Vattenfall To Be Minority Shareholder Of Nuclear Startup Fermi Energia
The Swedish company Vattenfall, ENS Corporate Member, will be a minority shareholder of approximately 6% ownership of the Estonian nuclear energy start-up company Fermi Energia, with a seed investment of Euro 1 million.
In November 2020, Vattenfall already extended its ongoing cooperation with Fermi Energia by signing a Letter of Intent to explore the possibilities for Small Modular Reactor (SMR) deployment in Estonia.
With this minority investment, Vattenfall can contribute our know-how and work jointly on feasibility studies about costing, supply chain and capabilities to construct and operate Small Modular Reactor technology.
Innovative and fossil free future nuclear generation such as SMR seems very promising for Estonia that has the highest average CO2 emissions per generated kWh of electricity among all EU member states
says Torbjörn Wahlborg, Senior Vice President Generation at Vattenfall.
Indeed, the Estonian government recently approved the formation of a Nuclear Energy Working Group (NEPIO), tasked with analyzing the possibility of introducing nuclear energy in Estonia to ensure the country’s energy security, sustainability, competitiveness and the achievement of climate objectives for 2050.
The Fermi Energia SMR project also involves Finnish energy company Fortum and the Belgian engineering company Tractebel, while further Memorandum of Understanding and agreements has been signed with GE Hitachi Nuclear Energy (GEH) and Rolls Royce, both developing advanced nuclear technologies.
Read the Vattenfall Press Release.