Fortum and Rolls-Royce SMR to explore joint opportunities for small modular reactors in Finland and in Sweden
21st March 2023
Fortum and Rolls-Royce SMR have signed a memorandum of understanding (MoU) to jointly explore the opportunities for the deployment of small modular reactors (SMR) in Finland and in Sweden.
Rolls-Royce SMR was established in November 2021 to bring a modularised, factory-built SMR to market, capable of generating 470MW of low-carbon electricity for at least 60 years.
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 newbuild feasibility study exploring the prerequisites for new nuclear in Finland and Sweden.
Alan Woods, Director of Strategy and Business Development for Rolls-Royce SMR, said: “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.
“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.”
“Fortum is happy to start a collaboration with Rolls-Royce SMR which is one of the forerunners in the small modular reactor industry,” said Laurent Leveugle, Fortum’s Head of Newbuild Feasibility Study.
“We are especially interested in learning more about Rolls-Royce SMR’s delivery model considering Rolls-Royce’s historical industrial experience.” Any potential investment decision will be made at a later stage.
Notes to Editors:
Rolls-Royce SMR will draw upon standard nuclear energy technology that has been used in 400 reactors around the world.
The Rolls-Royce SMR power station will have the capacity to generate 470MW of low carbon energy, equivalent to more than 150 onshore wind turbines and enough to power a million homes. It will provide consistent baseload generation for at least 60 years, helping to support the roll out of renewable generation and overcome intermittency issues.
Nordic energy company, Fortum, owns and operates the Loviisa nuclear power plant - the first nuclear power plant in Finland - and is one of the cleanest energy producers in Europe.
Based in Espoo, Finland, Fortum’s role is to ensure the security of supply and a fast and reliable transition to a carbon-neutral economy by providing customers and societies with clean energy and sustainable solutions.
Fortum’s core operations are located in the Nordics and consist of CO2-free power generation, electricity sales, district heating as well as recycling and waste solutions.
Fortum RRSMR.jpg: From left to right: Olli Kymäläinen (Technical Director, Fortum), Tuomo Huttunen (Head of Business Development, Nordics, Rolls -Royce SMR), Laurent Leveugle (Head of Newbuild Feasibility Study, Fortum), Sophie Macfarlane-Smith (Head of Customer Engagement, Rolls-Royce SMR).