Wedoany.com Report-Mar 10, Finnish nuclear startup Steady Energy has announced €22 million ($24 million) funding towards its LDR-50 SMR pilot for zero emission district heating.

The funding, which was led by the Danish nuclear investor 92 Ventures and included original investor Lifeline Ventures, brings Steady Energy close to completing its B-round and will support the construction of a full-scale pilot SMR plant due to commence in the second half of 2025.

Steady Energy’s SMR is designed to deliver heating only, with a heat exchanger heating water that is then distributed in the district heating network.

This offers the prospect of a compact design that can be located in underground halls.

In addition to district heating, other potential uses are by industries that utilise low temperature heat, such as dairy products, brewing or greenhouse agriculture, and for decarbonising desalination.

With a maximum power of 50MW per reactor module, the LDR-50 is designed to be scalable in use.

For example, a few units should be able to warm an entire medium size city, according to Steady Energy.

“This is a major step for Steady Energy and a strong endorsement of our team and technology,” said Steady Energy CEO Tommi Nyman.

“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, located in Espoo in southern Finland, was founded in 2023 and has just 25 employees.

City agreements

In an early agreement, Helsinki utility Helen committed to working with Steady Energy, with the prospect of acquiring up to ten reactor units, and Kuopion Energia, local utility for the city of Kuopio in eastern Finland, has committed to up to five units.

Keravan Energia, the utility for the city of Kerava to the north of Helsinki, also has committed to explore the technology in its goal for carbon neutrality by 2030.

The construction of the first commercial plant is projected to begin in 2028, with the first unit anticipated to be operational by 2030.

In February Fortum agreed to support the development of the LDR-50 with its simulation expertise to create a digital twin for use in comparison analyses related to the licensing of district heating reactors in Finland and to solve technical issues related to the functionality and dimensioning of the new plant type.

Steady Energy has received several accolades for its SMR development, including being among the ten most promising startups in Finland and among Forbes’ seven transformative ideas for 2025.

With heating using 40% of all energy and the single biggest source of CO2 and in Europe, fossil fuels being the main source of district heat, the LDR-50 offers the possibility of replacement with heat to be delivered at an estimated cost below €40/MWh.

While Finland is the primary initial target for the LDR-50, Steady Energy has also partnered with Swedish project developer Kärnfull Next to introduce the technology for district heating in Sweden.