Kärnfull Next secures funding from Climate Tech Fund to drive nuclear renaissance

In a game-changing move for European sustainable investments, EU Article 9[1] climate tech fund Climentum Capital and sustainable community developer Granitor Growth Management are investing €2 million into Sweden-based Small Modular Reactor (SMR) project development company Kärnfull Next.

This breakthrough signifies one of the first instances of a European dark green climate fund investing in nuclear energy, marking a major milestone in climate-oriented investments.

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Ensuring clean and reliable power for Europe will only be possible with new nuclear reactors. Renewable energy sources like wind and solar, combined with improved energy storage technologies, will be important for the green transition, but only reliable and dispatchable energy sources like nuclear energy can deliver the required baseload power at scale.

Building up a project development leader in this sector is important to ensure that the latest and safest technology is deployed, with the highest quality standards, regulatory compliance, and implementation of project cost control.

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Kärnfull Next has a full-service offering for ready-to-build projects, similar to industry leaders in renewable energy project development. The company is committed to helping decarbonize all sectors and will use the directed new issue investment to advance initiatives for grid connected projects as well as ones in hard-to-abate sectors like industry, heavy transport, heating and synthetic fuels. 

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The funding will fortify Kärnfull Next's ongoing pre-feasibility and feasibility studies while helping accelerate the prospecting of new nuclear build sites across Sweden. Managing multiple projects concurrently is crucial, given the strong demand for SMRs in Sweden. Representatives from Climentum Capital and Granitor Growth Management will join Kärnfull Next's board, providing strategic direction.

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"We share the IAEA view[2] that there is no route to a net zero scenario without a significant contribution of electricity from nuclear technology", says Malin Carlström, General Partner at Climentum Capital. "The cleanest and safest baseload source we have available today and for the next couple of decades is fission power – we need to acknowledge that, and we need to urgently build out our reactor fleets with the best available technologies."

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"Being backed by progressive investors like Climentum Capital and Granitor Growth Management empowers us to meet Sweden's energy demands with clean, reliable and efficient solutions", says Christian Sjölander, CEO and founder of Kärnfull Next. "The strong support we have received accelerates our mission to revolutionize the energy sector and contribute significantly to a more sustainable future."

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Kärnfull Next's projects are aligned with both the EU Taxonomy and Sweden's energy needs, providing clean, dispatchable and reliable power. Leading energy experts, TSOs, and government affirm the country's need for this kind of energy solution, from the perspectives of security of supply, economy and climate.

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Sweden plans to shift from 160 terawatt hours (TWh) fossil-free electricity production to more than 360 TWh in the coming 25 years.[3] The best available scenario analyses[4] find that 35-45 percent of that electricity needs to come from nuclear energy to maximise economic, environmental and security of supply benefits.

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"We see tremendous potential in Kärnfull Next's strategy to decarbonise sectors traditionally seen as challenging. This investment reaffirms our conviction that nuclear energy is a key part of a sustainable future," adds Göran Linder, CEO Granitor Growth Management.

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Beyond its positive environmental impact, SMR projects will create significant socio-economic benefits, including job creation and regional development, aligning with Kärnfull Next's ambition of having the first commercial SMR operational at a new nuclear site in Sweden by the early 2030s.

The young company has already secured exclusive rights for prospecting at a handful of promising potential SMR sites across Sweden.

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[1] Article 9 of the EU Taxonomy Regulation specifies the requirements for economic activities to qualify as environmentally sustainable. It states that activities must contribute substantially to one or more of the six environmental objectives defined by the EU, do no significant harm to any of the other objectives, meet minimum social safeguards, and comply with technical screening criteria.

[2] Nuclear Energy for a Net Zero World, IAEA, 2021

[3] Scenarier över Sveriges energisystem 2023 – med fokus på elektrifieringen 2050, Energimyndigheten, 2023 

[4] Utvecklingsvägar för elproduktion – Möjligheter och utmaningar för att möta ett växande elbehov, Energimyndigheten, 2023 /

Kraftsamling elförsörjning - Scenarioanalys 290 TWh, Svenskt näringsliv, 2022