EIB invests in first modular nuclear reactor
On?Tuesday it announced that the European Investment Bank was making its first investments?into small modular nuclear reactors as Europe raced to develop the next generation of nuclear energy technologies.
The small modular reactor (SMR) is a new nuclear technology which has attracted the interest of data centres and other industries that are looking for a low-carbon, 24/7 energy supply.
The SMR reactors have a capacity of 300 megawatts, as opposed to 1 gigawatt in conventional plants. They can be manufactured and shipped anywhere around the globe,?promising to be a more flexible, faster way to increase nuclear energy production.
The EIB has announced that it will lend EUR40 million ($46.18million) to the Finnish startup Steady Energy. This company is developing a small, modular reactor for producing heat in order to create a district heating network.
An?official' said that the loan was the?first of a planned pipeline of SMR investment by the EIB.
The concept for the 50 megawatt reactor is still at the concept stage. It will use the existing technology of light water reactors, where water modifies the nuclear chain reaction while cooling the reactor. The reactor is designed to be underground to improve its security.
At the moment, there are only two commercial SMRs in operation in Russia and China. The European Commission is hoping that Europe will have its first SMRs operational by early 2030s.
"The EIB’s support for nuclear?sends a?positive signal to investors," said Emmanuel Brutin. He is the head of 'industry association nucleareurope.
EU countries have been at odds over the promotion of atomic energy for a long time. This reflects a split in member states like France and Sweden, who have nuclear power plants.
The EU budget does not fund nuclear plants directly, but the EIB's loan to Steady Energy is backed by the EU budget.
According to the International Atomic Energy Agency, more than 80 SMR designs have been developed worldwide.
(source: Reuters)
