Initial Public Offering

Investment company 3North Partners has signed a share exchange agreement with shareholders and option holders of Steady Energy to form a combined company and has launched an initial public offering for a listing on the Nasdaq First North Growth Market Finland marketplace (“First North”) maintained by Nasdaq Helsinki.

Steady Energy Oy’s combination with 3North Partners Plc and listing of the combined company will be completed as planned; the offering was oversubscribed and trading in the series A shares started on 2 October 2026.

3North Partners and Steady Energy in brief

3North Partners is a Finnish investment company with significant experience in financing and supporting the growth of technology companies. In line with its investment philosophy, 3North Partners aims to combine with a company whose technology has the potential to create a competitive advantage through commercialisation at scale.

3North Partners’ key strength lies in its individual B-shareholders, each of whom may contribute to and support the combined company. 3North Partners’ B-shareholders (through their investment vehicles) are Timo Ahopelto, Olli Eklund, Juha Hulkko, Juha Lindfors, Pekka Lundmark, Tero Ojanperä, Ilkka Paananen and Risto Virkkala, together with Juha Juntunen (member of the Board of Directors) and 3North Partners’ Management, Tuomo Vähäpassi and Carl Bruun.

Steady Energy is a technology company developing LDR-50 nuclear heating reactors. LDR-50 is a heat-only, water-cooled reactor designed for low temperature and low pressure, and is primarily targeted at district heat production, and additionally district cooling, industrial heating processes and desalination.

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,
• Heat-as-a-Service (“HaaS”) model under which Steady Energy owns and operates the plant through a special purpose vehicle, with licensing, operations, and waste management remaining with Steady Energy, removing any nuclear ownership burden from customers.

Steady Energy’s primary target market consists of district heating companies in European cities with networks large enough to support at least one LDR-50 reactor. This broadly corresponds to cities of around 50,000 inhabitants or more, with an annual heat demand above 300 GWh.

Steady Energy was established in 2023 as a spin-off from VTT Technical Research Centre of Finland to commercialise a low-temperature nuclear heating reactor, LDR-50. The LDR-50 reactor has been under development since 2019, and since 2020 its development has been led by Steady Energy’s CEO Tommi Nyman. Steady Energy develops heat-only small modular reactor (SMR) technology based on well-established nuclear reactor technologies utilising low temperature and low pressure, combined with Steady Energy’s novel solutions.

Steady Energy currently employs a team of approximately 75 nuclear professionals representing more than 450 years of combined experience from the nuclear energy sector, including new build projects in Finland.

Webinar

Learn more about small nuclear heating and the planned First North listing in a webinar on Monday, 21 September 2026 at 18:00!

3North Partners’ CEO Tuomo Vähäpassi, Steady Energy’s CEO Tommi Nyman and CFO Sami Airola presented the combination, the initial public offering and Steady Energy as an investment opportunity. Watch the recording of the event below.

Combination, financing arrangements and listing

Share exchange subject to the listing

Steady Energy and 3North Partners announced on 15 September 2026 the contemplated combination of their businesses through a share exchange, which is subject to, among other things, the listing.

As a result of the combination, Steady Energy will become a wholly-owned subsidiary of 3North Partners (the “Combined Company”). In connection with the closing, 3North Partners’ company name will be changed to Steady Energy Plc.

3North Partners intends to submit a listing application to Nasdaq Helsinki Ltd for all of its series A shares to be listed on the multilateral Nasdaq First North Growth Market Finland marketplace operated by Nasdaq Helsinki, under the trading code “STEADY”.

In addition to the series A shares, 3North Partners has series B shares. The series B shares will not be applied for admission to public trading.

Further information

Materials

Further information on, among other things, the Combined Company’s industry, markets and long-term targets is provided in the Company Description, which investors are advised to read carefully and in full before making an investment decision. The Company Description also describes risks associated with investing in the Combined Company.

Company Description
Recording: company presentation
Presentation material from company presentation event (in Finnish)
Articles of Association of 3North Partners in force on the date of the Company Description (in Finnish)
Articles of Association of Steady Energy in force on the date of the Company Description (in Finnish)
Articles of Association of the Combined Company to be in force as of the listing
Financial information, all of which is included in the F pages of the Company Description

How to participate in the initial public offering

The subscription period will commence on Monday, 21 September 2026 at 10:00 (Finnish time) and end on or about Tuesday, 29 September 2026 at 16:00 (Finnish time).

The Offer Shares are offered in the offering for a subscription price of EUR 10.00 per share.

The offering consists of a public offering to private individuals and entities in Finland.

In the event of oversubscription, the Board of Directors of 3North Partners has the right to discontinue the subscription period of the offering to end at the earliest on 25 September 2026 at 16:00 (Finnish time). A company release regarding the discontinuation of the subscription period will be published without delay after the subscription period has been discontinued.

The Board of Directors of 3North Partners has the right to extend the subscription period of the offering. A possible extension of the subscription period will be communicated through a company release indicating the new end date of the subscription period. The subscription period for the offering will in any case end on 29 September 2026 at 16:00 (Finnish time) at the latest. A company release concerning the extension of the subscription period must be published no later than on the estimated final date of the subscription period for the offering set out above.

Bonus shares: one bonus share for each 15 allocated shares at no additional cost

Each investor who has subscribed for offer shares in the initial public offering will receive one (1) bonus share at no additional cost for each fifteen (15) offer shares allocated to the investor in the offering.

The number of bonus shares will be determined based on the number of offer shares allocated to the investor. If the number of bonus shares to be issued to an investor is a fraction, the number of bonus shares to be issued to such investor will be rounded down to the nearest whole number.

Receiving bonus shares does not require any separate action from the investors entitled to the bonus shares, and no fees or other charges will be charged for the registration of bonus shares. A subscription for offer shares in the offering will be deemed to constitute a subscription for offer shares and the respective bonus shares.

Places of subscription and submission of commitments to subscribe for offer shares in the offering

The places of subscription in the offering for Nordea book-entry or equity savings account customers are:

• Nordea Mobile or Nordea Netbank for private individuals with Nordea bank identifiers at netbank.nordea.fi/login by navigating to Invest, Equities and IPOs;
• Nordea Customer Service for private individuals with Nordea bank identifiers, Monday to Friday at 8:00–20:00 (Finnish time), tel. +358 200 3000 (service in Finnish, local network charge/mobile call charge), Monday to Friday 8:00–18:00 (Finnish time) tel. +358 200 5000 (service in Swedish, local network charge/mobile call charge) or Monday to Friday 8:00–18:00 (Finnish time), tel. +358 200 70 000 (service in English, local network charge/mobile call charge);
• Nordea Business Centre for Nordea corporate customers with Nordea bank identifiers, Monday to Friday at 8:00–20:00 (Finnish time), tel. +358 200 2121 (service in Finnish, local network charge/mobile call charge), Monday to Friday 9:00–16:30 (Finnish time), tel. +358 200 2525 (service in Swedish, local network charge/mobile call charge) or Monday to Friday 9:00–16:30 (Finnish time), tel. +358 200 26262 (service in English, local network charge/mobile call charge). Corporate customers must have a valid LEI code;
• Nordea branches in Finland (except branches with cash services only) during their respective opening hours; and
• Nordea Private Banking units in Finland (only for Nordea Private Banking customers).

Submitting a commitment to Nordea by telephone, via Nordea Mobile or Nordea Netbank requires a valid Nordea Netbank agreement with Nordea. Companies and other corporations may not submit commitments via Nordea Mobile or Nordea Netbank. Calls to Nordea Customer Service are recorded.

For Nordnet’s book-entry account or equity savings account customers, as well as for other banks’ book-entry account customers, the subscription place in the offering is:

• Nordnet’s online service at www.nordnet.fi/steadyenergy. Making a subscription requires that the investor has bank identifiers with Nordnet, Aktia, Danske Bank, Nordea, Oma Säästöpankki, Osuuspankki, POP Pankki, S-Bank, Savings Bank or Ålandsbanken. A commitment can also be made on behalf of a corporation through Nordnet’s online service.
• By separate agreement, a subscription commitment in the offering can also be made at the office of Nordnet Bank AB Finnish Branch at Alvar Aallon katu 5 C, 00100 Helsinki, Finland, on weekdays at 13:00–17:00 (Finnish time).

Estates of a deceased person or persons under guardianship who are not Nordnet’s own customers cannot submit a commitment through Nordnet’s online service and must instead submit the commitment at the Nordnet office referred to above.

Commitments by or on behalf of persons under the age of 18, or otherwise under guardianship, must be made by their legal guardians and may require the consent of the local guardianship authority in Finland. A guardian may not subscribe for offer shares without the approval of the local guardianship authority, as the offer shares are not yet subject to trading on a multilateral trading facility at the time of the commitment.

A commitment is considered to have been made when the investor has submitted a signed commitment form to the place of subscription in accordance with the instructions of the place of subscription, or when the investor has confirmed the commitment with bank identifiers in accordance with the instructions of the place of subscription and has paid for the subscription pursuant to the commitment. A commitment submitted as a web subscription is deemed to have been made when the investor has made the commitment in accordance with the terms and conditions of the web subscription or has confirmed the commitment with his or her bank identifiers and paid for the share subscription price in accordance with the commitment. Any more detailed instructions issued by the place of subscription must be taken into consideration when submitting a commitment.

The subscription place has the right to reject a commitment either partially or wholly if it does not comply with the terms and conditions herein or if it is otherwise incomplete.

A commitment may only be cancelled in the manner and situations referred to under section “Terms and conditions of the offering – Cancellation of commitments” in the Company Description.

Releases

Risk factors

An investment in the Combined Company involves risks, which may be significant. Investors are advised to carefully review the information contained in the Company Description, and in particular the risk factors described therein, and to take them into account before making an investment decision.