Fortum and the Swedish nuclear technology firm Studsvik have entered into a Memorandum of Understanding (MoU) to investigate the possibilities for introducing new nuclear initiatives in Sweden. This partnership is a key component of Fortum’s continuous feasibility study, aiming to assess potential business prospects related to new nuclear projects in both Finland and Sweden.

The agreement aligns with Fortum’s strategic priorities, emphasizing the delivery of dependable and environmentally friendly energy. It also underscores the commitment to advancing decarbonisation in industries by offering clean energy and carbon dioxide-free solutions to Fortum’s customers.

Fortum New Nuclear vice-president Laurent Leveugle said: “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.”

Within the framework of the ongoing feasibility study, the collaboration between Fortum and Studsvik aims to evaluate the viability of constructing either small modular reactors (SMR) or conventional large reactors at the Studsvik site near Nyköping, Sweden.

In the initial phase of this cooperation, the primary objective is to pinpoint potential business models and technical solutions, laying the groundwork for subsequent evaluation. Decisions regarding potential investments will be deferred until a later stage.

Studsvik president and CEO Camilla Hoflund said: “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.”

Fortum commenced a comprehensive two-year nuclear feasibility study in October 2022. This study encompasses an exploration of commercial, technological, and societal aspects, encompassing political, legal, and regulatory considerations. The focus is on both small modular reactors (SMRs) and conventional large reactors, with an eye towards potential deployment in Finland and Sweden in the 2030s and beyond. The study also delves into opportunities for partnerships and collaborations.

Alongside the MoU with Studsvik, Fortum has entered into cooperation agreements with various entities, including the American Westinghouse Electric Company, Korean KHNP, British Rolls-Royce SMR, French EDF, Swedish Kärnfull Next, as well as Finnish Outokumpu and Helen.