Business model
Business model
Steady Energy develops heat-only small modular reactor (SMR) technology based on well-established nuclear reactor technologies utilising low temperature and low pressure. Steady Energy’s main product is heat generating plants and related services offered through two principal commercial models:
Engineering, Procurement and Construction (EPC) model under which turnkey nuclear plants containing one or more (typically up to four) reactors are planned to be delivered directly to clients who own and operate the nuclear plant and hold the nuclear licence. Plant delivery is expected to make up the majority of revenues, supplemented by pre-delivery consulting services and post-delivery operation and maintenance services, including nuclear waste management and fuel supply chain management services.
Heat-as-a-Service (HaaS) model under which Steady Energy finances, constructs, owns, holds the nuclear licence, and operates the heating plant through a special purpose vehicle, with the customer purchasing heat under long-term heat purchase agreements, removing any nuclear ownership burden from the customer. Heat purchase agreements may extend up to 60 years and produce predictable long-term recurring revenue.
In the dual business model, EPC delivery targets larger utilities, whilst HaaS targets smaller utilities and other customers who are unable or unwilling to own or operate nuclear assets, thereby expanding the addressable customer base.
Testing and development
Steady Energy is constructing a full-scale test plant in Finland, which will be connected to Helen’s district heating network once in operation. In 2026, the European Joint Early Review conducted by the regulatory authorities of Finland, Sweden, Poland, Czech Republic and Ukraine concluded that no fundamental safety obstacles to the further development of the LDR-50 concept were identified.
Steady Energy has performed early project development work for Finnish customers, including Helen Oy and Kuopion Energia Oy, generating early revenue, and has completed feasibility studies with additional customers in Finland, Poland and Sweden. The company has also entered into a strategic cooperation agreement with Fortum Power and Heat Oy to develop operation and maintenance functions including option for Fortum Power and Heat Oy to provide Steady Energy the operation and maintenance services for future LDR-50 plants.
