Studsvik, GE Vernova Hitachi and Samsung C&T Commit to Advancing Sweden''s 1.2 GW Small Modular Reactor Program

An international consortium agrees to develop an initial four-unit BWRX-300 project in Sweden under the ReFirm program, deepening the country's nuclear expansion push.

September 3, 2026 | Nyköping, Sweden: Studsvik AB, GE Vernova Hitachi Nuclear Energy, GE Vernova's Financial Services business, DS Investment Partners and Samsung C&T announced an agreement to advance the ReFirm nuclear program at Studsvik's sites in Sweden, following a competitive evaluation process. The exclusive agreement, which may be extended, will develop an initial four-unit BWRX-300 project of approximately 1,200 MWe, planned for either Studsvik's existing licensed site at Nyköping or the Målma site at Valdemarsvik, with the first unit expected to enter operation in the mid-2030s. Studsvik leads permitting, environmental assessment and community engagement; GE Vernova Hitachi acts as engineering authority; and Samsung C&T joins the execution team with single-point responsibility for construction. DS Investment Partners will lead investment during the exclusivity period, with GE Vernova's Financial Services business providing advisory and financial structuring support. The agreement marks the next phase of development rather than a final investment decision; the parties will begin joint commercial, technical, regulatory and financing work immediately. The phased, multi-unit structure is intended to support standardization, cost learning and greater Swedish industrial participation.

According to Karl Thedéen, President and Chief Executive Officer, Studsvik, “Sweden's electricity supply is a long-term play: existing nuclear capacity is ageing, and demand for baseload power is growing. In GE Vernova Hitachi and Samsung C&T we have found them. We intend to build the first project either on an existing nuclear site or on greenfield. One plant is a project. Four is the start of an industry.”

According to Jason Cooper, Chief Executive Officer, GE Vernova Hitachi Nuclear Energy, "Today's announcement is about helping Sweden turn its energy ambitions into reality in a timeframe that matters for its communities and industries."

According to TechSci Research, the agreement marks the maturation of the European small modular reactor (SMR) narrative from concept to bankable project development. Sweden's revised nuclear legislation which permits reactors at new sites, requires government approval for each, and is backed by state loans and contracts-for-difference has created the policy certainty that developers require, and the ReFirm consortium is an early beneficiary. The deal structure is instructive: a utility-led developer (Studsvik), a proven reactor vendor (GE Vernova Hitachi's BWRX-300), a global EPC contractor (Samsung C&T) and dedicated financiers are assembled in a single execution vehicle, reflecting the industry's growing recognition that construction capability and financing discipline, not reactor design alone, determine deliverability.

The proposed four-unit configuration introduces a fleet logic standardization across units, lessons-learned transfer, and local supply-chain development that could position Sweden as a reference market for SMR deployment in Europe. For the nuclear supply chain, commitments of this scale signal a re-opening of manufacturing and engineering capacity that had contracted after the post-Fukushima slowdown. For utilities facing retiring baseload capacity and surging electrification demand, SMRs offer a schedulable, siting-flexible complement to intermittent renewables. Risks remain material: the project has not reached final investment decision, first-of-a-kind construction always carries cost and schedule uncertainty, licensing timelines are untested under the new legislation, and site selection between Nyköping and Valdemarsvik is still open.