Steady Energy raises EUR22 million led by 92 Ventures
A full-scale pilot plant starts construction in the second half of this year; the LDR-50 reactor is rated at 50 MW.
Key facts
- Reactor designed to deliver district heat at below EUR40/MWh
- Heating uses 40% of global energy, largest CO2 source, per Steady Energy
- Lifeline Ventures, an investor since the start, also participated
- Funding brings the company close to completing its B-round
- 92 Ventures CTO Chirayu Batra joins Steady Energy's board
Steady Energy, a Finnish small modular reactor developer, has raised €22 million in a round led by Copenhagen-based 92 Ventures, the company said. The funding brings Steady Energy close to completing its B round, it said. Lifeline Ventures, an investor in the company since its founding, also participated.
Steady Energy said it will begin construction of a full-scale pilot plant in the second half of this year. Its LDR-50 reactor is designed for district heating and has a capacity of 50 MW. Steady Energy says the reactor can deliver heat at below €40/MWh.
Chirayu Batra, CTO of 92 Ventures, will join Steady Energy's board of directors. According to Timo Ahopelto, a founding partner at Lifeline Ventures, the reactor technology is based on research at VTT Technical Research Centre of Finland.
According to Steady Energy, heating accounts for 40% of all energy use and is the single largest source of CO2 emissions, and fossil fuels are the main source of district heat in Europe.
