Steady Energy launches IPO to develop small nuclear reactors

Steady Energy, a Finnish nuclear technology company, has launched an initial public offering (IPO) following a merger with investment firm 3North Partners. The combined entity intends to list on the Nasdaq First North Growth Market Finland.

Steady Energy specializes in developing small modular reactors (SMRs) specifically designed for district heating production. Unlike traditional nuclear solutions aimed at electricity, this technology focuses on heat, utilizing a simplified design that operates at lower temperatures (under 150 degrees Celsius) and pressures (eight bar), omitting turbines and generators. The company plans to install a full-scale pilot reactor, the LDR-50, at the decommissioned Salmisaari coal plant in Helsinki within the next year.

The company aims to target district heating providers across Europe, offering turnkey solutions or heat sales models. Steady Energy has set ambitious financial targets, projecting a revenue of 500 million euros by 2035 and reaching one billion euros by 2040.