Norsk Kjernekraft

What Norsk Kjernekraft does

Norsk Kjernekraft AS is a privately held Norwegian nuclear energy developer founded in 2022 and headquartered in Bergen, with a secondary office in Kristiansand. The company is pursuing the establishment of small modular reactor (SMR) based nuclear power in Norway, sourcing reactor technology from international suppliers including Rolls-Royce SMR, GE Hitachi, Seaborg (molten salt), and X-Energy/DL Energy (pebble bed). It operates through ten regional subsidiary companies — covering Aure/Heim, Halden, Øygarden, Lister, Dalane, Grenland, Fensfjorden/Mongstad, Narvik, Varanger/Vardø, and Vardø — each partnered with a host municipality and often a regional energy utility.

The company has assembled a team spanning nuclear physics, regulatory affairs (including a former DSA senior advisor), engineering, and public communications, and has secured cooperation agreements with research and operational partners such as IFE, TVONS, KSU, and Sweco. In February 2026 the Norwegian government approved the impact assessment program for the Trondheimsleia (Aure/Heim) project, the first such approval in Norwegian history. NK is privately funded by Norwegian industrialists including M Vest Invest (Trond Mohn and Lars Mollestad), GC Rieber, Jakob Hatteland, Espen Nordhus, and Arne Blystad, and operates without government subsidies.

The intended business model is to build, own, and operate SMR power plants and sell electricity through long-term power purchase agreements (PPAs) to energy-intensive industrial customers such as Glencore Nikkelverk and Mo Industripark. Plants are designed for up to 100 years of operation with capacities in the 1,200-1,500 MW range per site and 10-12.5 TWh annual output, with a full-pipeline potential of nearly 100 TWh (roughly 8% of Norway's total electricity production). The first SMR is targeted for commercial operation by 2035.

Name

Norsk Kjernekraft

Legal name

Norsk Kjernekraft AS

Website

https://norskkjernekraft.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Norsk Kjernekraft is a privately held Norwegian developer building small modular nuclear reactors (SMRs) through ten regional subsidiaries, targeting long-term power purchase agreements with energy-intensive industrial customers and aiming for first SMR operation by 2035.

Ownership category

akta.pro rank

Product category

Nuclear Power Generation

NAICS

Nuclear Electric Power Generation (221113)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Small Modular Reactor (SMR) Power Generation (EUACADAF)

akta.pro secondary industries

Small Modular Reactor (SMR) Platforms & Balance-of-Plant Integration (EUAKADAA), Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC), Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB)

Keywords

• Small modular reactors
• Nuclear power generation
• Power purchase agreements
• Clean energy production
• Nuclear plant development

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Sales via PPAs: Norsk Kjernekraft generates revenue through long-term power purchase agreements (PPAs) with industrial customers requiring stable and competitive energy supply. The company plans to build, own and operate SMR nuclear power plants and sell electricity directly to customers. Revenue is derived from electricity production and sales over the operational lifetime of power plants.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Norsk Kjernekraft develops and plans to build, own, and operate small modular nuclear reactor (SMR) power plants in Norway using proven technology from international suppliers. The company sells electricity directly to industrial customers and municipalities through long-term Power Purchase Agreements (PPAs), targeting up to 100 TWh of new climate-friendly, weather-independent baseload electricity production across ten regional subsidiary projects.

Product overview

Norsk Kjernekraft is a commercial company working to establish nuclear power in Norway based on Small Modular Reactors (SMR) and proven technology from international suppliers. The company operates through multiple subsidiary companies (Halden Kjernekraft, Trondheimsleia Kjernekraft, Øygarden Kjernekraft, Lister Kjernekraft, Dalane Kjernekraft, Fensfjorden Kjernekraft, Varanger Kjernekraft, Grenland Kjernekraft, Narvik Kjernekraft) each focused on specific geographic locations. The portfolio includes nuclear power plants ranging from 1200-1500 MW capacity with 10-12.5 TWh annual production, off-grid solutions for industrial applications, and long-term power purchase agreements. The company aims to deliver stable, predictable, and climate-friendly electricity without subsidies, with plants designed to operate for up to 100 years.

Differentiator

Problem solved

Functional benefit

Products and services

• Small Modular Reactor (SMR) Power Plants Small modular nuclear reactors (SMR) built using proven technology from international suppliers including Rolls-Royce SMR, GE Hitachi SMR, and Seaborg's molten salt reactors. Designed to deliver stable, predictable, climate-friendly baseload electricity and heat to Norwegian industrial customers and society. Planned capacity of 1200-1500 MW with 10-12.5 TWh annual production per site, operational lifetime up to 100 years.
• Long-term Power Purchase Agreements (PPAs) Long-term power purchase agreements negotiated directly with industrial customers requiring stable, high-volume, competitively priced electricity supply. Pricing is individually negotiated based on volume, contract duration, and project-specific factors; terms are not publicly disclosed.
• Off-grid SMR Solutions for Industry SMR plants built off-grid adjacent to industrial sites requiring reliable power and heat, such as data centers and hydrogen production facilities. Co-location enables dedicated supply without dependency on the grid.

Quantifiable outcome

• Up to 100 TWh new electricity production if all projects are fully realized
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

19 partnerships are on record, tiered core and minor.

• Lyngdal and Farsund kommunercoreStrategic or Co-development Partner · 1 September 2025Municipalities become co-owners in Lister Kjernekraft AS. Full build-out planned for 1500 MW capacity and 12.5 TWh annual production in Lister region.
• EU SMR AlliancecoreOthers · 1 May 2024Norsk Kjernekraft accepted as member of European Industrial SMR Alliance, meeting strict requirements for safety and waste management. Despite Norwegian government declining the invitation, Norsk Kjernekraft applied independently and was approved.
• Sweco Norge ASminorImplementation/ SI/ Consulting Partner · 25 April 2024Norwegian supplier selected for first nuclear power assessment in Norway. Sweco providing technical assessment services for Øygarden Kjernekraft AS project.
• DL Energy (DL Group)coreStrategic or Co-development Partner · 24 April 2024Intensjonsavtale with South Korean DL Energy, part of DL Group with 15,000 employees and assets over 260 billion NOK. DL Group has built nuclear power plants with annual production of 83 TWh. Agreement includes potential nuclear power plant at Mongstad area in collaboration with X-Energy.
• Øygarden kommunecoreStrategic or Co-development Partner · 4 April 2024Cooperation with Øygarden municipality for environmental assessment at Kollsnes industrial area. 250-dål site owned by former mayor with capacity for 5 SMR units totaling 12.5 TWh potential production.
• NorconsultminorImplementation/ SI/ Consulting Partner · 4 April 2024Intensjonsavtale signed with Norconsult for engineering and consulting services related to nuclear power plant assessment work.
• Deep Borehole Disposal PartnersminorStrategic or Co-development Partner · 26 January 2024Collaboration on development of deep-borehole disposal facilities for long-lived radioactive waste. Addresses both Norwegian research reactor waste and future nuclear power plant waste management needs.
• NHO and AbeliaminorOthers · 22 January 2024Company became member of NHO (Norwegian Employers' Confederation) and Abelia (NHO's association for technology and knowledge companies). Membership provides networking and advocacy opportunities.
• Maritimt Forum SørminorOthers · 19 January 2024Company became member of Maritimt Forum Sør (Maritime Forum South), an interest organization with 750 members representing the Norwegian maritime industry. Provides networking with maritime sector for green transition collaboration.
• KSU (Kärnkraftsäkerhet och Utbildning)coreStrategic or Co-development Partner · 20 December 2023MOU with Swedish KSU for collaboration on nuclear safety and training. KSU brings world-leading nuclear expertise to support Norwegian nuclear power development, building on existing Norwegian petroleum sector competence.
• Mo IndustriparkcoreStrategic or Co-development Partner · 29 November 2023Intensjonsavtale for power deliveries in the billion-krone class. Mo Industripark in Mo i Rana seeks reliable energy supply for industrial growth. Initial target of 2-3 TWh annually. First such agreement in Northern Norway.
• Halden kommune and Østfold EnergicoreStrategic or Co-development Partner · 9 November 2023Joint venture company Halden Kjernekraft AS established with Halden municipality (20% ownership) and Østfold Energi (40% ownership). Halden has 60+ years of experience hosting IFE's research reactor and possesses solid nuclear competence.
• TVO Nuclear Services Oy (TVONS)coreStrategic or Co-development Partner · 22 June 2023Intensjonsavtale with TVONS based on Teollisuuden Voima Oyj's (TVO) nearly 50 years of nuclear power ownership and operation in Finland. TVONS assists with SMR deployment using Finnish experience. TVO is also majority owner of Posiva, the company that successfully built Finland's final repository for spent nuclear fuel.
• Vardø kommunecoreStrategic or Co-development Partner · 22 June 2023Agreement with Vardø municipality to assess nuclear power establishment. This is the fourth municipality to sign such an agreement, supporting industrial development in Finnmark region.
• Glencore NikkelverkcoreStrategic or Co-development Partner · 12 June 2023Historic agreement with Glencore Nikkelverk in Kristiansand for delivery of large volumes of emission-free energy. Nikkelverket, recently named Norway's smartest industrial company, needs reliable and competitively priced energy for continued operations and green transition.
• Aure and Heim kommunercoreStrategic or Co-development Partner · 28 April 2023Cooperation agreements with Aure and Heim municipalities to assess nuclear power opportunities. These municipalities host Norway's first formal nuclear power assessment project targeting Taftøy industrial area.
• Narvik kommunecoreStrategic or Co-development Partner · 11 February 2023Cooperation agreement with Narvik municipality to assess nuclear power opportunities as part of Trondheimsleia Kjernekraft AS project.
• Institutt for Energiteknikk (IFE)coreStrategic or Co-development Partner · 10 October 2022Intensjonsavtale (letter of intent) with IFE, Norway's leading nuclear research institution. IFE has operated Norway's research reactors since 1948 and maintains an operations center for nuclear reactor simulation and testing, including simultaneous operation of up to 12 SMRs.
• Rolls-Royce SMR LimitedcoreTechnology or Integration · 8 March 2022Norsk Kjernekraft signed an MOU with Rolls-Royce SMR Limited to work together to increase acceptance of nuclear power in Norway and potentially deploy Rolls-Royce small modular nuclear power plants in Norway. Rolls-Royce brings extensive nuclear experience and factory-built SMR technology.

Scale indicators4 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Steady Energy: Finnish SMR developer focused on district heating and industrial heat applications with a 50 MW LDR-50 reactor. Directly comparable to Norsk Kjernekraft's industrial co-location strategy and Nordic regulatory pathway.
• Copenhagen Atomics: Danish thorium molten salt reactor startup developing small modular reactors for industrial baseload. Comparable in stage, geography (Nordic), and target customer profile (industrial offtakers seeking dispatchable clean power).
• Seaborg ApS: Danish compact molten salt reactor (CMSR) developer and a direct technology partner of Norsk Kjernekraft. Both target Nordic industrial customers with barge-mounted or co-located SMRs and share similar early-stage developer economics.

Broad incumbents

• Holtec International: US nuclear technology company developing the SMR-160 small modular reactor and Holtec SMR LLC. Comparable as a vertically integrated nuclear equipment and SMR developer pursuing both domestic and international deployments.
• TerraPower: Bill Gates-backed advanced reactor developer building the Natrium sodium-cooled fast reactor. Comparable in advanced nuclear commercialization targeting industrial decarbonization, though at significantly larger scale and funding.
• TVO Nuclear Services (TVONS): Finnish nuclear utility operating Olkiluoto and majority owner of Posiva (spent fuel repository). Direct partner of Norsk Kjernekraft and the closest operational Nordic nuclear utility, providing decades of nuclear operations experience relevant to Norsk Kjernekraft's planned plants.
• Fortum: Finnish state-owned energy company with major nuclear power operations (Mankala model) and significant nuclear expertise. Comparable as a Nordic nuclear operator/developer, though much larger and with existing operating assets.

Emerging players

• X-Energy: US advanced reactor developer of the Xe-100 high-temperature gas-cooled pebble bed reactor, partnered with Norsk Kjernekraft for potential Mongstad deployment via DL Energy. Comparable in advanced reactor commercialization strategy.
• Rolls-Royce SMR: UK-based SMR platform developer and a core technology partner of Norsk Kjernekraft. Comparable in target market (utility-scale SMR deployment) but operates as technology vendor rather than build-own-operate developer.
• NuScale Power: US-based SMR developer with the only NRC-certified SMR design (VOYGR). Comparable as a publicly listed SMR developer pursuing industrial and utility customers, though at a more advanced regulatory stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NorwayNuclear
• Facebookfacebook.com/NorskKjernekraft

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norsk Kjernekraft