US venture investor Last Energy has made an investment in Fermi Energia, which is planning to build a small modular reactor in Estonia.
"Last Energy's investment, together with the contribution of Estonian investors during 2020, will help to carry out studies on the best location for the plant, licensing and construction processes. These studies will be carried out by Fermi Energia's partners Fortum, Vattenfall and Tractebel, in cooperation with Estonian experts, and the results will be available by January 2021," explained Kalev Kallemets, CEO of Fermi Energia, adding that the construction of the nuclear power plant will be preceded by extensive analyses in very different areas.
For example, Kallemets said that, based on Estonian expertise and world-class know-how, Fermi Energia's analyses have already confirmed that a small modular reactor plant could in the future provide not only the best-priced emission-free electricity but also a more affordable and environmentally friendly industrial and district heating source than gas or biomass boilers.
"Taking into account the EU's climate neutrality objective and the separation of the Baltic States from the Russian electricity system from 2025, Fermi Energia will continue the necessary activities for the commissioning of the small modular reactor in order to ensure maximum benefits for Estonia, the people living in the vicinity of the plant, energy consumers and investors," Kallemets noted.
Last Energy is a venture capital fund launched in early 2020 by the Energy Impact Center, a Washington, D.C.-based research institute exploring ways to reverse climate change. Bret Kugelmass, the firm's leader, is a technology and robotics expert in the climate and energy fields.
Kugelmass stressed that nuclear energy is the only technology capable of generating enough electricity with virtually zero carbon emissions to meet the world's growing energy demand. According to Kugelmass, the world will need 100 times more nuclear power than is currently in production to meet climate targets.
Last Energy acts as an intermediary between private capital markets and small modular reactor development opportunities for researchers worldwide, investing in companies introducing new reactor technologies.
Fermi Energia is a company founded by Estonian nuclear and energy professionals to study and prepare for the introduction of a new generation of small modular reactors in Estonia in the late 2020s.
Photo by Bret Kugelmass and Kalev Kallemets podcast "Titans of the Nuclear" on the record