EIB lends Steady Energy up to EUR40 million for LDR-50 heat reactor
First EIB financing of SMR technology, funding R&D, testing and licensing in Finland from 2026 to 2028
Key facts
- LDR-50 is a 50 MW reactor built to produce heat, not electricity
- Financing is a senior unsecured convertible loan; EIB may convert into listed shares
- Full-scale non-nuclear pilot facility under construction at Salmisaari, Helsinki
- Package includes institutional, strategic and retail investors and is backed by InvestEU
- Announced as Steady Energy and 3North Partners pursue combination and Nasdaq First North Finland listing
The European Investment Bank is providing Steady Energy with up to €40 million in financing to develop its LDR-50 nuclear heating technology, the EIB said. It is the bank's first financing of small modular reactor technology.
The money supports research and development, testing and licensing in Finland between 2026 and 2028, as Steady Energy works toward first commercial deployment of its LDR-50 heating plant. The EIB investment is part of a broader financing package involving institutional, strategic and retail investors and is backed by the European Union's InvestEU programme.
The LDR-50 is a 50 MW SMR designed to produce heat for district heating networks and industrial applications rather than electricity. Steady Energy says the heat-only design allows a simpler, lower-pressure reactor based on established light-water reactor technology. The company is building a full-scale, non-nuclear pilot facility in Salmisaari, Helsinki, to demonstrate the operation of key systems and support testing and licensing before commercial deployment.
"Over 40 percent of final energy demand is heat. Most of the heat we consume comes from fossil fuels," CEO Tommi Nyman said.
The investment takes the form of a senior unsecured convertible loan, giving the EIB the option to convert it into listed shares. It was announced as Steady Energy and 3North Partners Plc pursue a contemplated combination and listing of the combined company on Nasdaq First North Growth Market Finland.
The European Commission published its SMR Strategy earlier in 2026, aimed at facilitating deployment of Europe's first SMRs and advanced modular reactors in the early 2030s.
