Fermi Energia

What Fermi Energia does

Fermi Energia AS is an Estonian privately held nuclear development company founded in 2019 and headquartered in Tallinn. The company is developing Estonia's first nuclear power program, with the objective of deploying two-to-four GE Hitachi BWRX-300 boiling water small modular reactors (300 MW each, totaling 600–1,200 MW) at the Madala site near Kunda port in Viru-Nigula municipality. The BWRX-300 is a Generation III+ passive-safety reactor whose first reference unit is under construction at Darlington, Ontario, Canada, targeted for 2028. Fermi selected the BWRX-300 in 2023 after evaluating over 50 SMR designs with Tractebel, citing 40+ years of Nordic boiling water reactor experience as the key technical rationale.

Fermi operates a pre-commercial project-development business model. Current cash inflow is limited to a €1.7 million capital raise completed in 2023 and a South Korean government-funded pre-feasibility study awarded in December 2025; the company is pre-revenue with no electricity generation. Forward revenue is intended to come from long-term power purchase agreements (PPAs) at a target price of €80–90/MWh with Estonian industrial buyers, with the state expected to take a significant equity stake in the operator (supported by 78% of respondents in a January 2026 Kantar Emor survey). Pricing is structured to cover full lifecycle costs including construction, fuel (5–6% of electricity price), staff training, waste management, decommissioning, and regulator fees.

The company's go-to-market is government-relations and enterprise sales-led, anchored on legislative milestones (Nuclear Energy Act adopted 17 June 2026, regulator commencing 1 January 2027), a conditional municipal land agreement for the Madala site (May 2026), and an ecosystem of execution partners including TVO Nuclear Services (Finnish operator consulting), Aecon (Darlington construction reference), Samsung C&T (South Korean pre-feasibility), and OPG (operational readiness). Fermi also runs public-engagement programs — annual nuclear conference, Fermion Summer School, Reactor Friday lectures, the Atomic Room in Kunda, scholarships, and Kantar Emor polling — to build and sustain the 71% public support rate that underpins the political viability of the project.

Name

Fermi Energia

Legal name

Fermi Energia AS

Website

https://fermi.ee

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Fermi Energia is a privately held Estonian nuclear development company founded in 2019, developing Estonia's first nuclear power plant using 2–4 GE Hitachi BWRX-300 small modular reactors (600–1,200 MW) at the Madala site near Kunda, with planned long-term PPA electricity sales to Estonian industry.

Ownership category

akta.pro rank

Product category

Nuclear Power Generation / Small Modular Reactor Development

NAICS

Nuclear Electric Power Generation (221113), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Engines & Turbines (3510)

akta.pro primary industry

Small Modular Reactor (SMR) Power Generation (EUACADAF)

akta.pro secondary industry

Small Modular Reactor (SMR) Platforms & Balance-of-Plant Integration (EUAKADAA)

Keywords

• Small modular reactors
• Nuclear power development
• Baseload electricity
• Carbon-free generation
• Energy infrastructure

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Electricity Sales (Power Purchase Agreements): Fermi Energia plans to sell electricity from the Estonian nuclear power plant to Estonian businesses and eventually households via long-term power purchase agreements (PPAs). The target selling price is €80–90/MWh. The price covers all life-cycle costs including staff training, waste management, decommissioning, and regulator fees. The company is currently inviting Estonian businesses to sign memoranda for future long-term electricity contracts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels9 records

Core offering

Fermi Energia is developing Estonia's first nuclear power plant using new-generation GE Hitachi BWRX-300 boiling water small modular reactors (SMRs), planning to build two to four 300 MW reactors (600–1,200 MW total) to supply carbon-free, weather-independent baseload electricity. The company's near-term offerings comprise pre-feasibility studies, site-selection and regulatory advisory work, training and educational programs (e.g., Fermion Summer School), and long-term electricity sales via power purchase agreements targeting €80–90/MWh.

Product overview

Fermi Energia is developing Estonia's first nuclear power plant program using new generation GE Hitachi BWRX-300 small modular reactors (SMRs). The company plans to build two 300 MW reactors (totaling 600 MW, expandable to 1200 MW with 2-4 reactors) to provide carbon-free, weather-independent electricity production. The portfolio includes the core nuclear power plant development project, the BWRX-300 technology (selected in 2023 as reference technology from Canada's first-of-its-kind project), pre-feasibility studies covering technology assessment and site selection, consulting services from TVO Nuclear Services, and educational programs like the Fermion Summer School. The project timeline extends from 2019 through potential commercial operation by 2031-2035.

Differentiator

Problem solved

Functional benefit

Products and services

• Nuclear Power Plant Development (Estonia) End-to-end development of a nuclear power plant project in Estonia using GE Hitachi BWRX-300 small modular reactors, covering site selection at Madala (Viru-Nigula municipality), regulatory licensing framework establishment, construction planning, and eventual electricity supply of 600–1,200 MW to Estonian consumers via long-term PPAs at €80–90/MWh.
• Long-Term Electricity Sales (Power Purchase Agreements) Long-term power purchase agreements (PPAs) for sale of nuclear-generated electricity to Estonian businesses and industrial consumers, with target pricing of €80–90/MWh covering all lifecycle costs (construction, fuel at 5–6% of price, waste management, decommissioning, regulator fees). Commercial supply is contingent on plant commissioning.
• Pre-feasibility and Site Selection Studies Comprehensive pre-feasibility studies covering SMR technology assessment, economic impact analysis, fuel cycle requirements, waste management solutions, safety parameters, licensing principles, and cooling water availability for Estonia's nuclear program. Includes studies produced in cooperation with partners such as Tractebel, Deep Isolation, Sweco, Skepast&Puhkim, Steiger Engineering, and Samsung C&T (with South Korean government funding).
• Fermion Summer School Annual 3-day summer school educational program for students and young professionals interested in nuclear energy, providing foundational knowledge about nuclear power and career pathways in the Estonian nuclear sector. Complemented by the autumn Reactor Route school at Tallinn University of Applied Sciences Mõdriku Institute.

Quantifiable outcome

• 71% of Estonians support nuclear power plant preparations (January 2026, highest since 2019)
• +8 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• TVO Nuclear Services (TVONS)coreImplementation/ SI/ Consulting Partner · 17 February 2026TVONS, a wholly-owned subsidiary of Finnish nuclear operator Teollisuuden Voima Oyj (TVO), signed a framework agreement with Fermi Energia to act as consultant on the Estonian SMR project. TVONS brings experience from the Olkiluoto nuclear plant (operating since 1978) and the recently completed Olkiluoto 3 project. Its expertise covers project initiation, permitting, supply model evaluation, construction support, and commissioning readiness. TVONS will help ensure the project meets international requirements and safety standards.
• Samsung C&T Engineering & Construction GroupcoreTechnology or Integration · 18 December 2025Samsung C&T, in collaboration with Fermi Energia, was selected for South Korean government funding for a pre-feasibility study on BWRX-300 deployment in Estonia. Samsung C&T is also working with GE Vernova Hitachi on strategic global BWRX-300 projects including Sweden. The partnership provides international validation of the BWRX-300 for Estonia through a government-funded study.
• Aecon Group Inc.coreStrategic or Co-development Partner · 16 September 2025Fermi Energia and Aecon signed a teaming agreement to advance SMR deployment in Estonia. Aecon is a major Canadian construction company currently building the world's first BWRX-300 at Darlington, Ontario. Aecon is responsible for constructing the reactor building using innovative modular steel-and-concrete methods. The partnership leverages Aecon's hands-on BWRX-300 construction experience directly for the Estonian project.
• Skepast&Puhkim OÜ and Steiger Engineering Bureau (joint tender)minorImplementation/ SI/ Consulting PartnerJoint tender of Estonian companies Skepast&Puhkim OÜ and Steiger Engineering Bureau won the public procurement for the nuclear power plant planning consultant, advising the Ministry of Climate on site pre-selection, impact assessment, and Phase 1 of the national special plan.
• Norte Korea (Engineering Firm)minorImplementation/ SI/ Consulting PartnerConducted a preliminary feasibility study for the new Madala site in Kunda, funded by KIND (KredEx). The study confirmed Madala as the most suitable site among all options considered for the nuclear plant.
• SwecominorImplementation/ SI/ Consulting PartnerConducted a cooling water study for the Madala site, contributing to site suitability assessment. Sweco is a European engineering consultancy.
• Tractebel (Belgian Nuclear Engineering Company)coreTechnology or IntegrationTractebel, a Belgian nuclear engineering company, conducted the comparative SMR technology assessment in 2020 that helped Fermi Energia pre-select the most suitable SMR technology for Estonia. The company evaluated over 50 SMR designs and contributed to the technology selection process.
• Ontario Power Generation (OPG)coreTechnology or IntegrationOPG is building the world's first BWRX-300 reference plant at Darlington, Ontario (targeting 2028 commissioning). Fermi Energia Kallemets visited Darlington in April 2026 and met with OPG, confirming OPG is ready to provide operational readiness services for the Estonian project. OPG's experience from its CANDU reactor modernization program (8,780 documented lessons) is being applied to SMR construction.
• GE Hitachi Nuclear Energy (BWRX-300)coreTechnology or IntegrationGE Hitachi is the technology provider for the BWRX-300 reactor. The company selected BWRX-300 in 2022 after requesting bids from three SMR developers. GE Hitachi's BWRX-300 is becoming an international standard — adopted by Poland (~20 reactors), Estonia, and US (TVA).
• KSU (Swedish Nuclear Power Plant Operator Training Provider)minorImplementation/ SI/ Consulting PartnerFermi Energia and KSU (the Swedish provider of training for nuclear power plant operators) signed an agreement in January 2024 to create a joint training program for the Estonian nuclear workforce.
• Estonian Academy of SciencesminorImplementation/ SI/ Consulting PartnerThe Estonian Academy of Sciences, in partnership with Fermi Energia, established the Anto Raukas Scholarship for nuclear energy studies, supporting the development of Estonian nuclear expertise.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Terrestrial Energy: Canadian molten-salt reactor developer (Integral MSR); comparable pre-revenue SMR/advanced-reactor developer pursuing regulatory approvals in Canada/UK and industrial offtake partnerships, with similar first-of-a-kind execution profile.
• Last Energy: US/European SMR developer focused on small, factory-built LWRs for European industrial and national utility buyers; comparable in pursuing siting, licensing, and PPA-led commercial model in Europe.
• NuScale Power: US SMR developer commercializing its VOYGR light-water SMR; like Fermi, it is a pre-revenue project developer pitching SMRs to national utilities, with first-of-a-kind reference projects and reliance on licensing, government support, and long-term PPAs.
• Rolls-Royce SMR: UK-based SMR developer building a 470 MW pressurized-water SMR for deployment at home and abroad; directly comparable in business model — selecting a reference design, raising capital for fleet deployment, securing government and offtake backing.
• X-energy: US developer of the Xe-100 high-temperature gas-cooled SMR; comparable pre-commercial SMR venture pursuing licensing, demonstration projects, and industrial off-takers in the same first-wave SMR deployment timeline as Fermi.
• Holtec International: Developer of the SMR-160 LWR and owner/manufacturer of nuclear fuel-cycle equipment; comparable as a vertically integrated SMR project developer targeting utility-scale deployment in similar timeframes to Fermi.

Emerging players

• Kairos Power: US developer of the fluoride-salt-cooled high-temperature reactor (Hermes/Flibe); overlaps with Fermi as a non-LWR advanced-reactor developer pursuing first-of-a-kind demonstrations and licensing.

Broad incumbents

• Westinghouse Electric Company: Major Western nuclear OEM providing AP1000 and AP300 (SMR) designs; comparable as a broad incumbent offering competing SMR and large LWR technologies and competing for new-build projects in Europe.
• Framatome: French nuclear OEM with EPR and Nuward SMR offerings; a broad incumbent pursuing European SMR deployment alongside its large-reactor business, competing for the same European utilities and governments that Fermi targets.
• GE Hitachi Nuclear Energy (GE Vernova): Vendor and designer of the BWRX-300 chosen by Fermi; comparable as a broad nuclear OEM involved in new-build, services, and SMR commercialization, and also a key Fermi's technology partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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Frequently asked questions about Fermi Energia