Norwegian SMR project development firm launched

Tuesday, 24 June 2025

Norwegian nuclear project developer Norsk Kjernekraft and Austrheim Municipality have established Fensfjorden Kjernekraft AS for the potential deployment of a nuclear power plant consisting of several small modular reactors (SMRs).

The planned plant would be built "in the immediate vicinity of Equinor's facility at Mongstad - Norway's largest point source of CO2 emissions", Norsk Kjernekraft said. It will be able to deliver up to 1280 MWe of power and "produce about twice as much electricity as Norway's largest hydroelectric power plant".

The company added: "When the power plant is fully realised, it will be able to cut all emissions in nearby industry, in addition to providing for a number of new establishments and value creation from a generational perspective. This with a footprint of only one-thousandth of alternative and emission-free energy sources."

In August 2024, Norsk Kjernekraft signed a memorandum of understanding with South Korea's DL Energy and DL E&C - both part of the DL Group - to study the feasibility of constructing a nuclear power plant at the Mongstad oil refinery.

Norsk Kjernekraft said that feasibility study shows "very good conditions for nuclear power in the area and has, among other things, considered technology from American X-Energy".

Fensfjorden Kjernekraft will now begin a further investigation of the site. The first step is to begin the impact assessment process in cooperation with Norwegian authorities. Once the necessary investigations have been completed, the company will apply for licences and permits in line with Norwegian legislation.

"Given efficient and predictable treatment without unnecessary delays, the goal is that the first parts of the power plant can be completed and operational in 2035," Norsk Kjernekraft said. 

"With the establishment of Fensfjorden Kjernekraft AS, Austrheim Municipality and Norsk Kjernekraft are taking an important step towards the possible realisation of a nuclear power plant in the municipality," said Austrheim Mayor Morten Sognnes. "Today, we know that modern nuclear power with SMR technology is both safe and sustainable, and can deliver large amounts of stable and controllable energy that will benefit both businesses and residents for many generations."

Norsk Kjernekraft CEO Jonny Hesthammer added: "I would like to commend the municipality for its energy and good cooperation. We have already conducted thorough preliminary studies, and they clearly show that the location in Austrheim has very good conditions for success with nuclear power."

Cooperation with Hexana

Norsk Kjernekraft has signed a memorandum of understanding with Hexana, which aims to develop a SMR featuring a sodium-cooled fast neutron reactor, integrated with a high temperature storage device.

_{(Image: Hexana)}

A Hexana plant would comprise two of these reactors (400 MWt each) supplying a heat storage device. An adjoining conversion system will allow it to produce electricity on demand and in a flexible manner to compete with gas-fired power plants, but also to supply heat (up to 500°C) directly to nearby energy-intensive industries.

"The MoU lays the foundation for future collaboration to help achieve Norway's industrial decarbonisation goals," the partners said. "Key sectors such as petrochemicals, refining, steel and data centres need reliable, high-temperature, low-carbon energy - and advanced nuclear power reactors offer a compelling solution to support the country's climate goals, long-term energy security and industrial sovereignty."

Norsk Kjernekraft said that, as a potential nuclear power operator in Norway, it will assist Hexana in identifying suitable locations, market opportunities and building relationships with key industrial and institutional players.