Chief Executive Jacob Stedman said discussions with government officials are expected to begin soon as the company seeks financial backing for its flagship nuclear project.

While Stedman declined to reveal the exact amount of funding being requested, he acknowledged that projects of this scale typically require investment running into billions of Swedish kronor.

At the heart of Blykalla’s vision is a 55-megawatt small modular reactor that uses an advanced version of lead-cooling technology. Interestingly, the concept traces its roots back to technology originally developed for Soviet nuclear submarines during the 1950s.

The company plans to build a reactor park capable of generating around 330 megawatts of electricity — enough to supply approximately 150,000 homes. If regulatory approvals proceed as expected, power generation could begin during the first half of the 2030s.

Before construction can move forward, the project must secure approvals from the Swedish government, the national nuclear regulator, environmental courts, and the European Union.

The development comes as Sweden accelerates efforts to strengthen energy security and prepare for a future in which electricity demand is expected to double by 2045.

Faced with growing concerns over investment risks and high construction costs, many private investors have remained cautious about large-scale nuclear projects. In response, the Swedish government has stepped in with one of the most ambitious nuclear support packages in Europe.

The plan includes loans worth up to 440 billion kronor (about $47 billion), 40-year electricity price guarantees, and financial support for nuclear waste management. Stockholm is also seeking to encourage at least 5,000 megawatts of new nuclear capacity.

In a separate move, the government plans to acquire a majority stake in the nuclear development arm of state-owned utility Vattenfall, with funding support of up to 34 billion kronor.

Supporters argue that expanding nuclear power is essential to ensure reliable, carbon-free electricity as industries electrify and energy demand rises.

Critics, however, question the economics of the strategy. They contend that renewable alternatives such as offshore wind farms can be built more quickly and at a lower cost. Some analysts also dispute long-term demand forecasts, noting that Sweden’s overall electricity consumption has remained relatively stable since the 1990s due to energy-efficiency improvements.

Despite the debate, Sweden’s broader ambition remains clear: adding enough nuclear capacity by 2045 to match roughly ten full-sized reactors, complementing the country’s existing six operating units.

The push is particularly notable because Sweden already operates one of the cleanest electricity systems in the world, with around 98 percent of its power generated from fossil-fuel-free sources, primarily hydropower, nuclear energy, and wind power.

For Sweden, the question is no longer whether clean energy is needed. The debate is increasingly about which clean energy technologies will power the next generation of economic growth.