The partnership forms part of a two-year feasibility study being conducted by Fortum to explore new opportunities in nuclear power in Finland and Sweden.
The agreement aligns with Fortum’s strategy to deliver carbon-free energy to drive decarbonisation across industry. The idea is to add more nuclear power to meet climate goals.
The two will cooperate to assess the potential of building SMRs or conventional large reactors at Studsvik’s site outside Nyköping, Sweden.
Studsvik will make land available and contribute its expertise in a number of areas.
The goal of the first phase of the partnership is to evaluate potential business models and technical solutions. Potential investment decisions will be made at later stages.
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Fortum new nuclear vice-president Laurent Leveugle stated: “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.”
Studsvik president and CEO Camilla Hoflund stated: “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.”
The nuclear feasibility study was launched in October 2022.
It will help Fortum explore commercial, technological and societal issues including the political, legal and regulatory conditions for nuclear with the potential to commission in the next decade and beyond.
Earlier in 2023, the Finnish company also signed an MoU with Korea Hydro and Nuclear Power to cooperate on nuclear power in Northern Europe.
The companies have agreed to cooperate on the development and commercialisation of SMRs and nuclear power plant engineering projects.
They have agreed on terms related to the safe operation and maintenance of existing nuclear plants.