Finnish nuclear innovator Steady Energy has secured €22 million in funding led by 92 Ventures, a Copenhagen-based nuclear-focused investment firm. The round will help the company to accelerate the pilot development of its small nuclear reactor technology.
About Steady Energy
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Heating accounts for 40% of all energy consumption and is the largest source of CO2 emissions globally. In Europe, fossil fuels dominate district heating, which is precisely the purpose of Steady Energy’s 50 MW nuclear reactor.
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The company’s technology innovation enables them to supply heat at below €40/MWh, significantly more affordable than bioenergy, traditional nuclear, and fossil fuels.
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Founded in 2023, Steady Energy is a Finnish leader in small modular reactor (SMR) solutions. The recent €22 million funding milestone brings the company close to completing its B-round and strengthens its position in the race to become the world's first commercial SMR in operation.
“This is a major step for Steady Energy and a strong endorsement of our team and technology: we are on track to demonstrate that we can deliver nuclear heat that is scalable and commercially attractive. With our technology, utilities can eliminate their CO2 emissions more quickly and with a better return on investment than with nuclear plants that generate both heat and electricity,” Steady Energy CEO Tommi Nyman said.
Investment details
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92 Ventures, a Denmark-based VC firm dedicated to nurturing the next generation of nuclear and nuclear-enabling innovators, led this funding round.
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As part of the investment, Chirayu Batra, CTO of 92 Ventures, will join Steady Energy’s board of directors, contributing his extensive expertise in nuclear energy and strategic growth.
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Lifeline Ventures, a long-time investor in Steady Energy, also participated in this round. In March 2024, it led a €10 million investment round alongside Yes VC.
“At 92 Ventures, we believe nuclear energy must expand beyond the electricity sector to enable deep decarbonization. District heating presents an exciting opportunity for nuclear to play a transformative role, and Steady Energy’s LDR-50 is a practical, scalable solution that can extend beyond district heating to industrial heat applications,” said Anatol Kjær Knudsen, CEO and co-founder of 92 Ventures.
Fresh funding will enable Steady Energy to begin constructing a full-scale pilot plant in the latter half of this year.
