GEV, Studsvik, and Samsung C&T agree to advance SMR program in Sweden

Studsvik AB, GE Vernova Hitachi Nuclear Energy (NYSE: GEV), GE Vernova's Financial Services business, DS Investment Partners, and Samsung C&T have signed an exclusive agreement to advance the ReFirm nuclear program at Studsvik's sites in Sweden, according to a press release from the companies.

ReFirm is Studsvik's small modular reactor (SMR) program, acquired through its purchase of Kärnfull Next earlier this year. The initial plan calls for a four-unit BWRX-300 project totaling approximately 1,200 MWe at either the Nyköping or Valdemarsvik site in Sweden. The choice of site will be determined during development work.

Studsvik operates an existing licensed nuclear facility at Nyköping. At Valdemarsvik, a site application was submitted in March 2026, described as the first filed under Sweden's new legislation requiring government approval for nuclear facilities.

Under the agreement, Studsvik will lead permitting, environmental assessments, and community engagement. GE Vernova Hitachi will lead reactor engineering, licensing support, and cost estimation. Samsung C&T and GE Vernova Hitachi will jointly serve as the execution team. DS Investment Partners, a South Korean investment firm, will lead investment activities, while GE Vernova's Financial Services business will participate in an advisory and financial structuring role.

The parties plan to establish a project company to manage development, financing, construction, ownership, and operations. The agreement covers a fixed exclusivity period and does not constitute a final investment decision or construction authorization.

Sweden updated its nuclear legislation in 2026 to permit reactors beyond its three existing plant sites, supported by a state financing framework that includes loans and two-way contracts for difference.

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