Fortum and Westinghouse to explore possibilities for new nuclear in Finland and Sweden

Fortum and Westinghouse Electric Company, one of world's leading suppliers of safe and innovative nuclear technology, have signed a Memorandum of Understanding (MoU) to explore prerequisites for the development and deployment of new nuclear in Finland and Sweden.

Any potential investment decisions will be made at a later stage.

At Fortum, our strategic priorities are to deliver reliable clean energy and drive decarbonisation in industries in the Nordics. We are excited to extend our cooperation and explore the potential and prerequisites for new nuclear in Finland and Sweden with Westinghouse Electric Company,' says Petra Lundstrom, Executive Vice President, Nuclear Generation at Fortum.

'Fortum is a leader in providing safe, clean and reliable nuclear energy for the people of Finland and Sweden, as well as an important customer for our fuels and services businesses supporting Fortum's existing operating plants,' says David Durham, President of Westinghouse Energy Systems.

We are thrilled to collaborate with Fortum to bring our proven and industry-leading, advanced passive safety nuclear technology to the Nordic region, delivering added energy security for many generations to come,' he continues.

In addition to large nuclear power plants, Westinghouse is currently in the process of developing an SMR reactor and the company estimates that the first operating unit would be available in 2033.

This new MoU is related to Fortum's Nuclear Feasibility Study launched in November 2022. During the two-year programme, Fortum explores commercial, technological, and societal, including political, legal, and regulatory conditions both for small modular reactors (SMR's) and conventional large reactors in Finland and Sweden. The study also investigates new partnerships and business models. In addition to Westinghouse Electric Company, Fortum has made cooperation agreements with Korean KHNP, British Rolls-Royce SMR, French EDF, Swedish Karnfull Next and Finnish Outokumpu and Helen.

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Fortum

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our 5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com

Westinghouse Electric Company

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies and services globally. Westinghouse supplied the world's first commercial pressurized water reactor in 1957 and the company's technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle.