The company was spun out from the VTT Technical Research Centre of Finland – has raised EUR2.0 million (USD2.2 million) in seed funding led by VTT, Yes VC and Lifeline Ventures.

The LDR-50 district heating SMR – with a thermal output of 50 MW – has been in development at VTT since 2020. It would be a first for a small modular nuclear reactor to be applied for district heating. However, nuclear power heat has been used for district heating in Europe and China.

China is building a 23-kilometre-long pipe that will expand the transportation of nuclear-generated heat from the Haiyang nuclear power plant in China's Shandong province to a wider area, State Power Investment Corp (SPIC) announced in Feb 2023. The plant started providing district heat to the surrounding area in November 2020.

China has the largest district energy system in the world, with over 200 000 kilometers of networks providing heat to close to 9 billion square meters of building space, which is equivalent to more than one fourth of the total floor area of the United States. Most of China's district heating is coal powered.

The Haiyang nuclear energy heating source project has completed an investment of CNY390 million (USD57 million). Installation of equipment at unit 2 of the Haiyang plant to extract heat began in July last year and has now been completed. The heating pipe network and pumping station in the plant are now being constructed. The project is planned to be put into operation before the end of 2023, SPIC said.