The European Investment Bank Agrees to Fund SMR Project for the First Time
Last week, the European Investment Bank (EIB) agreed to invest up to EUR 40 million in Finnish company Steady Energy’s LDR-50 reactor between 2026 and 2028.
The funding is intended to support Steady Energy’s research and development, testing and licensing activities as it seeks to move towards commercial development.
The EIB stated the investment was aligned with the European Commission’s strategy to bring Europe’s first SMRs online by 2030.
Steady Energy’s LDR-50 is designed specifically for district heating networks, as well as industrial steam production and desalination projects. The aim is for the construction of the first plant to begin in 2029.
In the past, the EIB has generally limited funding for new nuclear projects, due to the divisive opinions on nuclear energy among its Members. However, in the past year, the Bank has issued loans for a project to upgrade Unit 1 at Cernavoda NPP (Romania), and one to extend the Georges Besse II uranium enrichment plant in Southern France.
As EIB Group Vice President Karl Nehammer said:
“The support to Steady Energy is a flagship example of how the EIB Group is backing innovation to strengthen Europe’s competitiveness, enhancing energy autonomy and expanding access to affordable clean energy.”
Read the full EIB Press Release.
