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Wattenfall becomes minority owner of Estonian nuclear company Fermi Energy

Wattenfall becomes minority owner of Estonian nuclear company Fermi Energy

Wattenfall has signed an agreement with Estonian nuclear company Fermi Energy to become a minority shareholder in the company with an investment of மில்லியன் 1 million.

In November 2020, Wattenfall expanded its current partnership with Fermi Energy to sign a letter exploring the possibility of distributing a small modular reactor (SMR) in Estonia. Wattenfall has now accepted the opportunity to become a minority partner with approximately six per cent ownership.

– With this small investment, Wattenfall can contribute to our knowledge and feasibility research on costs, supply chains and the ability to design and implement small-scale nuclear technology. Innovative and non-fossil nuclear power plants such as the SMR appear to be the most promising for Estonia, with the highest average carbon dioxide emissions per kilowatt of electricity generated in all EU countries, says Dorforn Wallborg, head of the generation business area in Wattenfall.

The expanded collaboration will explore the maturity of SMR technology and the potential to establish one or more such reactors in Estonia by 2035. Apart from Waterfall, other European energy companies are also involved. All participants gain practical insights into SMR technology and provide their own experience.

– Fermi Energy believes that we cannot adequately reduce Estonia’s carbon dioxide emissions without a reliable, affordable energy supply from nuclear power. In the case of Estonia, only small modular reactors (SMRs) currently developed in the United States, Canada and the United Kingdom are suitable. We believe Wattenfall is the right partner to move forward with the SMR expansion based on the company’s experience of the safe operation of nuclear energy and ‘its mission to enable fossil life within a generation’, says CEO Galev Callmets of Fermi Energy.

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– Wattenfall’s investments will help fund the next steps in SMR technology’s personnel, training programs and research. In the coming years, along with Wattenfall, we will conduct a number of studies on the possible location of SMR reactors, as well as site visits and training classes that will provide real value to both Estonia and Sweden, says Galev Kalemets.

Extended collaboration
According to the letter of intent since November 2020, Waterfall has been exploring the possibility of establishing small module reactors in Estonia, particularly for costs and construction, supply chain, operation / staff / maintenance and configuration for new construction.

– With an investment, Wattenfall will further expand and strengthen its relationship with Fermi Energy. Wattenfall sees the potential in Fermi Energy’s business model and the company’s goal of submitting a decision application in principle to implement SMR technology in Estonia by 2026, says Dorbjorn Wallborg.

Galev Callmets, CEO of Fermi Energy (left) and Torbourne Wallborg, head of Generation Business in Wattenfall, is a minority owner of Fermi Energy in connection with the signing of the Estonian Embassy in Stockholm.

Note to the editor:
Today, Estonia has the highest average carbon dioxide emissions per kilowatt of electricity produced in all EU countries. The Estonian government has set up a National Working Group on Nuclear Power for senior officials in most ministries to evaluate the introduction of nuclear power generation. The team, with the help of foreign experts, will study the suitability of introducing nuclear energy to ensure the safety and security of Estonia’s energy supply.

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Contact us for more information:
Wattenfall Press Department, Tel +46 8 739 50 10, Email: [email protected]