Fermi Energia secures investment by Last Energy

  • 2020-06-12
  • Mihkel Loide

US based Last Energy has invested in Fermi Energia to deploy Small Modular Reactors (SMR) in Estonia.

“With investments already raised from Estonian investors in 2020, Last Energy’s contribution is instrumental for Fermi Energia to execute its studies with our partners Fortum, Vattenfall and Tractebel on siting, licencing and construction of Small Modular Reactor,“ said Kalev Kallemets, CEO of Fermi Energia. 

Kallemets said that, based on insights of Estonian partners, world’s best know-how and innovative solutions, Fermi Energia has calculated that in addition to competitively-priced emission-free electricity, SMRs can generate industrial steam and provide district heating at substantially lower cost and environmental impact than natural gas or biomass burning. 

“Given the EU climate neutrality goal and Baltic countries disconnection from Russian power imports from 2025, Fermi Energia continues to build a solid business case for SMR deployment that is beneficial for Estonia, deployment site area, potential customers and investors.”

Last Energy, led by robotics pioneer Bret Kugelmass, was established in early 2020 as a spinout of the Energy Impact Center, a Washington DC research institute with a mission to reverse climate change.

Bret Kugelmass emphasized that nuclear energy is the only technology capable of generating the quantities of low-carbon electricity needed to meet the world’s growing energy demand while accounting for its own lifecycle carbon emissions. According to Kugelmass, the world needs 100 times more nuclear power than currently exists to achieve these goals. 

Last Energy serves as a broker between private capital markets and SMR development opportunities around the world thus executes investment into companies deploying SMR technologies.

Fermi Energia is a company established by Estonian nuclear and energy professionals to develop deployment of SMRs in Estonia in late 2020s.