Fortum and Studsvik Collaborate to Explore New Nuclear Options for Sweden’s Green Transition

Fortum and Studsvik Collaborate to Explore New Nuclear Options for Sweden’s Green Transition

(IN BRIEF) Fortum, a leading energy company, has entered into a Memorandum of Understanding (MoU) with Swedish nuclear technology firm Studsvik to investigate the potential for new nuclear projects in Sweden. This collaboration is part of Fortum’s ongoing feasibility study to assess business opportunities in new nuclear energy in both Finland and Sweden, aligning with their strategic priorities to provide clean and reliable energy while promoting decarbonization in various industries. The partnership aims to evaluate the feasibility of constructing small modular reactors (SMRs) or conventional large reactors at the Studsvik site near Nyköping, Sweden. The initial phase will focus on identifying potential business models and technical solutions, with investment decisions to follow in later stages. Fortum has also engaged in similar cooperation agreements with various global partners as part of their comprehensive nuclear feasibility study initiated in October 2022, exploring options for commissioning nuclear reactors in the 2030s and beyond to meet the growing electricity demand in the Nordic region.

(PRESS RELEASE) ESPOO, 17-Nov-2023 — /EuropaWire/ — Fortum and the Swedish nuclear technology company Studsvik have signed a Memorandum of Understanding (MoU) to explore conditions for new nuclear in Sweden. The collaboration is part of Fortum’s ongoing feasibility study to explore business opportunities in new nuclear both in Finland and Sweden.

The agreement supports Fortum’s strategic priorities to deliver reliable and clean energy and to drive decarbonisation in industries by providing clean energy and CO2-free solutions to its customers.

“A lot of new electricity generation will be needed across the Nordics to meet future electricity demand in our societies and industries. I am very satisfied as this agreement shows our ambition to support Sweden’s green transition in the long term,” says Laurent Leveugle, Vice President, New Nuclear at Fortum.

As part of the ongoing feasibility study, Fortum and Studsvik’s cooperation is to assess the potential to construct small modular reactors (SMR) or conventional large reactors at the Studsvik site outside Nyköping in Sweden. In the first phase of the cooperation, the goal is to identify potential business models and technical solutions for further evaluation. Any potential investment decisions will be made at a later stage.

“Studsvik is positive to new nuclear as a part of the green transition, since it constitutes fossil free, efficient, and plannable electricity production. We welcome Fortum as a partner to investigate the possibility of establishing new nuclear on the Studsvik site, which is a classic nuclear area with an infrastructure already adapted to nuclear operations,” says Camilla Hoflund, President and CEO, Studsvik.

Fortum initiated a two-year nuclear feasibility study in October 2022. During the study, Fortum explores commercial, technological, and societal, including political, legal, and regulatory conditions both for small modular reactors (SMRs) and conventional large reactors in Finland and Sweden for potential commissioning in the 2030s and beyond. The study also explores potential partnerships and collaboration opportunities. In addition to the MoU with Studsvik, Fortum has signed cooperation agreements with the American Westinghouse Electric Company, Korean KHNP, British Rolls-Royce SMR, French EDF, Swedish Kärnfull Next as well as Finnish Outokumpu and Helen.

Read more from our website: https://www.fortum.com/energy-production/nuclear-power/we-explore-future-nuclear-power

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com

Studsvik 
Studsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik’s focus areas are fuel and materials technology, reactor analysis software and fuel optimization, decommissioning and radiation protection services as well as technical solutions for handling, conditioning and volume reduction of radioactive waste. The company has more than 75 years’ experience of nuclear technology and radiological services. Studsvik has 520 employees in 7 countries and the company’s shares are listed on Nasdaq Stockholm. www.studsvik.se

Media Contacts:

Fortum:

Laurent Leveugle
Vice President, New Nuclear, Fortum
+358 40 542 2001
laurent.leveugle@fortum.com

Fortum News Desk:
+358 40 198 2843
newsdesk@fortum.com

Studsvik:

Camilla Hoflund
President and CEO of Studsvik
camilla.hoflund@studsvik.com
+46 76 002 10 66

SOURCE: Fortum