Fermi planned to raise 0.5-1 million euros of its 2.5 million euro Series A investment round through its Funderbeam campaign, but due to investors massive interest raised the Funderbeam’ syndicate share of the round to 2 million euros.
On midday on Feb. 19 it closed the investment round when investors’ signups approaching 5 million euros.
Fermi will use the capital to prepare its application for the spatial planning process, which includes environmental, societal, economic and national security reviews, is expected to take up to five years. Helsinki-Tallinn tunnel project of Peter Vesterbacka aims to avoid Estonia’s lengthy spatial planning process, which is yet to be tested.
Fermi aims to start construction of its small modular reactor in 2030 and the plant would be producing electricity in 2035.
“Estonia has set an ambitious goal to end electricity production from oil shale by 2035. Simultaneously, the country cannot be dependent on wind and solar power only, as those sources depend on weather conditions, and the neighbouring countries are projected to be short on energy export output,” said Kalev Kallemets, Fermi CEO.
The closest nuclear reactor construction project to Estonia started in Finland in 2005. The Olkiluoto 3 reactor was scheduled to start in 2010. After 12 years of delays its due to start in 2022.