Energy, Estonia, Innovations, Technology

The two companies have signed a memorandum of understanding which expresses their intention to work together, including a feasibility study for the siting of a Moltex advanced reactor and the development of a suitable licensing regime, the companies said.

Kalev Kallemets, CEO of Fermi Energia, said that the company's ambition is to deploy the first fourth generation small modular reactor in the EU, here in Estonia, by the early 2030s. "We are delighted to be working closely with Moltex Energy on this vital project. It is important for Estonia to have its own source of clean, cheap energy and Moltex's innovative technology has huge potential for us," Kallemets said.

"Estonia is a vibrant, entrepreneurial and forward-looking economy and is the perfect place to benefit from the Moltex Stable Salt Reactor technology. We look forward to working closely with Fermi Energia, who share our vision of a carbon-free and low-cost grid," Simon Newton, business development director at Moltex, said.

Estonia generates the majority of its power from oil shale but according to Moltex, this fossil fuel capacity will have been mostly retired by 2030. Wind power in the Baltic provides some potential, but the country needs an alternative, reliable power source if it is to remain self-sufficient in energy. Estonia's neighbors Latvia, Lithuania and Finland are all net importers of electricity and so clean and safe power generation in Estonia would represent an improvement in energy security for the whole region.

Founded in February of this year, Fermi Energia's major owners include deputy director of the Geological Survey of Estonia Kalev Kallemets with a 40% holding, former CEO of state-owned energy group Eesti Energia Sandor Liive with 26% and 20% is owner by Henir Ormus, who has graduated from the master's program in nuclear energy engineering from the KTH Royal Institute of Technology in Stockholm. The circle of owners also includes Mati Jeltsov, Kaspar Koop and Mait Muntel.