Steady Energy to launch IPO following EIB investment in SMR technology

Steady Energy, a Finnish reactor developer, is preparing for an initial public offering on the Nasdaq First North in Helsinki. The company plans to merge with 3North Partners as part of this listing. Investors have already committed €69.8 million, with an additional €5 million expected from the public offering.

The European Investment Bank (EIB) has announced a convertible loan of up to €40 million for the company, marking the EIB's first investment in small modular reactor (SMR) technology. Supported by the InvestEU program, these funds are designated for research, testing, and licensing between 2026 and 2028, rather than direct reactor construction.

The focus of the project is the LDR-50, a light-water reactor designed to provide thermal energy for district heating networks rather than electricity generation. The reactor is intended to produce water at temperatures up to 150 degrees Celsius. Steady Energy is currently conducting full-scale testing in Helsinki at the Salmisaari power plant using electrical heating to simulate reactor decay heat.