Blykalla AB's annual report for 2025 reports a capital raise of around USD 50 million with Nasdaq-listed Oklo as lead investor. Test rigs were commissioned at ARTS outside Oskarshamn and the average number of employees went from 20 to 38.
Cash and bank
2024: 73 MSEK
Operating cash flow
2024: -28 MSEK
Equity ratio
2024: 82.8%
New share issues of 227 MSEK and convertibles of 207 MSEK
The capital raise consisted of new share issues of SEK 227 million and convertible loans of SEK 207 million, which in accordance with applicable accounting principles have been classified as equity. The company was also awarded the EIC Accelerator grant of up to USD 17.5 million. Blykalla is in a development phase and does not yet generate positive cash flows; the board's assessment is that existing funds secure financing under the current plan.
Oklo became lead investor and strategic partner
In September 2025 the company entered into a strategic partnership with the US SMR company Oklo Inc., listed on Nasdaq, which took part as lead investor in the capital raise. The collaboration covers ongoing operational cooperation and, according to the company, aims to strengthen its presence in the North American market. At the end of 2025 Blykalla decided to pursue a first nuclear reactor in the US — “Fjäll”.
| 2025 | Change | |
|---|---|---|
| Net sales | 3,431 | -38% |
| Profit/loss for the year | -104,516 | -112% |
| Capitalised development expenditure | 81,296 | +118% |
| Equity | 464,706 | +261% |
| Average number of employees | 38 | +90% |
Test rigs in operation at ARTS outside Oskarshamn
Parts of ARTS (Advanced Reactor Test Site) were completed during the year. Test rigs have been installed and commissioned in collaboration with Uniper, which the company describes as an important milestone in validating the SEALER technology ahead of upcoming licensing processes. The supplier base was broadened with collaborations and deliveries from ABB, KSB, Kanthal and Höganäs, among others.
After the balance sheet date: licence application for Park One
Blykalla has established two subsidiaries in the US and opened an office in New York. In May 2026 the company submitted an application to the government for a permissibility decision on Park One in Norrsundet, Gävle municipality — a facility consisting of up to six lead-cooled SEALER reactors with a total planned output of around 300 MW.
Source: Blykalla AB, annual report for the 2025 financial year (Reg. No. 556939-7168), adopted at the annual general meeting on 15 June 2026.
