Midroc Invest AB invests in Kärnfull – (English)
The Nordic region’s first nuclear-only electricity provider Kärnfull, with operations in Sweden and Denmark, has finalized a growth capital investment from Midroc Invest AB intended to speed up expansion and R&D. As part of the proactive directed share issue, Kärnfull Future AB is added to Midroc’s clean-tech portfolio – a clear investment signal to a region with a rapidly growing demand for clean, firm and dispatchable energy production.
PRESS RELEASE – Goteborg, Sweden – April 28th 2021 _______________________________________________________
Since the August 2019 launch of the start-up, thousands of Swedish and Danish households and SMEs have chosen to power their lives and operations exclusively with nuclear power provided under the brand name Kärnfull Energi. The pioneering digital electricity provider has leveraged their affordable subscription model, best-in-class customer support and science-based, non-polarizing and active social media presence to build an impressive organic growth over the past 12 months.
In line with a growing public understanding of what nuclear power – courtesy of ts minimal life cycle emissions of particles and greenhouse gases (2.5g CO2 / kWh), its safe and dispatchable production, long service life, relatively small utilized land area, responsible waste management and enormous fuel density – means for an electrified future, Kärnfull's clear niche and role in the Nordic and European energy debate has attracted the interest of numerous investors.
Founders and owners Christian Sjölander and John Ahlberg have, however, consistently chosen to decline any courtiers. But as Midroc Invest, a leading and renowned Nordic investment company, intensified and concretized their interest and intentions, the duo decided to rethink:
“On the one hand, the investment alone enables us to rapidly speed up our business plan and start electrifying even more homes and businesses, and thus create an even greater interest and insight into the role nuclear plays for a prosperous planet. But the deal likely also sends a clear signal to society, elected representatives and industry in Sweden,” says Christian Sjölander.
“The fact that such a reputable investor, with a number of interesting energy companies already present in their cleantech portfolio, chooses to add nuclear power is somewhat of a breakthrough. So, through a fair valuation and terms that ensure our continued decision-making independence and clear majority ownership, there was no doubt. We are delighted and view this as the beginning of a very energetic and long-term collaboration ", Sjölander continues.
Over at Midroc Invest AB, spirits are also high today as the deal became official. It was CEO Göran Linder himself who identified the opportunity and contacted the founders earlier this spring:
“In a world with an increasing demand for clean and dispatchable electricity, Kärnfull offers both a complement and an alternative to weather-dependent electricity, fossil baseload and emission-heavy biomass. We have been following Kärnfull for some time and have been impressed by their substantiated communications and customer-focused offering. Their emerging role as a 'thought leader' and 'tech enabler' within the future of dispatchable fossil-free energy production – not least via their unique science grant generated by each delivered kilowatt hour – makes them extra exciting”, says Göran Linder.
“We have all witnessed what the lack of a dispatchable and environmentally-friendly electricity supply leads to. Nuclear energy therefore has an important role to play in the energy mix of the future, if we are to be able to increase electricity production at affordable prices, reduce climate stress and at the same time protect our nature and biodiversity – both locally and globally. Kärnfull's ambitious road map is super interesting from that perspective, and we are proud to have the chance to step onboard early and contribute to this journey", concludes Linder.
The Kärnfull Prize science grant mentioned above is supported by Kärnfull's advisory board consisting of world-leading energy expert Kirsty Gogan, renowned author and Harvard Professor Steven Pinker, world-famous musician José González, LA-based award-winning music producer Johan Carlsson, serial entrepreneurs Eric Ingersoll (TerraPraxis) and Caroline Cochran (Oklo) as well as Professor Christian Ekberg and Dr. Klara Insulander Björk from Chalmers. Advisors whom, based on their respective expertise and platforms, help to highlight the importance of nuclear energy and support the company with outreach and strategic advice.
Kärnfull Energi is part of Kärnfull Future AB a Swedish tech enabler and digital electricity supplier, but not an electricity producer or grid owner The start-up, on top of proving market demand and street popularity whilst supporting science via electricity sales, aims to help households “vote-with-their-wallets" and improve dinner conversations everywhere by making nuclear – and its key role in an electrified future – more well-known and understandable. Follow us on Instagram, Twitter and Facebook, @karnfull.
Christian Sjölander, founder Kärnfull – firstname.lastname@example.org – 0790-175165