Sweden-based company says award also includes €2.5m grant
Sweden-based small modular reactor (SMR) developer Blykalla has been selected for funding under a European Union programme which will give the company €15m ($15.6m) equity investment and a €2.5m grant.
The funding has been awarded under the European Innovation Council’s (EIC) accelerator programme in what Blykalla said was “the most competitive funding round ever” with awards granted to only 5% of applicants.
According to the EIC, funding is awarded to “develop and scaleup innovations with the potential to create or disrupt markets”.
Blykalla chief executive officer Jacob Steadman said the funding validates the potential of the company’s Sealer reactor technology and accelerates its mission to develop Europe’s first advanced SMR.
The company said the funding would “significantly de-risk” its next phase of development.
Earlier this month Blykalla broke ground on its advanced reactor testing facility at the Oskarshamn nuclear site to the south of Stockholm.
The facility will house an electrical Sealer-E prototype reactor and aims to validate critical components and safety systems for a future nuclear plant. The pilot plant will not use nuclear fuel.
