Studsvik AB (publ), GE Vernova Hitachi Nuclear Energy, GE Vernova’s Financial Services business, DS Investment Partners and Samsung C&T have reached an agreement to advance the ReFirm nuclear program at Studsvik’s sites in Sweden. The agreement is exclusive for a fixed period, with an option for the parties to extend that period.
ReFirm represents Studsvik’s multi-site small modular reactor (SMR) and new nuclear program, which was added following its acquisition of Kärnfull Next (KNXT) earlier this year. KNXT has worked with GE Vernova Hitachi on BWRX-300 deployment in Sweden since 2022 and entered into a strategic teaming agreement with Samsung C&T in December 2024. The latest agreement moves forward plans involving the Nyköping and Valdemarsvik sites. An initial four-unit BWRX-300 project totaling approximately 1,200 MWe is planned for one of the two locations, making the ReFirm nuclear program a central element of the development program.
At Nyköping, Studsvik operates an existing licensed nuclear facility, while at Valdemarsvik, an application was submitted in March 2026. That application was the first made under Sweden’s new legislation requiring government approval for nuclear facilities. The decision on which site will host the first project will be made during the development work. The program is structured around a phased, multi-unit approach intended to promote standardization. It is also designed to allow lessons from early deployment to be applied to subsequent units, with the aim of improving cost, schedule and productivity outcomes. The structure is expected to support greater Swedish industrial participation across engineering, procurement, construction, and long-term operations. The broader objective is to establish a supply chain capable of supporting the first nuclear power project, subsequent units and wider deployment opportunities in Sweden and Europe.
Development Work to Cover Technical, Commercial and Financing Activities
The agreement represents the next stage of development and is not a final investment decision or authorization to construct. Joint development work for the ReFirm nuclear program will begin immediately, covering commercial, technical, regulatory and financing activities during the exclusivity period. Studsvik will lead permitting, the environmental impact assessment, site rights, community engagement and dialogue with the Swedish state. GE Vernova Hitachi will lead reactor engineering, licensing support and cost estimation and act as engineering authority. Together with Samsung C&T, it will also serve as the execution team, providing single-point responsibility for construction and execution.
During the exclusivity period, DS Investment Partners, a South Korean investment firm, will lead the investment, while GE Vernova’s Financial Services business will participate in an advisory and financial structuring capacity in support of the consortium. A project company will also be established to support development, financing, construction, ownership and operation of the plants, with details to be finalized in definitive agreements.
Partners Outline Long-Term Nuclear Ambitions
Studsvik President and Chief Executive Officer Karl Thedéen said, “Sweden’s electricity supply is a long-term play: existing nuclear capacity is ageing, and demand for baseload power is growing. To meet that, we have looked for long-term partners and for the conditions that let projects like this succeed. In GE Vernova Hitachi and Samsung C&T we have found them. We intend to build the first project either on an existing nuclear site or on greenfield. One plant is a project. Four is the start of an industry.”
GE Vernova Hitachi Nuclear Energy Chief Executive Officer Jason Cooper said, “Today’s announcement is about helping Sweden turn its energy ambitions into reality in a timeframe that matters for its communities and industries. The country has a strong foundation of nuclear expertise and operational excellence, and the BWRX-300 combines boiling water reactor technology with the lessons being learned every day at the Darlington New Nuclear Project in Canada. Together with a growing global pipeline of projects across North America and Europe, this experience gives Sweden access to a technology that is moving from first-of-a-kind deployment toward fleet-scale execution.”
Samsung C&T Engineering & Construction Group President and Chief Executive Officer Oh Se-chul said, “Samsung C&T is honored to partner with Studsvik, GE Vernova Hitachi and the other members of the development team to support Sweden’s next generation of nuclear energy. By combining proven technology, world-class EPC execution, operational excellence and financing capability, we are establishing a strong foundation for the successful development of the ReFirm program. We are equally committed to strengthening Sweden’s industrial capability, expanding local supply chains and building a long-term strategic partnership that creates lasting value for Studsvik and Sweden.”
