Finland’s Steady Energy secures €32M to build the world’s first commercial nuclear heating reactor by early 2030s

Steady Energy, a Finnish nuclear tech company that aims to transform the heating industry, has completed a €32M funding round. The company reached the halfway mark of the round back in March 2025 with a €22M raise led by 92 Ventures (now rebranded as 92 Capital).

The current investment saw participation from LocalTapiola (a mutual insurance company), Tesi (Finnish Industry Investment, a state-owned investment company), Amsterdam’s Move Energy, Valo Ventures, and 92 Capital.

Capital utilisation

Steady Energy will use the funds to advance its LDR-50 reactor project through multiple key initiatives. A major focus is the construction of a pilot plant at a recently decommissioned coal plant in Helsinki, set to begin later this year.

This facility will physically demonstrate the reactor’s core safety features and enable rigorous supply chain testing ahead of commercial deployment. Engineering firm Sweco will lead the project, bringing decades of Finnish nuclear experience.

Additionally, the company plans to strengthen its team, accelerate design work and expand sales efforts in Sweden and Poland. Steady Energy has already secured preliminary agreements for up to 15 reactors in Finland and sees potential for dozens more across the EU.

Addressing global energy consumption with nuclear heating

Founded in 2023 as a spin-off from VTT Technical Research Centre of Finland, Steady Energy is developing a small modular reactor (SMR) specifically designed for heating applications. Their shipping container-sized 50MW reactor can be used for district heating, cooling, industrial steam provision, and desalination.

The company aims to make its technology simple enough to provide affordable, emission-free heating without subsidies, with the goal of deploying the world’s first commercial nuclear heating plants by the early 2030s.

Steady Energy’s LDR-50 reactor features walk-away passive safety features and does not rely on electricity or mechanical moving parts for cooling.

At approximately €100M per reactor, Steady Energy claims its SMR is investable and outcompetes alternatives by a significant margin. Each reactor is designed to run for 60 years with minimal maintenance shutdowns, providing steady-cost, emission-free energy.

The company recently received a preliminary safety assessment from the Finnish Radiation and Nuclear Safety Authority (STUK), confirming that the LDR-50 can be designed to fulfil Finnish nuclear safety standards.

Nuclear experience and commercial strategy

Steady Energy has assembled a team with over 250 years of combined nuclear experience and leads a network of 200 professionals from organisations including Fortum, VTT, Sweco, LUT University, Tractebel, Framatome, and Westinghouse. It aims to reach the ready-to-build phase by 2028, with commercial deployment following in the early 2030s.

Steady Energy’s CEO, Tommi Nyman, says, “Our mission is to make nuclear simple to provide affordable, emission-free heating without subsidies. The smooth closure demonstrates investors’ trust in Steady Energy’s team and ability to deliver the world’s first commercial nuclear heating reactor by the early 2030s.”

“Steady Energy has positioned itself as one of the most promising SMR companies in the game,” adds Anatol Kjær Knudsen, Partner at 92 Capital. “We look forward to bringing additional experience and knowledge, enabling the company to reach its target of deploying the world’s first commercial heating SMR by 2030.”

Steady Energy is tackling a significant market opportunity, as heating accounts for 40 per cent of all global energy consumption and represents the largest source of CO2 emissions worldwide. According to the company, there is potential demand for hundreds of reactors in Europe alone from cities committed to net-zero targets.

“Because our reactor is small and simple, we can afford to rehearse at full scale before commercial deployment and proactively lower major risks traditionally responsible for delays and cost overruns in large-scale reactor projects,” adds Steady Energy’s CEO, Nyman. “By the time all permits are due, engineering and logistics will have been proven and tried out. No other player can currently match this ability.”