Studsvik and partners agree to develop 1.2 GW BWRX-300 nuclear project at one of two Swedish sites

Five companies announced on September 3 that they’ve signed an exclusive agreement to develop a 1.2 GW nuclear project in Sweden — four BWRX-300 small modular reactor units grouped under Studsvik’s ReFirm program. The consortium brings together Studsvik, GE Vernova Hitachi Nuclear Energy, Samsung C&T, GE Vernova’s Financial Services business, and DS Investment Partners, with the first unit targeted for operation in the mid-2030s.

The project would be built at one of two Swedish sites, with that decision still to come.

Five-party consortium signs agreement to advance Swedish SMR project

The signing happened on September 3 in Nyköping, pulling five organizations under a single exclusive agreement. Studsvik, GE Vernova Hitachi Nuclear Energy, Samsung C&T, GE Vernova’s Financial Services business, and DS Investment Partners formalized their commitment to advance the ReFirm program — Studsvik’s multi-site SMR and new nuclear platform, acquired through its purchase of Kärnfull Next earlier in 2026.

Joint development work — covering commercial, technical, regulatory, and financing workstreams — kicks off immediately during the exclusivity period.

The exclusivity period is fixed but can be extended by mutual agreement. Worth noting: the deal doesn’t constitute a final investment decision or authorization to construct. Think of it as a starting gun for serious joint development work, not a green light to break ground. The first of four BWRX-300 units is targeted to enter operation in the mid-2030s.

Why Studsvik selected these partners and how responsibilities are divided

Studsvik chose GE Vernova Hitachi and Samsung C&T following a competitive evaluation. The relationship with GE Vernova Hitachi isn’t new, though — Kärnfull Next had already been working with them on BWRX-300 deployment in Sweden since 2022, and a strategic teaming agreement with Samsung C&T followed in December 2024.

Each partner has a defined lane. GE Vernova Hitachi leads reactor engineering, licensing support, and cost estimation, acting as engineering authority. Together with Samsung C&T, it forms the execution team, giving the project single-point responsibility for construction. DS Investment Partners — a South Korean investment firm — leads the investment effort, while GE Vernova’s Financial Services business participates in an advisory and financial structuring capacity. Studsvik handles permitting, environmental impact assessment, site rights, community engagement, and the dialogue with the Swedish state.

Site selection still to be determined between Nyköping and Valdemarsvik

Two sites are on the table, each with a distinct profile. Nyköping is home to Studsvik‘s existing licensed nuclear facility — an established location with real operational history. Valdemarsvik’s Målma site is newer territory: a permit application was submitted there in March 2026, making it the first filed under Sweden’s updated nuclear siting legislation.

Which site hosts the first project gets decided during the joint development work now getting underway. The four-unit, phased structure is deliberate — spreading construction across multiple units supports standardization and creates opportunities to apply lessons from early builds to later ones, a strategy aimed at improving cost, schedule, and productivity outcomes over time. A project company will be established to handle development, financing, construction, ownership, and operations, with details finalized in definitive agreements down the line.

Sweden’s new nuclear policy framework enables projects beyond existing plants

Sweden’s legislative environment has shifted meaningfully. Legislation in force since 2026 now permits new reactors at sites beyond the country’s three existing plants, with government approval required for each new facility. The state has also put financial tools in place — loans and two-way contracts for difference — to support new nuclear development.

The policy push is driven by real supply-and-demand pressure. Existing nuclear capacity is aging while demand for baseload power grows, particularly from industry and data centers. The BWRX-300 also benefits from parallel deployment elsewhere: the Darlington New Nuclear Project in Canada is actively advancing the same reactor design, and the Swedish consortium can draw on lessons learned there as that first-of-a-kind project moves toward execution.

Industrial participation and supply chain goals for Sweden and Europe

The consortium has explicitly framed this project as more than a single power plant. Its multi-unit structure is designed to build a domestic supply chain capable of supporting follow-on units and broader deployment across Sweden and Europe — not just to get one facility operational.

Samsung C&T brings substantial nuclear EPC credentials to that ambition. The company has delivered 12 GW across 10 units, including the 5.6 GW Barakah Nuclear Power Plant in the UAE. That track record matters when you’re trying to build confidence among regulators, financiers, and local industry partners. Joint development work — covering commercial, technical, regulatory, and financing workstreams — kicks off immediately during the exclusivity period.

What to watch as the project moves forward

The key facts: five partners, one exclusive agreement, four BWRX-300 units totaling 1.2 GW, two candidate sites in Sweden. The first unit is targeted for the mid-2030s, though no final investment decision has been made yet.

Site selection, permitting progress at Valdemarsvik, and the formation of a dedicated project company are the next concrete milestones to track. Sweden’s state financing framework — loans and two-way contracts for difference — will also shape how quickly the project can move from development into construction. For now, the consortium has committed to doing the hard work of turning a program into a buildable project.

Kelly Lippke

Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.