Studsvik AB announced the acquisition of Kärnfull Next AB (KNXT), expanding the company’s role from supporting the global nuclear reactor fleet into the development of new nuclear power projects. The move positions Studsvik to participate earlier in the lifecycle of nuclear projects as governments and industry increasingly turn to nuclear power to support energy security, electrification, and net-zero ambitions.
For decades, Studsvik has operated at the technical core of the nuclear industry, providing fuel and materials testing, reactor analysis software, and radioactive waste management services to reactor operators and technology developers worldwide. Through the acquisition of Kärnfull Next, the company is adding technology-agnostic small modular reactor project development capabilities to its platform.
Kärnfull Next focuses on developing sites and project platforms for SMR deployment in the Nordic region and has built relationships with reactor vendors, investors, and policymakers as Sweden prepares for a new generation of nuclear projects. The integration of the Kärnfull Next team is expected to strengthen Studsvik’s ability to originate and structure new nuclear projects while expanding its capabilities beyond technical services into early-stage development.
Under the agreement, Kärnfull Next founders Christian Sjölander and John Ahlberg will join Studsvik’s executive team. The combination is intended to create a vertically integrated offering spanning project development, vendor-neutral advisory, fuel and materials testing, reactor analysis software, and waste management services.
The acquisition comes as Sweden prepares for a new phase of nuclear investment, supported by government financing mechanisms worth SEK 220 billion (€20.6 billion) designed to support the development of new nuclear power capacity. Studsvik said the transaction also lays the groundwork for further partnerships that will demonstrate how the company plans to apply its expanded capabilities in future nuclear projects.
The enterprise value of Kärnfull Next in the transaction is approximately €6.5 million on a cash-free, debt-free basis. Studsvik will pay €3 million in cash and €3.5 million in newly issued shares at closing. Additional consideration of up to €2 million in shares may be payable through staged payments to 2029, alongside performance-based earn-outs of up to €14 million tied to the successful development and sale of project development companies.
The transaction is expected to close during the second quarter of 2026, subject to customary conditions and regulatory approvals, and is not expected to have a material financial impact on Studsvik’s financial results during 2026.
KEY QUOTES:
“Together, Studsvik and Kärnfull Next will build a truly integrated nuclear services platform — and establish Studsvik as the home for entrepreneurial ambition in nuclear.”
Daniel S. Aegerter, Founder And CEO Of Armada Investment AG And Largest Shareholder In Studsvik
“Kärnfull Next’s project development expertise combined with Studsvik’s unrivalled technical capabilities creates a compelling platform for growth.”
Karl Thedéen, President And CEO Of Studsvik AB
“Together, we will accelerate Studsvik’s transformation into a truly integrated nuclear services champion.”
Christian Sjölander And John Ahlberg, Founders Of Kärnfull Next
