Sweden's 1.2 GW BWRX-300 Nuclear Power Project Identifies Strategic Partners

Studsvik AB announced on September 3 that it has selected GE Vernova Hitachi Nuclear Energy and Samsung C&T as strategic partners for its first nuclear power project in Sweden following a competitive evaluation. The project is planned to proceed at Studsvik's existing licensed site in Nyköping or at the Målma site in Valdemarsvik.

Under the arrangement, the parties will work with GE Vernova's financial services business and DS Investment Partners to advance Sweden's first nuclear power project comprising four BWRX-300 units with a total installed capacity of approximately 1.2 GW. The first unit is expected to enter commercial operation in the mid-2030s.

The project is part of Studsvik's ReFirm new nuclear development platform. ReFirm is a platform for multi-site small modular reactor and advanced nuclear projects, which Studsvik acquired earlier this year through the purchase of Kärnfull Next (KNXT). KNXT has been working with GE Vernova Hitachi Nuclear Energy since 2022 to advance the deployment of BWRX-300 in Sweden and signed a strategic cooperation agreement with Samsung C&T in December 2024.

In Nyköping, Studsvik currently operates a licensed nuclear facility. In Valdemarsvik, the company submitted an application in March 2026, marking the first time a nuclear facility construction project has sought government approval under Sweden's new regulations following their entry into force. The final site selection for the first project will be determined during the subsequent development process.

The parties stated that the project will adopt a phased, multi-unit approach to enhance standardization across design, procurement, construction, and subsequent operations, and to apply lessons learned from early units to subsequent ones, thereby improving cost, schedule, and construction efficiency. This model will also create opportunities for Swedish domestic companies to participate in engineering design, equipment procurement, construction, and long-term operations, while supporting supply chain development for subsequent projects.

This agreement is an exclusive cooperation agreement with a fixed term that may be renewed by the parties. The agreement marks the transition of the project into the joint development phase but does not constitute a final investment decision or an equivalent to a construction permit. During the exclusive cooperation period, the parties will work on commercial models, technical solutions, regulatory licensing, and financing arrangements.

Under the division of responsibilities, Studsvik will handle licensing, environmental impact assessment, site rights, community engagement, and engagement with the Swedish government. GE Vernova Hitachi Nuclear Energy will be responsible for reactor engineering, licensing support, and cost estimation, and will serve as the engineering authority; the company will also form a project execution team together with Samsung C&T to provide unified accountability for construction and delivery. During the exclusive negotiation period, DS Investment Partners will lead investment efforts, while GE Vernova's financial services business will participate as an advisor and financial structuring consultant.

The parties also plan to establish a project company responsible for the development, financing, construction, ownership, and operation of the nuclear power plant, with specific arrangements to be determined in the final agreement.

Sweden is expanding the scope for nuclear power development under new legislation that takes effect in 2026. The new rules allow reactors to be built at sites beyond the three existing nuclear power plants, but each reactor still requires government approval and may be supported under financing frameworks such as state loans and two-way contracts for difference.