December 20, 2025

Nucleation Capital Participates for a Second Time in Blykalla’s $50M Financing

Nucleation Capital is pleased to congratulate Blykalla on the close of its $50 million financing round in December 2025 and to confirm its participation as a returning investor. The round was co-led by Oklo, Norrsken Launcher, and Armada Investment, with participation from strategic and financial investors including KDDI, Earth Venture Capital, and the co-founders of CoreWeave.

This marks Nucleation Capital’s second investment in Blykalla, following the $7.3 million Series A completed in the spring of 2024, which Nucleation co-led with Norrsken Ventures. Since that time, Blykalla has continued the development of its SEALER lead-cooled reactor while expanding its commercial and partnership activity across Europe and North America.

Over the course of 2025, Blykalla announced a series of partnerships and project-related agreements tied to Nordic deployment of its SEALER reactor, transatlantic cooperation, and the use of nuclear power for data centers.

In February, Blykalla and Norsk Kjernekraft announced a memorandum of understanding to explore the deployment of the SEALER reactor in Scandinavia, followed later by an agreement to pursue an SMR project in Norway’s Svalbard region. In late September 2025, Blykalla announced a major transatlantic partnership with Oklo to collaborate on reactor technology, supply chains, and regulatory coordination. Subsequently, in October 2025, Blykalla announced a landmark partnership with licensed nuclear site host Studsvik and European hyperscaler evroc to evaluate Sweden's first nuclear-powered data centers at the Studsvik site in Nyköping, Sweden. 

The capital from this financing will support continued testing and validation at the Advanced Reactor Testing Site in Oskarshamn, Sweden, further design and engineering work on Blykalla’s first nuclear units, and ongoing commercial and regulatory efforts related to siting and licensing its initial SEALER project.

Nucleation Capital invests in advanced nuclear and nuclear-adjacent companies focused on delivering reliable, zero-carbon energy. Nucleation’s continued participation in Blykalla reflects its long-term view that multiple next-generation reactor designs will be required to meet growing electricity demand from industry, data infrastructure, and other energy-intensive sectors.

October 9, 2025

Blykalla Partnership Gains Attention from Data Center Industry ()

Industry coverage highlights how Blykalla’s collaboration with Studsvik and Evroc could position Sweden as a pioneer in pairing small modular reactors with AI and cloud infrastructure...

October 8, 2025

Blykalla Partners with European Firms to Explore Nuclear-Powered Data Centers ()

Portfolio company Blykalla has joined forces with Studsvik and European hyperscaler Evroc to assess developing Sweden’s first nuclear-powered data centers at the Studsvik site in Nyköping...

June 12, 2025

Blykalla SMR proposed for Norwegian Artic region ()

Blykalla, the Swedish developer of lead-cooled reactors and a Nucleation portfolio company, and Norway’s Norsk Kjernekraft have agreed to launch a joint venture to develop an SMR power plants on the Norwegian Artic archipelago of Svalbard.

February 28, 2025

Nordic partnership explores deployment of Blykalla SMR in Scandinavia ()

Swedish nuclear energy company Blykalla, a Nucleation portfolio company, and Norway’s Norsk Kjernekraft have signed a memorandum of understanding (MOU) to collaborate on the possible deployment of Blykalla’s SEALER reactor design in Scandinavia.

January 5, 2024

Sweden appoints world’s first “National Nuclear Power Coordinator”

Sweden is continuing to demonstrate exceptionally smart and effective management towards climate goals by appointing the world's first "National Nuclear Power Coordinator," to manage the growth of nuclear energy in the country.

Sweden previously announced its intentions to expand the amount of nuclear power used in the country with the construction of new nuclear generating capacity equivalent by 2 gigawatts (approximately two large-scale reactors) by 2035 and up to 10 gigawatts (about ten new large-scale reactors) coming online by 2045. In November, the Swedish parliament approved the bill that allows new reactors at existing and new sites starting in 2024. Now, Swedish Energy & Industry Minister Ebba Busch has taken bold action to help ensure the success of this key governmental initiative, with the appointment of Carl Berglöf as national nuclear power coordinator.

Berglöf, who recently won the 2023 Honorary Award of the Swedish Nuclear Society in recognition of fifteen years of work in the nuclear field and who has been a nuclear advisor at the industry organisation Energiföretagen Sweden since 2017, will start his new position as national nuclear power coordinator on February 1st.

This job will involve supporting the Swedish government in its work to reach the goal of expanding nuclear power, including serving as a single point of contact with regards to nuclear matters, suggesting ways to accelerate the process, pushing for any supplementary measures that are required to get the job done, and communicating about the initiative to the public. From our perspective, this new appointment promises to be a shining example to the rest of the world about how to improve the process of managing an ambitious expansion of nuclear power, that may well include both traditional gridscale and advanced nuclear designs.

In this capacity, Berglöf will have until 2026 to lay the foundation for the expansion approved by the Riksdag (legislature), which "shares the Government’s assessment that fossil-free electricity from nuclear power will also continue to play a role of central importance in the Swedish energy mix. The main reasons for this are an expected greater demand for electricity in combination with the fact that fossil fuels have to be phased out, particularly for climate reasons. Nuclear power also contributes to the stable and predictable functioning of the Swedish power system."

This move is being widely applauded by the nuclear community and the world's eyes are now on Sweden as a leading actor on the global climate stage, moving aggressively towards its decarbonization goals. Given this, we have to believe that part of Carl's new role will be providing guidance and support to other countries seeking to make similar appointments that can help to accelerate their own pathways to decarbonizing their grids with expansions of nuclear power.

Read more at World Nuclear News "Sweden appoints national nuclear power coordinator," January 5, 2024.

(In Swedish) Regeringskansliet, Carl Berglöf utses till nationell kärnkraftssamordnare, 04 januari 2024

June 30, 2023

Blykalla

Blykalla (formerly LeadCold) – The Swedish developer of the high-temperature, low-cost, lead-cooled reactor called the Swedish Advanced Lead Reactor (SEALER) and currently the only Swedish advanced nuclear developer in a country looking to add more nuclear power.

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