Swedish Industry Giants Join Forces with Vattenfall to Expand Fossil-Free Power at Ringhals

Anna Borg, President and CEO of Vattenfall, and Tom Erixon, Chairman of Industrikraft.

(IN BRIEF) Vattenfall and Industrikraft have formalized a partnership to develop new nuclear power in Sweden, with Industrikraft acquiring a 20% share in Videberg Kraft AB and investing SEK 400 million. The consortium, which includes leading Swedish companies such as ABB, Alfa Laval, Boliden, and SSAB, aims to advance fossil-free electricity production on the Värö Peninsula. The project, supported by the Swedish government’s intent to co-invest, represents a major stride toward achieving national energy independence and climate neutrality.

(PRESS RELEASE) STOCKHOLM, 11-Nov-2025 — /EuropaWire/ — Vattenfall and Industrikraft have entered into a strategic agreement to jointly invest in and accelerate the development of new nuclear power in Sweden. The partnership marks a significant milestone as Industrikraft becomes a shareholder in Videberg Kraft AB, the project company established to drive the initiative on the Värö Peninsula at Ringhals. The agreement defines key aspects of cooperation, including shared responsibilities, governance, and financing, and underscores both parties’ commitment to ensuring Sweden’s long-term energy security and fossil-free power generation.

Industrikraft in Sweden AB, formed in June 2024 to bolster the nation’s electricity supply, is now moving forward with nuclear power investment alongside major industrial players including ABB, Alfa Laval, Boliden, Hitachi Energy, Höganäs AB, SSAB, Saab, Stora Enso, and the Volvo Group. As part of this next phase, Industrikraft will take a 20 percent stake in Videberg Kraft AB and contribute SEK 400 million to co-finance the project. In addition to financial investment, the consortium will provide technical expertise, project management capabilities, and technological input to strengthen Europe’s nuclear supplier ecosystem.

Tom Erixon, Chairman of Industrikraft and CEO of Alfa Laval, emphasized the alignment between partners: “Industrikraft and Vattenfall have reached consensus on the most important issues. Our collaboration combines industrial competence and energy expertise to create a competitive foundation for sustainable electricity generation.”

Anna Borg, President and CEO of Vattenfall, added: “It is very positive that Vattenfall and Industrikraft are taking the next step to move the project forward together. The industry is a key partner in enabling new nuclear power in Sweden, and the willingness of these companies to co-own the project is a clear signal of demand for new fossil-free electricity capacity.” She also noted that Videberg Kraft AB will now begin preparing an application for state risk-sharing, following the government’s earlier announcement of its intent to become a shareholder.

This partnership between Vattenfall, Industrikraft, and Sweden’s industrial sector represents a crucial advancement in the country’s efforts to expand reliable, clean, and locally produced energy — a step seen as essential to meeting both industrial demand and national climate goals.

Vattenfall Media Relations
press@vattenfall.com

SOURCE: Vattenfall