Steady Energy, a Finland-based startup focused on nuclear-powered heating, has secured €32 million in funding to advance its innovative small modular reactor (SMR) technology.
This latest raise builds on a previous €22 million round announced in March, bringing the total to €32 million. Investors include LocalTapiola, Tesi, Move Energy, Valo Ventures, and lead backer 92 Capital.
Funds to fuel pilot plant and EU expansion
The capital will support the development of Steady Energy’s LDR-50 reactor, a 50MW SMR designed specifically for heating applications. The company plans to begin constructing a pilot plant later this year at a former coal plant site in Helsinki. The facility will serve to validate core safety features and test supply chains ahead of a commercial rollout.
Additional funds will be used to grow the team, accelerate design, and expand sales activities in Sweden and Poland. Steady Energy has already secured preliminary agreements for up to 15 reactors in Finland alone.
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A reactor tailored for heating needs
Founded in 2023 as a spin-out from VTT Technical Research Centre of Finland, Steady Energy is targeting the heating sector with a compact reactor that fits inside a shipping container. The LDR-50 is engineered for district heating, industrial steam, and desalination. Each unit is expected to run for 60 years with minimal maintenance and is priced at approximately €100 million.
The reactor features passive safety systems that operate without electricity or moving parts, and has passed a preliminary safety assessment by Finland’s Radiation and Nuclear Safety Authority (STUK).
Positioned to lead Europe’s nuclear heating future
Backed by a team with more than 250 years of combined nuclear expertise and supported by engineering partners like Sweco and Westinghouse, Steady Energy aims to reach the ready-to-build stage by 2028. Commercial deployment is targeted for the early 2030s.
With heating responsible for 40% of global energy consumption and the largest share of CO₂ emissions, Steady Energy sees massive potential. The startup believes its reactors could help meet decarbonization targets across Europe and beyond.
CEO Tommi Nyman says the company’s goal is to make nuclear simple, affordable, and scalable: “By the time all permits are due, engineering and logistics will have been proven and tried out. No other player can currently match this ability.”
