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Sweden-Based Studsvik Applies for State Support to Build SMR Nuclear Fleet

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Studsvik has applied for state support from the Sweden's Ministry of Finance in order to develop 1.4 gigawatts of nuclear power assets in Sweden, it said in a statement on Friday.

The company is seeking to build what would be the country's first private gigawatt-scale small modular reactor system under a state financing framework, it said.

The company is hoping to build several multiple light-water small reactors at either at Valdemarsvik or Nykoping in electricity bidding zone SE3, the statement said, noting that it is evaluating sites in parallel to retain flexibility over site selection later.

The government is expected to review the application before any negotiations on terms or support offers begin. Any support offered would also have to clear regulatory approvals and some aspects will also need approval at EU level, Studsvik said.

Studsvik's development ambitions were bolstered by its acquisition of Karnfull Next, bolting on development capabilities to Studsvik's technical expertise.

Studsvik said it has opted for light-water technology as it offers the most "predictable path" through licensing, permitting and project execution.

The company is currently working on a project delivery model during which it will identify potential partners for reactor technology, engineering, construction, financing and operations, it said.

It plans to commission its first reactor unit in the second half of the 2030s to meet the growing demand for power with electrification spreading across the economy.

Studsvik says its projects will support long-term energy policy through the provision of a fossil-free baseload capacity that will likely replace some aging power generation assets.

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