HELSINKI, Finland (July 1, 2025) – GE Vernova Hitachi Nuclear Energy (GVH) and Fortum have signed an early works agreement to support the potential deployment of the BWRX-300 small modular reactor (SMR) in Finland and Sweden.

Earlier this year, Fortum completed a comprehensive nuclear feasibility study and identified the BWRX-300 as one of the leading technologies under consideration for future projects in both countries.

“Following an extensive multi-year evaluation of SMR technologies, Fortum has recognized the BWRX-300 as a strong candidate for deployment in the Nordic region,” said Nicole Holmes, Chief Commercial Officer at GVH. “We have a long-standing track record in supporting nuclear development across the Nordics and look forward to collaborating with Fortum as it advances its new nuclear strategy.”

Under the agreement, the two companies will carry out early-stage engineering and pre-licensing activities, including site adaptation studies tailored to Finland and Sweden. Potential deployment timelines are targeted for the latter half of the 2030s.

The BWRX-300, a 300 MW Generation III+ reactor, builds on decades of operational experience with boiling water reactor technology. Its design emphasizes simplified construction, cost efficiency, and scalability, supported by GVH’s expertise in navigating multi-jurisdictional regulatory frameworks.

Global momentum behind the BWRX-300 continues to accelerate. In Canada, the Province of Ontario and Ontario Power Generation (OPG) have approved construction of the first unit at the Darlington site near Toronto, with four reactors planned in total and the first expected to be completed by the end of the decade.

In the United States, the Tennessee Valley Authority (TVA) has submitted an application to the U.S. Nuclear Regulatory Commission to build the country’s first BWRX-300 at the Clinch River site in Oak Ridge, Tennessee. These developments reinforce GVH’s leadership in advancing SMR commercialization globally, providing Fortum with access to an increasingly mature and validated technology platform.

About Fortum

Fortum is a Nordic energy provider focused on delivering reliable, low-carbon electricity while supporting industrial decarbonization. Its operations span power generation, customer solutions, and heating and cooling services. Approximately 99% of Fortum’s electricity production comes from renewable and nuclear sources, placing it among Europe’s lowest CO₂ emitters in the sector. The company is committed to achieving carbon neutrality by 2040 and employs around 4,500 people.

About GE Vernova Hitachi Nuclear Energy

GE Vernova’s nuclear division, in collaboration with Hitachi, is a global leader in nuclear fuel, services, and advanced reactor technologies. Its portfolio includes boiling water reactors and SMRs such as the BWRX-300. The fuel business, Global Nuclear Fuel (GNF), operates as a joint venture with Hitachi and provides fuel solutions and engineering services worldwide.

Forward-Looking Statements

This document includes forward-looking statements related to anticipated developments, performance expectations, and future projects. These statements involve inherent uncertainties and risks, often indicated by terms such as “expect,” “plan,” “anticipate,” or “estimate.” Actual outcomes may differ due to various factors, including market conditions, regulatory developments, and project execution dynamics.

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