Blykalla doubles Series A round to 160 mSEK and welcomes Chirayu Batra to its Board of Directors

Press ReleaseSeptember 10, 2024

Blykalla announces the expansion of its Series A round, now amounting to a total of 160 mSEK.

The extension is led by Danish entrepreneur Joachim Ante’s investment firm 92 Ventures and Swiss Daniel S. Aegerter’s investment group Armada, both of which bring significant expertise in the nuclear energy sector, and will play active roles in the journey towards commercializing Blykalla’s technology.

The additional funding concludes Blykalla’s Series A and will be instrumental in advancing the company’s goal of building Sweden’s first advanced reactor. The funds will primarily be allocated to the construction of a prototype reactor at Oskarshamn, in collaboration with OKG and Uniper, as well as the continued design and development of SEALER-One.

Chirayu Batra

"We are thrilled to welcome 92 Ventures and Armada, both of which are uniquely qualified in the advanced nuclear space. Their investments in Blykalla is a true vote of confidence and a testament to the technology and commercialization plans we are pursuing at a time of unprecedented momentum for advanced nuclear SMRs."

— Mikael Fraenkel, CFO of Blykalla

In addition to the funding news, Blykalla is looking forward to welcoming Chirayu Batra to its board of directors. Chirayu is a nuclear engineer and reactor physicist with extensive experience in the field of fast reactors, and his global perspective and vast knowledge of fast reactors will be a fantastic addition to the board. Chirayu’s background includes roles in global nuclear energy development projects, most notably as a fast reactor project officer at the International Atomic Energy Agency (IAEA). He has recently co-founded 92 Ventures and is engaging closely as a nuclear energy expert with their select investments.

92 Ventures

92 Ventures has a unique investment methodology tailored to nuclear startups, which thoroughly examines a company's technical, regulatory, economic, and commercial aspects.

"Our analysis led us to conclude that Blykalla, with its cutting-edge technology, innovative fuel and material solutions, robust management team, and compelling economic case, is a partner we want to work with. We're excited to support Blykalla on its journey to becoming a leading global SMR player."

— Anatol Kjær Knudsen, CEO and co-founder of 92 Ventures

Armada Investment

Blykalla also welcomes Armada Investment, founded and led by Daniel S. Aegerter, as an investor. Having previously made early-stage investments into advanced nuclear companies such as Oklo, Last Energy, and Commonwealth Fusion Systems, Aegerter is now turning his eye toward the European market. Focusing on the need for decarbonization and AI electricity generation, Armada will play an important role in supporting the continued commercialization of Blykalla.

"Energy-intensive AI applications are adding pressure to not only decarbonize our existing energy systems but to massively grow electricity production at the same time. In its history, Sweden already succeeded once in building a large amount of carbon-free nuclear power capacity in record time. There is now a unique opportunity to recreate this feat with the help of advanced nuclear technologies such as Blykalla’s SEALER. Following several successful investments in nuclear technologies in the US, we have been looking for similarly promising companies in Europe. We found the right match in Blykalla and are excited to be working together with the team to help accelerate the nuclear renaissance in and outside of Sweden."

— Daniel S. Aegerter, Founder and CEO of Armada Investment

This extended funding round and new board appointment mark significant steps in Blykalla’s mission to advance nuclear technology. With the support of expert investors and leadership, Blykalla is well-positioned to make important progress in the coming months and years.

About Blykalla

Blykalla is developing and building small modular reactors to deliver the next generation of clean energy. The innovative SEALER reactor utilizes liquid lead cooling and features unique safety elements and proprietary innovations. The company aims to provide necessary baseload energy to enable a complete transition to a fossil-free future and is actively collaborating with global partners to deliver Sweden’s next nuclear reactor within this decade. Read more at www.blykalla.com.

For media inquiries or further information, please contact:
Alexandra Teorell, Head of Marketing
press@blykalla.com

About 92 Ventures

Committed to identifying and supporting technologies capable of achieving large-scale decarbonization, 92 Ventures was founded with Joachim Ante, co-founder and former CTO of Unity. 92 Ventures is creating an ecosystem designed to nurture and support the next generation of nuclear innovators. Our partnerships focus on companies pushing the boundaries of nuclear innovation, including advanced reactor designs, next-generation nuclear fuels, breakthrough innovations in the nuclear fuel cycle, digitalization, supply chain optimization, advanced manufacturing, and project delivery.

92 Ventures is dedicated to identifying the most promising companies in this space. By bringing together the brightest minds, cutting-edge technologies, and necessary capital, we aim to create a virtuous cycle of innovation and growth. Our holistic approach integrates investment, research, consulting, and advocacy to build a robust support network for nuclear startups, fostering a new era of clean energy solutions. Read more at www.92ventures.dk

For media inquiries or further information, please contact:
Anatol Kjær Knudsen
CEO
akk@92v.dk

About Armada Investment

Daniel S Aegerter is a Swiss technology entrepreneur and investor. He is the Founder and CEO of Armada, his private investment firm managing a diversified portfolio across asset classes with a particular focus on investments in visionary founders and new technologies. Based in Zurich, Switzerland, Armada is active globally with direct technology investments concentrated in the US and Europe. Armada has invested in several companies developing advanced nuclear technologies, including US-based Oklo Inc. which recently completed a successful IPO on NYSE. Beyond investing, Daniel is also a committed and public advocate for the role of nuclear power in securing carbon-free and abundant energy in Switzerland and beyond. Read more at www.armada.com.

For media inquiries or further information, please contact:
Benjamin Eisert
Investment Director
eisert@armada.com

Note: Foreign investments and appointments to members of the board of directors are subject to regulatory approval in accordance with foreign direct investment regulations.