Swedish startup Blykalla has successfully raised €6.8 million to advance the development of small modular reactors (SMRs) aimed at providing clean, sustainable energy. The funding round, led by Norrsken Launcher and Nucleation Capital, with participation from Earth Venture Capital, Farvatn, and several private investors, marks a significant step in the company’s quest to redefine energy solutions.
Based in Stockholm, Blykalla is focused on creating and deploying small modular lead-cooled reactors, a technology poised to deliver substantial advancements in the clean energy sector. Tien Nguyen, founding partner at Earth Venture Capital, emphasized the strategic importance of this investment, particularly for regions like Southeast Asia, where there is a pressing need for sustainable energy solutions to support economic growth and climate sustainability.
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Advancements in Nuclear Technology
The funds will be used to further the industrialization of Blykalla’s innovative nuclear reactor, SEALER (Swedish Advanced Lead-cooled Reactor), designed for commercial power production with advanced safety features. This technology utilizes corrosion-tolerant steel alloys for efficient reactor cooling with liquid lead, enabling faster deployment and cost reductions compared to traditional nuclear power technologies.
Blykalla’s SEALER technology not only aims to decarbonize industrial applications through hydrogen, biochar, and biofuel production but also enhances local electricity generation. Its efficient fuel cycle extracts significantly more energy from uranium ore compared to conventional methods, producing minimal waste requiring far less long-term storage.
Global Expansion and Collaborative Efforts
The company is actively working to license its nuclear technology in Sweden amid regulatory changes and is developing an electric test reactor in Oskarshamn with partners OKG and KTH. Blykalla is also exploring international partnerships to construct nuclear reactors for off-grid heat and electricity production.
Erik Engellau-Nilsson, Partner at Norrsken Launcher, highlighted the potential impact of this technology on Europe’s transition to green energy, emphasizing the necessity for safe, reliable baseload energy to decarbonize industries and secure grid reliability.
Jacob Stedman, CEO of Blykalla, expressed enthusiasm about leading the nuclear renaissance, noting the growing industry interest in nuclear power as regulatory conditions become more favorable. “The SEALER’s features, cost, and output make it perfectly suited for industrial users looking to decarbonize and potentially become sole offtakers, or even owners, of SMRs,” Stedman stated.
With this new funding, Blykalla is set to continue its work in pioneering a sustainable future in energy, demonstrating the significant role of innovative nuclear technology in achieving global decarbonization goals.
