Steady Energy receives 40 million euro EIB funding for nuclear heat technology

The European Investment Bank (EIB) is providing up to 40 million euros in financing to the Finnish startup Steady Energy to develop small modular reactor (SMR) technology specifically designed for heat production. This marks the first time the EIB has funded SMR technology.

The funds will support research, testing, and licensing processes in Finland between 2026 and 2028. The financing is structured as an unsecured convertible loan, allowing the EIB to potentially convert its debt into equity during the company’s planned listing on the Nasdaq First North Growth Market Finland.

Steady Energy is developing the LDR-50 reactor, a 50 MW thermal capacity unit intended to provide heat to municipal district heating networks rather than electricity. The design aims to be simpler and more cost-effective than traditional nuclear plants by omitting steam turbines and generators, and it utilizes passive safety systems by operating at lower temperatures and pressures. A full-scale pilot plant is being constructed at the former Salmisaari coal-fired power plant in Helsinki.