FORTUM CORPORATION PRESS RELEASE 21.3.2023

Fortum and Rolls-Royce SMR have signed a memorandum of understanding (MoU) to jointly explore the opportunities for the deployment of small modular reactors (SMR) in Finland and in Sweden.

Fortum’s strategic priorities are to deliver reliable clean energy and drive decarbonisation in industries in the Nordics. This agreement is part of Fortum’s feasibility study exploring the prerequisites for new nuclear in Finland and Sweden in cooperation with customers and partners.

Rolls-Royce SMR was established in November 2021 to bring a modularised, factory-built SMR to market, capable of generating 470 megawatts (MW) of low-carbon electricity for at least 60 years.

“Rolls-Royce SMR is honoured to be collaborating with Fortum, as one of the most respected nuclear operators in the Nordics, and we see great benefit in the co-operation between our two organisations,”says Alan Woods, Director of Strategy and Business Development for Rolls-Royce SMR.

“The importance of energy security has increased dramatically, and we see our unique approach to nuclear new build – focusing on delivery capability and cost-effectiveness – as the best solution to providing low-carbon energy for generations to come. We look forward to working with Fortum during their feasibility study,” he continues.

“Fortum is happy to start a collaboration with Rolls-Royce SMR which is one of the forerunners in the small modular reactor industry. The delivery model will be one of the key success factors to make new nuclear competitive and Rolls-Royce’s historical industrial experience in manufacturing is really valuable to our Newbuild Feasibility Study,” says Laurent Leveugle, who heads the Nuclear Feasibility Study at Fortum.

The MoU is part of Fortum’s Nuclear Feasibility Study launched in November 2022. During the two-year programme, Fortum explores commercial, technological, and societal, including political, legal, and regulatory, conditions both for small modular reactors (SMRs) and conventional large reactors in Finland and Sweden. The study also investigates new partnerships and business models. In addition to Rolls Royce SMR, Fortum has made cooperation agreements with French EDF, Swedish Kärnfull Next and Finnish Helen. Any potential investment decision will be made at a later stage.

Header image source: Rolls-Royce SMR

From left to right: Olli Kymäläinen (Technical Director, Fortum), Tuomo Huttunen (Head of Business Development, Nordics, Rolls -Royce SMR), Laurent Leveugle (Head of Newbuild Feasibility Study, Fortum), Sophie Macfarlane-Smith (Head of Customer Engagement, Rolls-Royce SMR).

Fortum Corporation
Communications

For further information:
Laurent Leveugle, Head of Nuclear Feasibility Study, Fortum, laurent[dot] leveugle[at] fortum[dot] com, +358 40 542 2001

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.comRolls-Royce SMR
The British company Rolls-Royce SMR has developed a 470MW SMR based on pressurized water technology that is modularised, factory-built and site-assembled. The parent company Rolls-Royce PLC has more than 60 years of experience in nuclear, with over 100 pressurized water reactors delivered.