Heavy News for Swedish Energy Startup
This week, both Google and Amazon announced investments in small modular reactors (SMRs) to power their data centers with clean energy. For Swedish startup Blykalla, which is currently seeking new capital, these moves signal promising market potential.
"Both Google and Amazon's deals are fantastic news for the industry and Blykalla. They highlight the important role SMRs will play in the energy transition, especially in providing clean energy to data centers and industries,” says Mikael Fraenkel, CFO of Blykalla.
Fraenkel further stresses how these tech giants’ moves spotlight the increasing recognition of advanced reactor technologies, particularly those that use alternative coolants to water.
Google kicked off this week’s energy trend with a deal with Kairos Power to generate 500 MW of clean nuclear power by 2030, aligning with its net-zero emissions goal for data centers. Following closely, Amazon on Wednesday announced a partnership with Dominion Energy and Energy Northwest to similarly invest in SMRs to meet its 100% renewable energy target by 2030.
The rising demand for carbon-free power for data centers and AI operations opens new doors for SMR technologies.
Blykalla, which builds on IP from research at KTH in Stockholm, raised $15 million in an A-round earlier this year and aims to secure an additional $30 million to begin constructing their first SMR reactors. Fraenkel recently visited Silicon Valley to engage with potential American investors.