Vattenfall and Industrikraft sign agreement for new nuclear power in Sweden

Industrikraft in Sweden AB was formed in June 2024 to support the expansion of the Swedish electricity supply. Industrikraft is now entering the next phase of nuclear power investment with the following companies - ABB, Alfa Laval, Boliden, Hitachi Energy, Höganäs AB, SSAB, Saab, Stora Enso, and the Volvo Group.

Vattenfall and Industrikraft have now signed an agreement that allows the parties to progress in enabling new nuclear power on the Värö Peninsula at Ringhals. The agreement covers various areas such as responsibilities, influence, and financing.

The next step in the collaboration is for Industrikraft to become a 20 percent shareholder in Videberg Kraft AB. The government has previously announced that the state also intends to become a shareholder in the company.

“Industrikraft and Vattenfall have reached consensus on the most important issues”, says Tom Erixon, chairman of Industrikraft and CEO of Alfa Laval. In a first step, Industrikraft will invest SEK 400 million in the project. In addition to co-financing the project company, the industry contributes with resources, expertise in project management and selection of technologies. Swedish technology has a place in a competitive environment to drive the development of a strong supplier cluster in Europe.

“It is very positivenews that Vattenfall and Industrikraft are now taking the next step to move the project forward together. The industry is an important partner in enabling new nuclear power in Sweden. The commitment and willingness of these companies to co-own the project on the Värö Peninsula is a sign that there will be a demand for the new fossil-free electricity production capacity. In the next step, Videberg Kraft AB is working to prepare an application for state risk-sharing”, says Anna Borg, CEO of Vattenfall.