Sweden's Nuclear Power Return
Sweden Chooses Rolls-Royce SMRs for First New Nuclear Build in Over 40 Years
Key Points
Videberg Kraft, the Swedish developer making the SMR choice, is currently owned by Vattenfall and Industrikraft, with “the Swedish state due to become majority owner,” according to the company’s background in early reporting.
The supplier review also explicitly excluded large-reactor designs. As described in one account, the remaining contenders left the project comparing Rolls-Royce SMR units rated “between 470 and 500 MWe,” alongside the broader process that narrowed to Rolls-Royce SMR vs. GE Vernova Hitachi’s BWRX-300.
Rolls-Royce SMR’s corporate ownership structure was detailed in one report: the SMR business is “76% owned by Rolls-Royce Holdings,” with minority stakes held by “the Perrodo family and Qatar.”
In parallel with progressing the Swedish SMR plan, Vattenfall signed a Memorandum of Understanding with Sweden’s nuclear technology firm Studsvik (dated March 2026) “to foster supply-chain opportunities within the country,” according to the same reporting.
Sweden has chosen Rolls-Royce SMR to build three small modular reactors on the Värö Peninsula, next to the existing Ringhals nuclear site, according to World Nuclear News. The deal, announced June 15, 2026, marks Sweden's first new nuclear build in more than 40 years and will deliver roughly 1.5 GW of baseload power — enough to cover about 6% of Sweden's total annual electricity use.
The contract goes to Rolls-Royce over rival GE Vernova Hitachi's BWRX-300, following a three-year review of 75 technology options. Rolls-Royce shares jumped nearly 4% to 1,357p on the news, Morningstar reported, making it the company's third straight win in a competitively tendered European SMR selection.
A Four-Year Race Narrows to One Winner
Vattenfall started evaluating nuclear technologies around 2022, casting a wide net across 75 options before narrowing to two finalists in August 2025: Rolls-Royce SMR and GE Vernova Hitachi's BWRX-300, according to Yahoo Finance. Both companies were targeting the Värö Peninsula. Large-reactor designs were ruled out early, leaving only SMRs — reactors rated roughly 470 MWe per unit — in contention.
Videberg Kraft's acting CEO Desirée Comstedt said the Rolls-Royce design offered a "robust network of subcontractors" and links Sweden into a broader "European programme," according to World Nuclear News. Vattenfall CEO Anna Borg added that the pressurised-water reactor is "well-proven technology" already running at Ringhals — a key edge over GE Vernova's boiling-water design, which would have required new operational expertise on site.
Swedish State Set to Take 60% Ownership Stake
The project company, Videberg Kraft AB, is currently 80% owned by Vattenfall and 20% by Industrikraft — a consortium of Swedish industrial firms including Volvo Group, ABB, Alfa Laval, and Saab. The Swedish state is expected to take a 60% majority stake, according to Yahoo Finance, committing deeply to the project's financing.
Sweden's government has offered up to 440 billion crowns ($47 billion) in loans for new nuclear projects. Industrikraft has already put in 400 million SEK. Acting Minister Johan Britz said the structure aims to "limit the initial actor's share of fixed costs," making it easier for other developers to follow, according to Construction Briefing.
Rolls-Royce SMR's Factory-Built Model Targets Mid-2030s Start
Rolls-Royce SMR is 76% owned by Rolls-Royce Holdings, with minority stakes held by the Perrodo family and the state of Qatar. CEO Tufan Erginbilgic called the win evidence of the "momentum being generated" and a validation of the company's "strategic choices." The modular, factory-built approach is designed to cut costs and keep projects on schedule — a persistent problem for large nuclear builds.
The first of the three units is targeted for commercial operation in the mid-2030s, Construction Briefing reported. Each reactor is rated at roughly 470 MWe, and all three together would run for 60-plus years. In March 2026, Vattenfall also signed a memorandum of understanding with Swedish nuclear firm Studsvik to build out domestic supply-chain capacity ahead of construction.
UK Celebrates Export Win, Eyes Broader Nuclear Push
UK Secretary of State Peter Kyle called the deal a "major vote of confidence in British innovation" and "Modern Industrial Strategy in action," according to GOV.UK. British industry groups framed it as proof that the UK's nuclear supply chain can compete globally. The win follows similar Rolls-Royce SMR selections in the UK and Czech Republic.
Sweden's reversal is striking. The country spent decades unwinding its nuclear fleet after a 1980 referendum backed a phase-out. A center-right government elected in 2022 flipped that policy, citing a forecast doubling of electricity demand by 2045, according to Crypto Briefing. With the Värö site chosen and a supplier locked in, Sweden's nuclear restart is now moving from policy to construction plans.
Sentiment
Mostly PositivePublishers
18
Articles
29
Reach
47
