Industrikraft and Vattenfall take another step toward new nuclear power in Sweden

Industrikraft in Sweden AB was established in June 2024 to support the expansion of Swedish electricity supply. Industrikraft and Vattenfall have signed an agreement allowing further steps to a joint investment and collaboration enabling the development of new nuclear power in Sweden. 

The following companies within Industrikraft – ABB, Alfa Laval, Boliden, Hitachi Energy, Höganäs AB, Saab, Stora Enso, SSAB, and the Volvo Group – are entering the next phase of becoming shareholders with a 20 percent stake in Videberg Kraft AB. The agreement between Industrikraft and Vattenfall will allow the parties to take the next step to enable new nuclear power at Ringhals. The discussions covered several areas such as responsibility issues, influence, and financing.

Next step 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 project company.

– Industrikraft and Vattenfall have reached a mutual understanding 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, the industry contributes with resources and capabilities in project execution and selection of technologies. Swedish technology plays a key role in a competitive environment to drive the development of a strong supplier cluster in Europe.

– It is very positive news 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.