - Steady Energy's LDR-50 reactor is designed to provide affordable, zero-emission heat, targeting the district heating market, which currently relies heavily on fossil fuels [7] - The reactor can deliver heat at a cost below €40/MWh, making it more affordable than bioenergy, conventional nuclear, and fossil fuels [7] - The technology is based on advanced research from VTT Technical Research Centre of Finland, ensuring high efficiency and a near-100% emission-free operation [6][7] Strategic Vision - The CEO of Steady Energy, Tommi Nyman, stated that the technology allows utilities to reduce CO2 emissions more effectively and with better returns compared to traditional nuclear plants [4] - 92 Ventures' CEO, Anatol Kjær Knudsen, emphasized the potential for nuclear energy to play a transformative role in deep decarbonization, particularly in district heating and industrial applications [5]