TVONS signs agreement on Nordic cooperation in Norway

Utilising the extensive experience of Teollisuuden Voima Oyj (TVO) that has owned and operated nuclear power plants in Finland for almost 50 years, TVO's subsidiary TVO Nuclear Services Oy (TVONS) is assisting Norwegian Nuclear in the project to implement Small Modular Reactors (SMR). The SMRs will produce clean, reliable and inexpensive nuclear energy to Norwegian industries and households in the upcoming decades.

With this Memorandum of Understanding, Norwegian Nuclear makes a significant leap in the use of nuclear power. The Memorandum gives access to the knowhow and experience of one of the world's best known nuclear power companies. In addition to experience in the safe operation of nuclear power plants, TVO owns 60 percent of Posiva, the company specialising in the final disposal of spent nuclear fuel. Posiva has successfully built the world's first final disposal facility for high-level nuclear waste. This is decisively important for Norwegian Nuclear's plans for the management of the entire life cycle of nuclear power.

According to Timo Palomäki, the Managing Director of TVONS, the OL3 project has provided TVO with the very latest expertise in nuclear power.

- Yes, the project continued for longer than anticipated, but at the same time, it allowed us to accumulate a particular abundance of knowledge, Palomäki says.

- We appreciate Norwegian Nuclear Ltd seeing us as an important partner. Consequently, we shall start together, with humility, to build environmentally friendly and safe nuclear power in Norway. This is a brilliant example of Nordic cooperation in the development of energy solutions in line with the future green transition.

According to Jonny Hesthammer, President of Norwegian Nuclear, Norway will apply the same concept in launching nuclear power production as it once did in oil and gas industry, taking advantage of cooperation with the best experts in the field.

- Nuclear energy has the lowest greenhouse emissions and the smallest footprint and impact on nature compared to all other energy production forms, Hesthammer says.

Norwegian Nuclear is a company aiming to build, own and operate SMRs in Norway. The company was founded to address the rapidly increasing demand for low-carbon energy solutions in Norway, while impacting the natural environment as little as possible.

For more information, please contact:
Timo Palomäki, Managing Director, TVONS
+358 500 528105

Tommi Kokkala, Project Manager, TVONS
+358 40 559 7510