In a statement, Outokumpu said their recent feasibility study concluded that SMR technology offers sufficient technical readiness and that the Tornio region could be a good place to build one, given advantages such as the availability of cold sea cooling water. Additionally, Finnish nuclear policy is evolving in a way that is expected to support nuclear development opportunities, it said. 

“The feasibility study results are very positive and support the further development of an SMR project. For Outokumpu, completing the study is a demonstration of interest to ensure possibilities offered by emerging nuclear technology are explored. Whilst we have made a strategic decision not to diversify our business to energy production, we look forward to handing over the project to a partner interested in continuing the project and investing in this area,” said Stefan Erdmann, Outokumpu chief technical officer.

“Participating in energy development projects such as SMR with an offtake agreement is in our interest and it further enables other CCUS partners to co-locate to our Tornio site due to the unique opportunity for all partners to combine biogenic waste streams (CO2) with carbon-free electricity to generate new green products such as bio-chemicals or bio-fuels,” he added.