Fortum and the Swedish nuclear technology company Studsvik have signed a Memorandum of Understanding (MoU) to explore conditions for new nuclear in Sweden. The collaboration is part of Fortum’s ongoing feasibility study to explore business opportunities in new nuclear both in Finland and Sweden.
The agreement supports Fortum’s strategic priorities to deliver reliable and clean energy and to drive decarbonisation in industries by providing clean energy and CO2-free solutions to its customers.
“A lot of new electricity generation will be needed across the Nordics to meet future electricity demand in our societies and industries. I am very satisfied as this agreement shows our ambition to support Sweden’s green transition in the long term,” says Laurent Leveugle, Vice President, New Nuclear at Fortum.
As part of the ongoing feasibility study, Fortum and Studsvik’s cooperation is to assess the potential to construct small modular reactors (SMR) or conventional large reactors at the Studsvik site outside Nyköping in Sweden. In the first phase of the cooperation, the goal is to identify potential business models and technical solutions for further evaluation. Any potential investment decisions will be made at a later stage.
“Studsvik is positive to new nuclear as a part of the green transition, since it constitutes fossil free, efficient, and plannable electricity production. We welcome Fortum as a partner to investigate the possibility of establishing new nuclear on the Studsvik site, which is a classic nuclear area with an infrastructure already adapted to nuclear operations,” says Camilla Hoflund, President and CEO, Studsvik.
Fortum initiated a two-year nuclear feasibility study in October 2022. During the study, Fortum explores commercial, technological, and societal, including political, legal, and regulatory conditions both for small modular reactors (SMRs) and conventional large reactors in Finland and Sweden for potential commissioning in the 2030s and beyond.
The study also explores potential partnerships and collaboration opportunities. In addition to the MoU with Studsvik, Fortum has signed cooperation agreements with the American Westinghouse Electric Company, Korean KHNP, British Rolls-Royce SMR, French EDF, Swedish Kärnfull Next as well as Finnish Outokumpu and Helen.