Finland’s Steady Energy Raises €32M To Build The World’s First Commercial Nuclear Heating Reactor By Early 2030s

The round started in March 2025 with a €22 million raise led by 92 Ventures (now 92 Capital). New investors in this round include LocalTapiola, Tesi (a Finnish state-owned investment firm), Move Energy (Amsterdam), Valo Ventures, and 92 Capital.

The funding will be used to move forward with Steady Energy’s LDR-50 reactor project. A key step is building a pilot plant at a former coal site in Helsinki, with construction set to begin later this year.

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This plant will showcase the reactor’s safety features and test the supply chain before commercial rollout. Engineering company Sweco will lead the project.

Steady Energy also plans to grow its team, speed up design work, and expand into Sweden and Poland. The company has already signed early agreements for up to 15 reactors in Finland and sees strong demand across Europe.

The company’s goal is to offer affordable, emission-free heating without needing government subsidies and to launch the world’s first commercial nuclear heating plants by the early 2030s.

The LDR-50 is built with passive safety features that don’t rely on electricity or moving parts for cooling. Each unit costs about €100 million, is designed to run for 60 years with minimal maintenance, and aims to outperform other heating solutions in both reliability and cost.

Steady Energy has already received preliminary safety approval from Finland’s Radiation and Nuclear Safety Authority (STUK), confirming that the LDR-50 design meets national safety standards.

The team brings together over 250 years of combined nuclear experience and collaborates with more than 200 experts from leading organizations like Fortum, VTT, Sweco, LUT University, Tractebel, Framatome, and Westinghouse. The company aims to reach the ready-to-build stage by 2028, with commercial deployment following shortly after.

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 addressing a major market need—heating makes up 40% of global energy use and is the largest source of CO2 emissions. The company believes there’s strong demand across Europe, with hundreds of potential reactor sites in cities aiming for net-zero goals.

“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.”

About Steady Energy

Founded in 2023 as a spin-off from VTT Technical Research Centre of Finland, Steady Energy is developing a small modular reactor (SMR) designed specifically for heating. The compact LDR-50 reactor, about the size of a shipping container, delivers 50MW of power and can be used for district heating, cooling, industrial steam, and even desalination.