A consortium including Studsvik Ab, GE Vernova Hitachi Nuclear Energy, and Samsung C&T has committed to advancing a 1.2 GW nuclear power project in Sweden.
Studsvik AB has announced an exclusive agreement to advance the ReFirm nuclear programme across its Swedish sites, partnering with GE Vernova Hitachi Nuclear Energy, GE Vernova Financial Services, DS Investment Partners, and Samsung C&T. The agreement covers a fixed term that may be extended by mutual consent. ReFirm is a multi-site small modular reactor (SMR) and new nuclear development initiative that became part of the Studsvik Group following the acquisition of Kärnfull Next (KNXT) earlier this year. KNXT has collaborated with GE Vernova Hitachi on BWRX-300 deployments in Sweden since 2022 and formalized a strategic teaming agreement with Samsung C&T in December 2024.
The announcement encompasses potential development at Studsvik’s Nyköping and Valdemarsvik locations, with initial work focused on a four-unit BWRX-300 project totaling approximately 1,200 MWe at one of the sites. Studsvik currently operates a licensed nuclear facility at Nyköping. At Valdemarsvik, an application was submitted in March 2026, marking the first submission under Sweden’s new legislative framework, which mandates government approval for all nuclear facilities. The selection of the host site will be determined during the development phase.
The project will follow a phased, multi-unit structure designed to drive standardization across the programme. This approach allows developers to capture operational insights from early deployments and apply them to subsequent units, optimizing cost, schedule, and productivity outcomes. It also aims to maximize Swedish industrial involvement throughout engineering, procurement, construction, and long-term operations. This strategy aligns with broader efforts to build a domestic supply chain capable of supporting not only the inaugural project but also future units and wider deployment opportunities across Sweden and Europe.
While this agreement marks the next stage of development, it does not constitute a final investment decision or authorization to construct. During the exclusivity period, the consortium will commence joint development activities spanning commercial, technical, regulatory, and financing domains. Studsvik will lead permitting processes, environmental impact assessments, site rights acquisition, community engagement, and negotiations with the Swedish government. GE Vernova Hitachi will oversee reactor design, licensing support, and cost estimation while serving as the design authority. Together with Samsung C&T, it will form the execution team, providing single-point responsibility for design and construction delivery. DS Investment Partners, a South Korean investment firm, will spearhead investment activities, while GE Vernova Financial Services will provide advisory and financial structuring support for the consortium.
A joint project company will be established to manage the development, financing, construction, ownership, and operation of the plants, with final terms to be outlined in definitive agreements. The initiative unfolds against the backdrop of Sweden’s expanded nuclear policy, enacted through legislation effective in 2026. This framework permits reactor construction at locations beyond the country’s three existing plants, requires individual government approvals for each site, and provides a state-backed financing mechanism comprising loans and two-way contracts for difference.