Swedish startup Blykalla raises €6.8M to build small modular reactors to deliver clean energy

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Stockholm-based Blykalla, a company developing and building small modular lead-cooled reactors to deliver the next generation of clean energy, has closed a SEK 80M (approximately €6.87M) funding round.

Norrsken Launcher and Nucleation Capital led the round, with participation from Earth Venture Capital, Farvatn and several private investors.

Tien Nguyen, the founding partner at Earth Venture Capital, says, “Our investment in Blykalla underscores a firm belief in deeptech at a moment when Southeast Asia’s need for clean, sustainable energy is undeniable.”

“With Indonesia, Singapore, the Philippines, and Thailand at the forefront, small modular reactors-powered demand is estimated to exceed 10 GW by 2035. This reflects an acute need for energy solutions that can drive economic growth while ensuring climate sustainability.”

“Blykalla’s innovative approach is perfectly aligned to address this challenge, offering a scalable, efficient energy solution.”

Capital utilisation

The funding will drive Blykalla’s industrialisation of its advanced nuclear reactor, SEALER (Swedish Advanced Lead-cooled Reactor), designed for commercial power production with advanced safety features.

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Norrsken, who co-led the company’s seed round with Uniper in 2022, says, “Blykalla is building a world-class team to take the company’s unique IP towards rapid industrialisation.”

“This technology will be critical for the European transition to green, safe, baseload energy so desperately needed to decarbonise industries, securing grid reliability, and delivering on the immense needs of powering AI,” adds Erik Engellau-Nilsson, Partner at Norrsken Launcher.

Brief about the Swedish Advanced Lead-cooled Reactor

Blykalla claims that its corrosion-tolerant steel alloys enable efficient cooling of reactors with liquid lead, paving the way for faster deployment and cost savings compared to traditional nuclear power technologies.

The company’s SEALER nuclear technology facilitates the decarbonisation of industrial applications with hydrogen, biochar, and biofuel production, alongside local electricity generation.

It promotes a circular waste model and boasts a more efficient fuel cycle compared to conventional nuclear power, extracting up to 140 times more energy from uranium ore while producing minimal waste that needs to be stored for just 1 per cent of the deposit time.

Rod Adams, Managing partner at Nucleation Capital, says, “We are very pleased to be able to invest in Blykalla, a group with unique and highly competitive anti-corrosion technology for use in their relatively mature lead-cooled reactor design.”

“This technology will enable these reactors to outperform as an advanced nuclear design, capable of bringing reliable and carbon-free power to energy buyers around the world.”

Delivering the next generation of clean energy

Founded in 2013, Blykalla introduced advanced small modular reactors (SMRs) after 25 years of research, enabling a transition to a fossil-free future with essential baseload energy.

The company’s product, SEALER, is an advanced SMR using liquid lead cooling, a technology previously used in submarines for over 60 years. Blykalla claims to have introduced several “breakthrough innovations” that now make the commercialisation of such reactors feasible.

The Swedish company is gearing up to license its nuclear technology in Sweden amidst regulatory adaptations. They’re developing an electric test reactor in Oskarshamn with partners OKG and KTH, and exploring partnerships to build nuclear reactors for off-grid heat and electricity production. 

The company is collaborating globally to deliver Sweden’s next nuclear reactor by the end of this decade.

Blykalla’s CEO, Jacob Stedman, says, “It is fantastic to be part of this nuclear renaissance and to see how much interest in nuclear power there is from businesses as regulatory conditions are falling into place.”

“The SEALERs features, cost, and output makes it perfectly suited for industrial users looking to decarbonise and become sole offtakers, or even owners, of SMRs.”

“It mirrors the strong and urgent need from the industry to secure access to clean and competitive energy. After all, this will be decisive for the industry’s green transition and continued growth.”

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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