Fermi Energia has raised €260 000 in its first round of funding from five investors and shareholders. Fermi Energia wants to develop Europe's first small modular reactor.
The money will be used by the end of the year to prepare an analysis on the "Suitability of a small modular reactor to secure Estonia's energy supply and meet the 2030+ climate targets", ITuudised.ee reported.
According to Sandor Liive, chairman of the Fermi Energia board, Estonia has no other option than nuclear energy to ensure security of supply as oil shale energy production is decreasing.
"Only small reactors are suitable for Estonia, and fourth-generation reactors are a serious possibility by 2030, if Estonia can figure out the procedures and technologies," he added.
According to Liive, Estonia may become the first European Union country to develop a small modular reactor, World Nuclear News reported.
"We are very happy with the way the Estonian public, politicians and the investment community have embraced the development of a small modular reactor for Estonia," Liive said.
Kalev Kallemets, head of Fermi Energia, added that the company has not selected a specific supplier, as all small modular reactor models are still going through licensing procedures.
"Moltex Energy's announcement in March that Fermi Energy had selected its modular reactor model as one of the preferred ones is completely untrue. Fermi Energy is also analysing the NuScale SMR, Terrestrial Energy ISMR-400 and GE Hitachi BWRX-300 in its feasibility study," he said.
In March, Fermi Energy announced that it had signed a Memorandum of Understanding (MoU) with the British company Moltex Energy to work jointly on the feasibility of a Moltex reactor.
According to Moltex Energy, Kallemets said the company's ambition is to build Europe's first fourth-generation small modular nuclear reactor in Estonia. It could be ready in the early 2030s, he said.
Simon Newton, Moltex Energy's Development Manager, added that Estonia is the perfect location for a new energy source.
The new generation of nuclear power plants would be 20 times smaller than the previous ones, but would have the same capacity.
Moltex Energy develops molten salt reactors. They will produce energy using fast neutrons, fueled by nuclear waste already generated. The whole reaction takes place at atmospheric pressure. The reactor cannot overheat without cooling. As the temperature rises, the rate of nuclear reaction starts to fall. This would make it easier and cheaper to build.
Founded in February, Fermi Energia's main shareholders are Kalev Kallemets, former deputy director of the Estonian Geological Survey, with a 40 percent stake, Sandor Liive, former head of Eesti Energia, with 26 percent, and Henri Ormus, a 20 percent graduate of the Royal Swedish Institute of Technology's nuclear energy programme. The ownership circle also includes Mati Yeltsov, Kaspar Kööp and Mait Müntel.
First published on 01.09.2019 on ERR news portal. Editor: Merili Nael