Swedish Studsvik acquires Kärnfull Next and moves into small modular reactor projects

Swedish company Studsvik has announced the acquisition of Kärnfull Next, which specialises in developing small modular reactor (SMR) projects. Through the acquisition, Studsvik aims to expand its existing nuclear energy technical services activities to include the preparation of new nuclear projects.

Kärnfull Next is valued at approximately EUR 6.5 million in the transaction (around CZK 158.4 million) on a cash-free/debt-free basis. Of this amount, EUR 3 million will be paid in cash and a further EUR 3.5 million in newly issued Studsvik shares upon completion of the transaction.

The agreement also includes the possibility of additional consideration of up to EUR 2 million in shares, which may be paid in stages through 2029. In addition, performance-based earn-out payments of up to EUR 14 million have been agreed, linked to the successful development and sale of project companies.

Completion of the transaction is subject to customary conditions and regulatory approvals. The deal is expected to close in the second quarter of 2026.

A strategic step towards new nuclear projects

According to the company, the transaction represents a strategic step for Studsvik at a time when governments and industry increasingly see nuclear energy as a means of ensuring energy security, supporting electrification and meeting climate targets.

With the addition of project development capabilities, Studsvik will be able to support nuclear projects from their earliest stages through operation and eventual decommissioning. The company also said it expects to announce further partnerships in the future that will demonstrate the practical application of these new capabilities.

Further growth for the company

Daniel Aegerter, founder and CEO of Armada Investment AG and Studsvik's largest shareholder, said that Studsvik and Kärnfull Next would together create a truly integrated nuclear services platform and strengthen Studsvik's position as a base for entrepreneurial ambitions in the nuclear sector.

Studsvik AB President and CEO Karl Thedéen added that combining Kärnfull Next's project development expertise with Studsvik's technical capabilities creates a strong platform for further growth.

Earlier cooperation at the Studsvik site

Studsvik and Kärnfull Next have worked together before. In 2023, the two companies signed a memorandum of understanding to explore the possibility of building and operating small modular reactors at the Studsvik industrial site near the town of Nyköping on Sweden's east coast.

According to Studsvik, the site is strategically located and brings together a broad range of expertise in nuclear technologies. These include fuel and materials technologies, software for reactor analysis and fuel-batch optimisation, decommissioning and radiation protection services, as well as technical solutions for handling and processing radioactive waste.

Kärnfull Next and SMR development in Sweden

In March 2022, Kärnfull Next signed a memorandum of understanding with GE Hitachi Nuclear Energy concerning the deployment of the BWRX-300 in Sweden.

Since 2022, Kärnfull Next has been carrying out site selection and feasibility studies in several Swedish municipalities. The company expects to achieve economies of scale by developing multiple SMR parks under a single programme, in areas including technology selection, construction partners, electricity offtake agreements and financing.

In February last year, the company secured land rights for a small modular reactor power plant project in the municipality of Valdemarsvik, in Östergötland County in southeastern Sweden.