Borenius advised 3North Partners and Steady Energy in connection with the financing granted by the European Investment Bank up to EUR 40 million

We advised Steady Energy and 3North Partners on a finance contract entered into with the European Investment Bank (EIB) for a convertible loan of up to EUR 40 million to finance the development of Steady Energy’s small modular reactor (SMR) technology. The loan represents the first financing provided by EIB for an SMR project.

Steady Energy is a Finnish nuclear technology company developing a new generation of small modular reactors (SMRs) especially suited for district heating. Its LDR-50 reactor is designed to provide cities and utilities with a reliable, scalable and low-carbon alternative to combustion-based heat production. The reactor concept is based on proven light-water reactor technology, combined with a simplified design focused exclusively on producing heat. Steady Energy aims to make nuclear energy more cost-effective to deploy and to establish its technology as a scalable solution for decarbonising district heating globally. Steady Energy was founded in 2023 as a spin-off from the Technical Research Centre of Finland VTT and has approximately 75 full-time employees.

In connection with the financing, Borenius advised 3North Partners on its combination with Steady Energy and related private placement, IPO and Nasdaq First North listing. Read more about that here.