The US and Sweden have signed a memorandum of understanding (MOU) to bolster domestic nuclear production through bilateral cooperation. The agreement was signed by Sweden’s Minister for Energy, Business, and Industry Ebba Busch and US Secretary of Energy Jennifer Granholm in Washington, DC, on August 1.
The MOU aims to facilitate the exchange of experience on nuclear policy, research, and innovation related to supply chains, financing models, skills supply, and the development of advanced nuclear fuel. Areas of cooperation include nuclear power reactors, small modular reactors, advanced nuclear fuel development, nuclear waste management, and safety and security.
The MOU also seeks to facilitate contact between relevant public and private sector entities, recognizing the significant state support often required for nuclear projects.
Nuclear power currently provides around 40% of Sweden’s energy needs. After initially deciding to phase out nuclear power in 1980, the Swedish government reversed the decision in 2010. Last year, the government released a road map to develop the country’s nuclear power industry, aiming for a total output of at least 2.5 GW by 2035. To encourage private sector investment, the government is offering Skr400 billion ($37.71 billion) under a new financing model.