Commission backs €40 million EIB investment in Finnish small modular reactor technology

With the support of the European Commission via the InvestEU programme, the European Investment Bank (EIB) is investing up to €40 million in Finnish nuclear-technology company Steady Energy to help it develop a small modular reactor (SMR) designed to provide carbon-free heat for cities and industry. In line with the Commission’s SMR Strategy from March 2026, the investment from the EIB – its first ever investment in SMR technology – contributes to having Europe’s first SMRs and Advanced Modular Reactors (AMRs) operational by the early 2030s.

The project will support the EU’s competitiveness and leadership in clean-energy technologies, contribute to energy security, and help reduce dependence on fossil fuels while expanding access to affordable, carbon-free energy.

Backed by the InvestEU programme, the loan will fund research, testing, and licensing activities in Finland from 2026 to 2028. Steady Energy’s technology would connect directly to district heating networks, offering an alternative to heat produced from coal, natural gas, and biomass. Unlike conventional nuclear power plants, it is designed to produce heat rather than electricity, reducing conversion losses and allowing heat to be delivered directly to homes and businesses. Steady Energy is a member of the European Industrial Alliance on SMRs.

Source: European Commission