Blykalla closes funding round of 80 mSEK for continued industrialization of its lead-cooled SMRs

April 17, 2024

Blykalla is pleased to announce the closure of its latest funding round, raising a total of 80 mSEK. The round was led by Norrsken Launcher together with Nucleation Capital, with participation from Earth Venture Capital, Farvatn, and several private investors.

The raised capital will be instrumental in Blykalla's industrialization of its advanced nuclear reactor, the SEALER (Swedish Advanced Lead-cooled Reactor). The SEALER is designed for commercial power production in a highly compact format, with unique safety features that are made possible by a number of proprietary innovations. 

One of these key innovations is Blykalla’s corrosion-tolerant steel alloys, which enable the efficient cooling of reactors with liquid lead. With this technological breakthrough, Blykalla can achieve effective serial production, leading to faster deployment and lower costs than conventional nuclear power. The SEALER also enables nuclear power to be used for decarbonizing industrial applications through hydrogen, biochar, and biofuel production, in addition to providing local electricity production. Finally, this technology helps realize a circular waste model. Compared to conventional nuclear power, the SEALER’s fuel cycle can extract up to 140 times more energy from uranium ore, thereby producing only a fraction of the waste, which needs to be stored for just 1% of the deposit time.

Rod Adams, Managing partner at Nucleation Capital, says: “We are very pleased to be able to invest in Blykalla, a group with unique and highly competitive anti-corrosion technology for use in their relatively mature lead-cooled reactor design. This technology will enable these reactors to outperform as an advanced nuclear design, capable of bringing reliable and carbon-free power to energy buyers around the world.”

Norrsken, who co-led the company's seed round with Uniper in 2022, states: “Blykalla is building a world-class team to take the company's unique IP towards rapid industrialization. This technology will be critical for the European transition to green, safe, baseload energy so desperately needed to decarbonize industries, securing grid reliability, and delivering on the immense needs of powering AI,” according to Erik Engellau-Nilsson, Partner at Norrsken Launcher.

Tien Nguyen, founding partner at Earth Venture Capital, comments: "Our investment in Blykalla underscores a firm belief in deep-tech at a moment when Southeast Asia's need for clean, sustainable energy is undeniable. With Indonesia, Singapore, the Philippines, and Thailand at the forefront, SMR powered demand is estimated to exceed 10 GW by 2035. This reflects an acute need for energy solutions that can drive economic growth while ensuring climate sustainability. Blykalla's innovative approach is perfectly aligned to address this challenge, offering a scalable, efficient energy solution."

Blykalla is currently in preparatory work to license the technology in Sweden, a regulatory environment that is quickly adapting to the development of new nuclear power. An important step to industrialize and qualify the technology is to build the electric test reactor in Oskarshamn, Sweden, that is being developed together with OKG (Uniper’s Swedish subsidiary) and KTH (the Royal Institute of Technology). In parallel, the company is in discussions with industrial partners to support building nuclear reactors for off-grid heat and electricity production. Blykalla has so far garnered market interest from actors within mining, steel, and other energy-intensive industries.

Jacob Stedman, Blykalla’s CEO, comments: “It is fantastic to be part of this nuclear renaissance, and to see how much interest in nuclear power there is from businesses as regulatory conditions are falling into place. The SEALERs features, cost, and output makes it perfectly suited for industrial users looking to decarbonize and become sole offtakers, or even owners, of SMRs. It mirrors the strong and urgent need from the industry to secure access to clean and competitive energy. After all, this will be decisive for the industry's green transition and continued growth.”

About Blykalla

Blykalla is a Swedish company specializing in the production of advanced small modular reactors (SMRs). Their design, built on over 25 years of research, is now being introduced to the market. By providing necessary baseload energy, Blykalla enables a complete transition to a fossil-free future.

Their product, the Swedish Advanced Lead Reactor (SEALER), is a cutting-edge SMR that utilizes liquid lead cooling. Although lead-cooled reactors have been employed in submarines for over 60 years, Blykalla has introduced several novel, breakthrough innovations that now make the commercialization of such reactors feasible. Blykalla is actively collaborating with global partners to deliver Sweden’s next nuclear reactor within this decade.

About Nucleation Capital 

Nucleation Capital is a climate-centered venture fund investing in the world’s most promising clean energy and carbon-removal technologies. Nucleation primarily focuses on the advanced nuclear and deep decarbonization sectors and invests broadly to build its investors’ diversified and risk-reduced portfolios. With a range of offerings, Nucleation enables the widest array of investors affordable pathways to access these rarified climate sectors. Learn more at:

About Norrsken Launcher

Norrsken Launcher is an article 9 investment fund that works with world-class researchers and scientists to industrialize, commercialize, and scale innovations that can fundamentally transform the future for people and the planet. Learn more at:

About Earth Venture Capital

Earth Venture Capital is a global venture capital firm dedicated to investing in early-stage climate-tech startups, pioneering in AI/ML, Robotics, Satellite Technology, and innovative New Materials with the mission to decarbonize the Earth. Learn more at:

For media inquiries or further information, please contact

Alexandra Teorell
Communications Manager, Blykalla

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