Sweden's Blykalla seeks approval to construct six small reactors as part of its nuclear resurgence.

Swedish nuclear company Blykalla announced on Monday that it has submitted an application to construct six small modular reactors near Gavle, in response to the government’s initiative to promote nuclear technology.

Blykalla is working on reactors with a capacity of 55 megawatts, utilizing an updated lead-cooling technology originally developed for Russian submarines in the 1950s, with hopes of commencing electricity generation by the early 2030s.

"Forty-six years ago, Sweden made a strategic error by attempting to phase out nuclear energy," stated Blykalla CEO Jacob Stedman to the media. "We now have an opportunity to regain our leadership in this area." The company is developing the reactor in the U.S. and is awaiting regulatory approval.

The right-wing government in Sweden is revamping energy policies to reestablish nuclear power as a pivotal component, claiming that only this technology can address the anticipated doubling of energy demand by 2045 as industries and transportation move away from fossil fuels.

European leaders have supported small modular reactors as a rapid and cost-effective solution to achieve climate goals and enhance energy security, which has become crucial due to disruptions in energy supply from ongoing conflicts in Ukraine and the Middle East. However, critics argue that renewable sources, such as onshore wind, would be more affordable and quicker to implement.

The government has lifted restrictions on reactor locations, streamlined the regulatory framework, and proposed financing up to 5,000 MW of new capacity through low-interest loans and long-term price guarantees. This represents a significant shift from 1980, when Sweden held a referendum to begin phasing out nuclear energy, resulting in the closure of six out of twelve reactors.

If approved, Blykalla plans to construct a nuclear park capable of generating around 330 MW of electricity, sufficient to supply power to 150,000 homes. The company indicated it would seek government funding "soon," but did not disclose the estimated cost of the project.

Blykalla is the second developer to request government permission for a reactor park, following Karnfull Next, which announced in March its intention to build four to six small modular reactors on Sweden's southwest coast.