TECHEU VD STEADY ENERGY THERMAL SMR (IEU GT3) (EIB-20260046)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Finland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 25, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
STEADY ENERGY OY
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 46.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 40
Converted using 2026-08-25 exchange rate.
Loan Amount (USD)
$ 46.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 40 million
Converted using 2026-08-25 exchange rate.
Project Cost (USD)
$ 114.41 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 98 million
Converted using 2026-08-25 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Oct 3, 2026

Disclosed by Bank Oct 2, 2026


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EIB, the operation consists of an investment in the Finnish start-up Steady Energy Oy to support its research and development programme for the design, development and validation of a novel 50 MW thermal, low-pressure, light-water Small Modular Reactor (SMR). The reactor is intended to provide reliable and affordable heat for district heating and industrial heating applications.
The EIB-financed project will support office-based research and development activities, as well as non-nuclear testing and demonstration work, advancing the technology towards its first-of-a-kind deployment, while excluding the installation itself. The project is expected to facilitate the future deployment of SMR-based district heating solutions.

The aim is to achieve full technical and licensing readiness for the Light Water District Reactor (LDR)-50 by advancing its design to a level suitable for regulatory approval. A key component of the project is the construction of a full-scale pilot facility to test and validate passive safety systems, thermal performance, and manufacturability, and to generate the experimental evidence required by licensing authorities.
The SMR technology under development is expected to contribute to the decarbonisation of heat supply in Finland and across the EU, strengthen energy security, and reduce exposure to fossil fuel price fluctuations and supply disruptions.

The operation is limited to office-based R&D; activities and non-nuclear testing and demonstration work within an existing industrial site. Planned activities include engineering design and modelling, safety and licensing preparation, non-nuclear testing, and organisational capacity building.
A full-scale, electrically heated, resistance-based heat-exchange demonstrator is planned to be located on the premises of an existing district heating power plant in Helsinki, making use of existing industrial infrastructure. The operation does not finance the construction or operation of a nuclear facility, nor the use of nuclear fuel.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EIB, Steady Energy is a Finnish nuclear technology company developing a new generation of small modular reactors (SMRs) especially suited for district heating. Its LDR-50 reactor is designed to provide cities and utilities with affordable, reliable, scalable and low-carbon alternative to combustion-based heat production. The reactor concept is based on proven light-water technology, combined with a simplified design focused exclusively on producing heat. Steady Energy aims to make nuclear energy more cost-effective to deploy and to establish its technology as a scalable solution for decarbonising district heating globally. Steady Energy was founded in 2023 as a spin-off from the Technical Research Centre of Finland VTT and has over 60 fulltime employees.

Steady Energy develops a small nuclear plant to decarbonise heating globally. Heat-only, their solution is small, simple and profitable for utility clients without subsidies. The company is building a pilot plant in Helsinki and is in a position to complete approval for its technology and enter the market strongly ahead of competition. Led by Finnish nuclear technology veterans, Steady Energy is born out five decades of Finland’s renowned nuclear energy research and expertise.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Steady Energy OY Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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