Borenius advised 3North Partners on its combination with Steady Energy and related private placement, IPO and Nasdaq First North listing

We advised 3North Partners Plc on its combination with Steady Energy Oy and on the related private placement, initial public offering and listing of the combined company on the Nasdaq First North Growth Market Finland maintained by Nasdaq Helsinki Ltd.

3North Partners, an investment company with a purpose to combine with a technology company and support its growth and value creation, and Steady Energy, a developer of heat-only small modular reactor technology, entered into a share exchange agreement on 11 September 2026 under which 3North Partners acquired all outstanding shares in Steady Energy in a share exchange transaction, forming the combined company Steady Energy Plc. Alongside the combination, 3North Partners received approximately EUR 69.8 million in investor commitments in a private placement from a group of institutional co-investors to fund the combined company, and entered into a finance contract with the European Investment Bank for a convertible loan of up to EUR 40 million to finance the development of Steady Energy’s technology. The initial public offering of Steady Energy Plc (formerly 3North Partners Plc), which raised gross proceeds of EUR 5 million, was oversubscribed, and trading in the Series A shares commenced on 2 October 2026 on Nasdaq First North Growth Market Finland.

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 combination, private placement, IPO and Nasdaq First North listing, Borenius advised 3North Partners and Steady Energy in connection with the financing granted by the European Investment Bank up to EUR 40 million. Read more about that here.