Several major industrial groups in Sweden have announced a joint investment of SEK400mn (€36.4mn) in nuclear energy, marking a strategic shift in the country’s energy policy. This initial funding aims to support the development of small modular reactors (SMRs) in partnership with state-owned energy company Vattenfall.
Towards renewed nuclear investment in Sweden
The Industrikraft consortium, which includes equipment manufacturer ABB, steelmaker SSAB and truck manufacturer Volvo, formalised this commitment by signing an agreement with Vattenfall. It provides for direct involvement in nuclear project development, notably through the dedicated company Videberg Kraft AB, created by Vattenfall to lead this expansion.
This first phase includes not only financial input but also the mobilisation of industrial resources, as well as project management and technology selection expertise. Vattenfall stated that Industrikraft’s member companies will acquire a 20% stake in Videberg Kraft AB, with the aim of becoming full shareholders.
The Ringhals project at the heart of nuclear expansion
The Swedish government, which announced a nuclear revival plan in August after decades of retrenchment, intends to build two SMRs in Ringhals, in the southwest of the country, by 2035. This would be the first expansion of the national nuclear fleet in over fifty years and is expected to add around 1,500 MW of installed capacity.
The government also stated its intention to acquire a stake in Videberg Kraft AB, thus reinforcing public governance over a project that represents a clear shift from the anti-nuclear policies established by the 1980 referendum. The operational roadmap, precise timeline and total cost of the project are still being defined, based on available information.
Shift in energy policy and growing political support
In 2024, Sweden’s six remaining active nuclear reactors generated 49.4 terawatt-hours (TWh), accounting for 29.1% of the national electricity mix, according to the International Atomic Energy Agency (IAEA). This level of production, combined with increasing pressure on low-carbon capacity, has reignited debate over nuclear’s role in the national energy strategy.
The coordinated investment announcement by Industrikraft comes as several companies intensify efforts to secure stable, low-emission electricity supplies essential to their long-term competitiveness. “The industrial sector needs a reliable framework to support its long-term operations,” a Vattenfall representative stated.
