Fortum and Rolls-Royce SMR to explore joint opportunities for SMR's in Finland and Sweden

Fortum’s strategic priorities are to deliver reliable clean energy and drive decarbonisation in industries in the Nordics. This agreement is part of Fortum’s feasibility study exploring the prerequisites for new nuclear in Finland and Sweden in cooperation with customers and partners.

Rolls-Royce SMR was established in November 2021 to bring a modularised, factory-built SMR to market, capable of generating 470 megawatts (MW) of low-carbon electricity for at least 60 years.

“Rolls-Royce SMR is honoured to be collaborating with Fortum, as one of the most respected nuclear operators in the Nordics, and we see great benefit in the co-operation between our two organisations,” said Alan Woods, Director of Strategy and Business Development for Rolls-Royce SMR.

“The importance of energy security has increased dramatically, and we see our unique approach to nuclear new build - focusing on delivery capability and cost-effectiveness - as the best solution to providing low-carbon energy for generations to come. We look forward to working with Fortum during their feasibility study,” he continued.

“Fortum is happy to start a collaboration with Rolls-Royce SMR which is one of the forerunners in the small modular reactor industry. The delivery model will be one of the key success factors to make new nuclear competitive and Rolls-Royce’s historical industrial experience in manufacturing is really valuable to our Newbuild Feasibility Study,” said Laurent Leveugle, who heads the Nuclear Feasibility Study at Fortum.

The MoU is part of Fortum’s Nuclear Feasibility Study launched in November 2022. During the two-year programme, 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. The study also investigates new partnerships and business models. In addition to Rolls Royce SMR, Fortum has made cooperation agreements with French EDF, Swedish Kärnfull Next and Finnish Helen. Any potential investment decision will be made at a later stage.