€32m round brings Finnish Steady Energy closer to 'world’s first commercial SMR'

Finnish startup Steady Energy has closed a €32 million funding round to accelerate development of its small modular reactor (SMR) for district heating. The company says it’s on track to deliver the world’s first commercial heating reactor by the early 2030s.

The round – among the largest in Finland this year – includes backing from LocalTapiola, state-owned investor Tesi, Amsterdam-based Move Energy, and Valo Ventures.

The funds will go toward building a full-scale, non-nuclear pilot plant in central Helsinki, and expanding operations in Sweden and Poland.

"Because our reactor is small and simple, we can afford to rehearse at full scale before commercial deployment and proactively lower major risks traditionally responsible for delays and cost overruns in large-scale reactor projects," said CEO Tommi Nyman.

The company aims to reach ready-to-build status by 2028. In June, Finland’s nuclear authority STUK gave a preliminary green light, stating that the company’s LDR-50 design can meet national safety standards.

Steady Energy previously announced the halfway milestone in March, led by 92 Capital, a nuclear-focused fund.