Emerald Horizon: First EU Funding for an SMR Developer – Thorium Pioneer Emerald Horizon Sees a Real Acceleration

EQS-Media / 27.10.2026 / 13:53 CET/CEST

Press Release
October 27, 2026

First EU Funding for an SMR Developer – Thorium Pioneer Emerald Horizon Sees a Real Acceleration

EIB backs SMR developer with up to EUR 40 million in a first step – Commission gets serious about
next-generation nuclear energy – Graz-based thorium pioneer sees its strategy confirmed

Graz, 27 October 2026 – This marks a paradigm shift in European energy financing: for the first
time in its history, the European Investment Bank (EIB) has invested in a developer of Small
Modular Reactors (SMRs). Up to EUR 40 million will go to the Finnish company Steady Energy.

This is the first time the EU Commission’s commitment to next-generation nuclear energy has been
backed with hard cash. The EIB explicitly places its involvement within the framework of the
Commission’s SMR strategy: the first European SMRs are expected to begin operating in the early
2030s, and Brussels considers 17 to 53 gigawatts of SMR capacity in the EU possible by 2050. The
financing is supported by the EU Commission through the InvestEU programme.

Commission President Ursula von der Leyen set the direction at the Nuclear Energy Summit in Paris
in March 2026: “We want this new technology to be operational in Europe by the early 2030s.” The
most efficient energy system, she said, combines nuclear and renewables and relies on storage,
flexibility and grids. That is exactly the combination Europe needs now.

The deal was announced by a prominent Austrian: Karl Nehammer, Federal Chancellor from 2021 to
2025 and Vice-President of the EIB since September 2025. At the bank, his responsibilities include
Net Zero and disruptive technologies. Nehammer calls the financing a “flagship example” of how the
EIB Group supports innovation – for greater competitiveness, energy autonomy and affordable clean
energy in Europe. His message is also an invitation to the entire sector: the bank is actively
seeking out Europe’s most promising SMR pioneers to support them.

How the model works: the Steady Energy example

With the LDR-50, Steady Energy is developing a reactor with 50 megawatts of thermal output
designed exclusively to supply district heating networks. The EIB is financing the company with
long-term mezzanine capital:

• Instrument: senior unsecured convertible loan of up to EUR 40 million, disbursed in two
tranches of EUR 30 million and EUR 10 million
• Terms: 0 percent interest, 20-year maturity
• Conversion: the EIB can convert its claim into listed shares of the company
• Use of funds: development, non-nuclear testing in the first stage, and licensing
• Context: part of a financing package of well over EUR 100 million surrounding the IPO; Steady
Energy has been listed on Nasdaq First North in Helsinki since 2 October 2026

The real leverage lies in the structure: the prerequisite is that a company has already raised
equity from professional investors. The EIB can then cover up to 50 percent of a project’s
eligible costs. This way, every euro of equity raised can mobilise a second euro.

“An accelerator for the entire sector”

“We are following this highly positive development with great interest,” says Florian Wagner,
founder and CEO of Emerald Horizon AG (Vienna Stock Exchange: SMRX, ISIN AT0000A3UZE1). “SMRs will
revolutionise our energy supply in a positive way. The EIB’s decision is a real accelerator for
this development – and as is well known, at Emerald Horizon we take the word accelerator
literally.”

For Wagner, the message from Luxembourg is clear: “Europe is saying that next-generation nuclear
energy is not only wanted, but will also be financed. The entire sector benefits from this – and
with it, Europe’s energy supply.”

Wagner: “The EIB is setting the right criteria”

Now that the EIB has financed an SMR developer for the first time with Steady Energy, Graz-based
Emerald Horizon AG also sees its strategy confirmed. “We congratulate the EIB on its
well-considered criteria. As an SMR pioneer, we see it exactly the same way,” says Wagner. “We
particularly welcome the fact that the bank specifically supports innovative small and mid-caps
rather than large corporations. That is precisely where the innovation Europe needs right now is
created. And the EIB thinks in stages: it typically finances innovative companies with EUR 10 to
50 million. Scale-ups with a valuation of over EUR 500 million and market-ready technology are
also eligible for larger financing – up to EUR 120 million, according to the EIB. Emerald Horizon
already meets the valuation threshold.”

The EIB supports companies with up to 3,000 employees – specifically in the phase of development,
initially non-nuclear testing, and licensing. This is exactly the phase Emerald Horizon is in:
development with Dutch industrial partner VDL, the SMRX test loop, and regulatory work with
HaskoningDHV.

This fits the logic of the programme: SMRX is developing in two stages – technically as well as
from an investor perspective. The first stage is the prototype, covering development, testing and
licensing; integrated validation is targeted for 2029. The second stage is scale-up: the
demonstrator from 2031, followed by series production. Each stage concludes with a clearly
measurable milestone.

Partners, not competitors – and no cooling water required

Emerald Horizon has more in common with Steady Energy than meets the eye: they are the only
reactor developers listed as pure nuclear plays on a European stock exchange – Steady Energy in
Helsinki, Emerald Horizon in Vienna. And both are members of the European Industrial Alliance on
Small Modular Reactors, through which the EU Commission is driving the development of a European
SMR industry.

“We do not see Steady Energy or the other SMR developers as competitors at all,” Wagner
emphasises. “Europe needs several technologies. Steady Energy focuses on district heating, while
our reactor targets a different area: electricity and heat from a container – and entirely without
cooling water.”

Last summer showed how important that is: during the heatwaves, in France alone eleven of 57
reactors at times had to be throttled or shut down because rivers were too warm for cooling.
Summers like these will not remain the exception. SMRX is independent of this and designed to
deliver reliable energy even in heat, drought and low water levels.

A fusion of storage technology and nuclear technology

Emerald Horizon is the only listed company in Europe developing its own accelerator-driven thorium
reactor. The principle: a particle accelerator supplies neutrons from outside into a molten
thorium salt. When the accelerator is switched off, nuclear fission stops. This puts SMRX among
the frontrunners in terms of safety. The technology can thus also build a bridge – between
countries that reject conventional nuclear power and those that rely on nuclear technology.

The inspiration for the accelerator principle comes from medical technology, where particle
accelerators have been used in cancer therapy for decades. The concept is also reflected in the
name SMRX itself:

• S – Safety: subcritical, containerised, scalable – built on proven technologies for
cost-efficient global logistics and series production
• M – Monetization: with 10 MW electric, SMRX reaches an economically viable size, offered as
Energy as a Service
• R – Regulatory-friendly: the 10 MW class can be integrated into standardised fleet solutions –
ideal for fleet licensing and rapid rollout across multiple countries
• X – Scalability: large enough for many markets, small enough to remain flexible – with the
longest possible list of use cases in one of the world’s largest energy markets

Emerald Horizon sees itself as a fusion of storage technology and next-generation nuclear
technology: the hybrid storage system DUALstorePLUS, a spin-off of SMRX development, is already
available to order.

About Emerald Horizon AG

Emerald Horizon AG, headquartered in Graz, was founded in 2019 and develops safe, scalable energy
technology to decarbonise industry and energy supply. Its core products are DUALstorePLUS, a
hybrid energy storage system combining batteries, molten-salt thermal storage and AI control, and
SMRX, a thorium-based, accelerator-driven and subcritical energy system. The shares have been
listed on the Vienna Stock Exchange (Standard Market) since 26 June 2026, ticker SMRX, ISIN
AT0000A3UZE1.

Headquarters:
Liebenauer Tangente 6, 8041 Graz

Research and Development:
Emerald LaboraTHorium, Karl-Huber-Gasse 15, 8041 Graz

[1] www.emerald-horizon.com

Disclaimer:
“The information contained in this announcement constitutes neither an offer to sell nor a
solicitation of an offer to purchase or subscribe for securities, nor is it a recommendation to
buy or sell securities of the Company. This announcement and the information contained herein are
under no circumstances intended for publication, distribution or transmission, directly or
indirectly, in whole or in part, in or into the United States of America (USA), Australia, Canada,
Japan or South Africa, or any other jurisdiction in which such publication or distribution would
be unlawful. Accordingly, the information is in particular not directed at ‘U.S. Persons’ (as
defined in Regulation S under the U.S. Securities Act of 1933) or at persons resident or located
in the aforementioned jurisdictions.

Press photo

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=download2_file&code_str=309109ad757d1a537a38f1f156ccec34

Photo: Emerald Horizon CEO Florian Wagner © Fuchs | All rights reserved.

Media Contact

Ing. Norbert G. Hofer, MBA
Vice President Strategic Communications,
Emerald Horizon AG
Email: [2]hofer@emerald-horizon.com

Mag. Melanie Koch, MA
Media Relations,
Emerald Horizon AG
Mobile: +43 664 54 55 324
Email: [3]koch@emerald-horizon.com

End of Media Release

══════════════════════════════════════════════════════════════════════════════════════════════════

Issuer: Emerald Horizon AG
Key word(s): Energy

27.10.2026 CET/CEST This Press Release was distributed by [4]EQS Group

View original content: [5]EQS News

══════════════════════════════════════════════════════════════════════════════════════════════════

Language: English
Company: Emerald Horizon AG
Karl-Huber-Gasse 15
8041 Graz
Austria
E-mail: office@emerald-horizon.com
ISIN: AT0000A3UZE1
WKN: A42CXA
Listed: Vienna Stock Exchange (Official Market)
LEI Code: 8945008L6AXTVW4PDF22
EQS News ID: 2423084

End of News EQS Media

2423084  27.10.2026 CET/CEST

https://nwr.eqs-cockpit.com/fncls2.ssx?application_id=2423084&application_name=news&site_id=apa_ots_austria~~

References

~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
2. hofer@emerald-horizon.com
3. koch@emerald-horizon.com
4. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2423084&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
5. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=8e9e98b0add58bd52a0183737653b8ae&application_id=2423084&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender