Finland's Steady Energy to go public via merger with $82M in fresh backing
What's the deal? Steady Energy, a Finnish developer of heat-only small modular reactor (SMR) technology, has signed a share exchange agreement to merge with investment company 3North Partners (3NP)Dealroom has a profile for this one. Try Dealroom →. The combined entity plans to launch an initial public offering and list on the Nasdaq First North Growth Market Finland. 3NP will rename itself Steady Energy Plc on closing.
How it works: 3NP will acquire all outstanding shares in Steady Energy through a directed share issue of new 3NP shares. The two signed the agreement on September 11, 2026.
Show me the money: 3NP has secured roughly €69.8 million in irrevocable subscription commitments and a convertible loan of up to €40 million from the European Investment Bank. The IPO aims to raise up to €5 million more, offering a maximum of 500,000 shares at €10 each to Finnish investors.
Who's backing it? Commitments come from investors including Elo Mutual Pension Insurance CompanyDealroom has a profile for this one. Try Dealroom →, Fortum Energy HoldingDealroom has a profile for this one. Try Dealroom →, Ilmarinen, Finnish Industry Investment (Tesi)Dealroom has a profile for this one. Try Dealroom →, Varma, Orlen VCDealroom has a profile for this one. Try Dealroom →, and Yes VC SelectDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Steady Energy develops heat-only SMR technology built on established nuclear reactor designs, focused on district heating markets. The proceeds will fund technology development, design and regulatory work, and preparation to build the first commercial reactors.
Why now? "With this strong funding and listing behind us, we can focus on finalising the LDR-50 technology and on our first customer projects," said Tommi Nyman, chief executive officer of Steady Energy.
Who's steering it? Former NokiaDealroom has a profile for this one. Try Dealroom → chief executive Pekka Lundmark will chair the combined company's board, joined by Timo Ahopelto, Chirayu Batra, Juha Juntunen, and Petteri Tenhunen.
The signal: The deal reflects growing investor appetite for nuclear as a decarbonisation tool, with pension funds and energy majors backing SMR technology aimed at replacing fossil fuels in heating — a use case beyond the sector's traditional focus on electricity.
Read more: placera.se
Image credit: Generated with Gemini
