Fermi Energia has raised €1.7 million and appointed a new council

Fermi Energia AS has raised €1.7 million from seven new private investors in Estonia, its current shareholder Vattenfall AB and 75 existing investors from the Funderbeam platform. The funding will be used for preliminary studies, cost estimation, and preparation for a planning application for the construction of the small reactor. Fermi Energia has also agreed with Vattenfall AB to provide training and fuel supply services.

“Current and additional funding decisions prove that Estonian investors and Vattenfall AB take seriously the possibility of decarbonizing Estonia and the Baltics through reliable power generation through SMRs. As far as we know, there are no other projects in the Baltics that could replace the large fossil fuel power generation capacities. If the government decides to move forward in the case of a positive conclusion of the working group of nuclear power, this will send a strong signal for the attraction of additional capital for the next stages of construction of SMRs,” said Kalev Kalemets, CEO of Fermi Energia AS.

By the decision of the general meeting, was elected the new council of Fermi Energia. Sandor Liive, Mait Müntel and Vattenfall AB’s representative Björn Lennart Linde will continue as council members. In addition, Ando Leppimann was elected as a new independent council member.