The Swedish government announced on Friday its intention to purchase a 60% stake in nuclear power development company Videberg Kraft AB. This move aims to advance the construction of a new generation of nuclear reactors in the country, which will replace aging atomic power plants.

The government will seek parliamentary approval to complete the share acquisition in phases between 2026 and 2027. It plans to inject 1.8 billion Swedish kronor (approximately $195 million) into the company. Furthermore, the government has requested authorization to provide up to an additional 34.3 billion kronor in funding support during the construction phase of the new reactors, contingent on other shareholders contributing proportionally.

Videberg Kraft is a project company established by Swedish state-owned energy giant Vattenfall specifically for building new nuclear reactors. The project's goal is to construct new reactors with a total capacity of around 1,500 megawatts near the existing Ringhals nuclear power plant in Varberg, southwestern Sweden.

The project is currently evaluating two potential technology suppliers. One option involves five BWRX-300 small modular reactors from GE Vernova Hitachi. The other option is three similar reactors from Rolls-Royce SMR. A final decision on the supplier is expected within 2026.

Prior to the government's involvement, Vattenfall held an 80% stake in Videberg Kraft. The remaining 20% was owned by a consortium of Swedish industrial companies called 'Industrikraft,' which includes firms like ABB, Alfa Laval, Volvo, and SSAB.

Following the government's investment, the new ownership structure will be: the state holding 60%, with Vattenfall and Industrikraft each retaining 20%. The government stated that this step is designed to share the construction risks that the private sector is unwilling to bear alone. Deputy Prime Minister and Minister for Energy and Industry Ebba Busch emphasized, "Sweden is a nuclear power nation, and we are now taking the next step to clarify the state's role and responsibility in the further development of nuclear power."

As a supporting measure, the government also plans to establish a new system for handling radioactive waste. The estimated fixed cost for this system is around 122 billion Swedish kronor, which will be shared by all operators investing in new nuclear power.

This initiative is a key component of Sweden's plan to build the equivalent of ten full-scale new nuclear reactors by 2045.