STOCKHOLM (Reuters) -A group of large Swedish industrial companies has signed a deal with utility Vattenfall to invest 400 million Swedish crowns ($42.5 million) into the development of small modular
Swedish Firms Commit to Investment in New Modular Nuclear Reactors
Investment in Modular Nuclear Reactors
By Johan Ahlander
Key Players in the Investment
STOCKHOLM (Reuters) -Sweden is closer to building new nuclear reactors than it has been for 40 years, utility Vattenfall's CEO said on Monday, after a group of large industrial firms agreed to invest 400 million Swedish crowns ($42.5 million) into small modular nuclear reactors.
Future Plans for Nuclear Power
Industrikraft, a group of 17 industrial companies, including SKF, Volvo Group and Volvo Cars, has agreed to make the investment into Videberg Kraft, a company set up to facilitate the building of several small modular reactors.
Potential Suppliers for Reactors
The group plans to later take a 20% stake in Videberg Kraft, it said in a joint statement on Monday.
Projected Costs and Government Support
Vattenfall is planning to build between three and five small modular reactors at its existing Ringhals plant in Varo, southwest Sweden, to provide a total output of around 1,500 MW.
Vattenfall CEO Anna Borg said the announcement was an important vote of confidence in new nuclear power in Sweden.
"We are closer now than we have been in 40 years and if it is up to us, it will happen," she told reporters, adding that the final decision on the investment was still years ahead.
Vattenfall has shortlisted Britain's Rolls-Royce SMR, and U.S. group GE Vernova, as the two possible suppliers of the nuclear reactors, and Borg said a decision on which one would come in 2026.
In total, Sweden is planning up to 12 new nuclear reactors by 2045, which could cost around 400 billion Swedish crowns ($39 billion), with the government offering to share some of the investment risks.
($1 = 9.4155 Swedish crowns)
(Reporting by Johan Ahlander; Editing by Conor Humphries)
