Vattenfall to become minority shareholder in Estonian nuke start-up

8 June 2021

Vattenfall has signed an agreement with the Estonian nuclear energy start-up company Fermi Energia in order to become a minority shareholder of the company with a seed investment of € 1 million. 

In November 2020, Vattenfall extended its ongoing co-operation with Fermi Energia by signing a Letter of Intent to explore the possibilities for Small Modular Reactor (SMR) deployment in Estonia. Vattenfall has now accepted the opportunity to become a minority shareholder with approximately 6 % ownership. 

“Innovative and fossil free future nuclear generation such as SMR seems very promising for Estonia, which has the highest average CO2 emissions per generated kWh of electricity among all EU member states,” said Torbjörn Wahlborg, senior vp, Generation, at Vattenfall.??The extended collaboration will further explore the maturity of SMR technology and the prospects for deployment of one or several such reactors in Estonia by 2035. 

“Fermi Energia considers true decarbonisation of Estonian economy impossible without reliable, affordable low carbon power supply from nuclear energy. For Estonia, only small modular reactors as currently developed in the US, Canada and UK are suitable. Excellent safety record of multiple nuclear power plants by Vattenfall and its mission of ‘fossil free living within one generation’ proves that Vattenfall is the right partner for us to move forward with SMR deployment,” says Kalev Kallemets, CEO of Fermi Energia.??

“Vattenfall investment will help finance crucial next steps in staffing, and training programmes, as well as technical and other studies.” 

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