03.September
Sweden’s planned 1.2 GW nuclear development moves forward with Studsvik, GE Vernova Hitachi and Samsung C&T
- Studsvik’s first nuclear power development in Sweden will bring together GE Vernova Hitachi Nuclear Energy and Samsung C&T, selected through a competitive partner evaluation. Two locations remain under consideration: the company’s licensed nuclear site in Nyköping and the Målma site in Valdemarsvik.
- The proposed development would deliver 1.2 GW of nuclear generating capacity through four BWRX-300 reactors. GE Vernova’s Financial Services business and DS Investment Partners will join the industrial partners in advancing the project, with the first reactor scheduled to enter service in the mid-2030s.
NYKÖPING, Sweden (3 September 2026) – A new agreement announced today brings Studsvik AB (publ), GE Vernova Hitachi Nuclear Energy, Samsung C&T, DS Investment Partners and GE Vernova’s Financial Services business together to develop Studsvik’s ReFirm nuclear program in Sweden. Their collaboration will operate on an exclusive basis for an agreed period, with an extension possible by mutual agreement.
The plans for Nyköping and Valdemarsvik form part of ReFirm, a development program covering small modular reactors (SMRs) and new nuclear projects at multiple locations. Studsvik acquired the program when it purchased Kärnfull Next (KNXT) earlier this year. The partnerships behind the initiative predate that acquisition: KNXT began working with GE Vernova Hitachi on deploying BWRX-300 technology in Sweden in 2022, then established a strategic teaming arrangement with Samsung C&T in December 2024. Under the plans now being advanced, one of the two sites would host the first four reactors, together providing around 1,200 MWe.
The two candidate locations are at different stages of development. Nyköping already hosts a licensed nuclear facility operated by Studsvik, while an application for Valdemarsvik was submitted in March 2026. That submission was the first under Sweden’s new framework requiring government approval for nuclear facilities. Further development work will establish which location is selected for the initial project.
Deploying the reactors in successive stages is intended to make standardization a central feature of the program. Experience from the first units can then be incorporated into those that follow, creating opportunities to refine construction schedules, control expenditure and raise productivity as delivery progresses.
Beyond the reactors themselves, the partners aim to expand the role of Swedish businesses in engineering, procurement, construction and ongoing plant operations. Developing this industrial base would help establish a supply chain with the capacity to serve the first installation and later units, while also supporting potential nuclear projects elsewhere in Sweden and across Europe.
Commercial negotiations, technical preparations, regulatory work and financing activities will proceed jointly from the outset of the exclusivity period. Although the agreement enables this next development phase, it does not represent a final commitment to invest, nor does it provide authorization for construction to begin.
Responsibilities have been allocated across the consortium. Permitting, environmental assessment, access to site rights, local engagement and relations with the Swedish state will be managed by Studsvik. Reactor engineering, support for licensing and preparation of cost estimates will fall to GE Vernova Hitachi, which will also serve as the engineering authority. For construction and execution, GE Vernova Hitachi will work alongside Samsung C&T as a combined delivery team, establishing a single point of responsibility for the project. The financing work will involve South Korea’s DS Investment Partners leading the investment effort during exclusivity, supported by GE Vernova’s Financial Services business in an advisory and financial structuring role.
The partners intend to create a project company covering the plants’ development, financing, construction, ownership and operation. Its detailed arrangements will be settled in the definitive agreements governing the development.
The initiative comes as Sweden opens additional locations to nuclear development. Legislation effective since 2026 permits reactors beyond the country’s three existing nuclear power plants, while retaining a requirement for government approval of each facility. State support is available through a financing framework combining loans with two-way contracts for difference.
For Studsvik’s President and Chief Executive Officer Karl Thedéen, the project responds to two long-term challenges facing Sweden: an ageing nuclear fleet and increasing demand for baseload electricity. He explained that Studsvik’s search had focused on partners willing to make a lasting commitment and on establishing the conditions needed to deliver new capacity successfully. GE Vernova Hitachi and Samsung C&T meet those requirements, he said. Whether the first development proceeds at an established nuclear location or on a greenfield site, Thedéen sees a four-unit program as the beginning of an industry rather than simply an individual plant project.
Karl Thedéen, President and Chief Executive Officer, Studsvik
Jason Cooper, Chief Executive Officer of GE Vernova Hitachi Nuclear Energy, described the collaboration as a way to translate Sweden’s energy objectives into practical progress on a timetable relevant to businesses and communities. He pointed to the country’s established nuclear expertise and strong operating capabilities as important foundations. The BWRX-300, he explained, builds on boiling water reactor technology while drawing on experience being accumulated at Canada’s Darlington New Nuclear Project. Alongside an expanding portfolio of prospective projects in North America and Europe, that experience gives Sweden access to a reactor design progressing beyond its first deployment toward delivery across a fleet of units.
Jason Cooper, Chief Executive Officer, GE Vernova Hitachi Nuclear Energy
Samsung C&T’s Oh Se-chul welcomed the opportunity to work with Studsvik, GE Vernova Hitachi and the wider development team on Sweden’s next generation of nuclear capacity. He said the ReFirm program would benefit from bringing proven reactor technology together with world-class engineering, procurement and construction expertise, strong operational capabilities and financing resources. This combination, in his view, provides a firm basis for successful development. He also emphasized Samsung C&T’s commitment to increasing Swedish industrial capabilities, broadening domestic supply chains and establishing a lasting strategic relationship that delivers value for both Studsvik and Sweden.
<>Oh Se-chul, President and Chief Executive Officer, Engineering & Construction Group, Samsung C&T
Notes to editors: The signing ceremony photograph shows, from left to right, Jason Cooper, Oh Se-chul, Karl Thedéen, Seung Su Kang and Leo Fortey.
About Studsvik
Founded in 1947 to serve as the center of Sweden’s national nuclear program, Studsvik now operates as an independent nuclear technology business with customers in more than 20 countries. Its activities extend from the development of new nuclear installations to support for operating fleets and eventual decommissioning. Reactor analysis software supplied by Studsvik is used in more than half of the world’s commercial reactors. Its Nyköping hot cell laboratories provide fuel and materials testing for fission and fusion applications internationally. Other capabilities include radiation protection, radioactive waste treatment technology, and the handling and packaging of radioisotopes for healthcare and industrial applications. Through ReFirm, the company is developing new nuclear projects in Sweden. Studsvik serves plant operators, fuel vendors, technology developers and regulatory bodies, employs around 540 people in six countries, and is listed on Nasdaq Stockholm under the symbol SVIK.
About Samsung C&T
With a global engineering and construction track record spanning more than 40 years, Samsung C&T’s Engineering & Construction Group delivers buildings, civil infrastructure and plant projects. Its portfolio includes residential and commercial developments as well as major international landmarks and energy installations. Among these are the world’s tallest building, Burj Khalifa, the ongoing Riyadh Metro development in Saudi Arabia, the 4,000MW Qurayyah combined-cycle power plant project and the ongoing 2,000MW solar power project in Qatar. The group’s completed nuclear work totals 12GW across 10 reactor units, including the 5.6GW Barakah Nuclear Power Plant in the United Arab Emirates. Recent assignments also encompass nuclear plant refurbishment and Front-End Engineering Design (FEED) for Small Modular Reactors (SMRs). Together, these projects demonstrate the company’s international competitiveness in large reactors and SMRs and the breadth of its nuclear industry expertise.
About GE Vernova Hitachi Nuclear Energy
GE Vernova and Hitachi’s global nuclear alliance supplies advanced reactor designs, nuclear fuel bundles and services to customers worldwide. The Nuclear energy business’s offering includes boiling water reactor technology and small modular reactors. Among its designs is the BWRX-300, which pairs a simplified boiling water reactor concept with innovative engineering. Fuel and related engineering services are provided through Global Nuclear Fuel (GNF), GE Vernova’s Nuclear fuel business and a leading international supplier for boiling water reactors. GNF is a joint venture with Hitachi, Ltd. led by GE Vernova. Its principal operating entities are Global Nuclear Fuel-Americas, LLC, based in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd., located in Kurihama, Japan. The HITACHI trademark belongs to Hitachi, Ltd. and is used under license. The GE trademark belongs to General Electric Company and is also used under license.
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