Blykalla shares
Unlisted company
Blykalla's business model is based on the development, licensing and delivery of 55 MWe lead-cooled small modular reactors of the SEALER (Swedish Advanced Lead Reactor) type. The reactors are designed for serial production in a factory and transport to their final destination, with the aim of reducing capital risk and construction time compared with conventional nuclear power.
The technology
The technology is characterised by liquid lead as coolant and a patented aluminium-alloyed steel as corrosion protection. The design is based on passive safety, using the properties of lead for self-cooling, which reduces the need for active cooling systems and external power sources. The reactor uses 19.9% enriched nitride fuel (HALEU) with a high uranium density, enabling operating cycles of up to 25 years without refuelling.
How the company makes money
Revenue is expected to be generated through the sale and licensing of reactor technology to energy companies, industrial players and public-sector customers. Target applications include fossil-free baseload power for industry and data centres, as well as high-temperature process heat for applications such as hydrogen and steel production.
Development in stages
An electric, non-nuclear test reactor (SEALER-E) is being built at OKG's site in Oskarshamn to validate components, materials and safety systems before the first nuclear demonstration reactor (SEALER-One) is constructed at Studsvik's licensed nuclear site in Nyköping, with criticality planned for 2029. Commercial operations are intended to begin in 2030.
Strategic partnerships
The company has established strategic partnerships with ABB (automation and electrification), Uniper and OKG (operations and site), KTH (research), NCC (construction), Studsvik (licensing and site) as well as a transatlantic partnership structure with Oklo and Newcleo covering technology development, supply chain and the fuel ecosystem.
The reactor technology
Modular lead-cooled 55 MWe reactor
Patented aluminium-alloyed steel
Passive self-cooling safety
Path to market
Up to 25 years without refuelling
Test reactor Oskarshamn, demo Nyköping
Partners: ABB, Uniper, OKG, Studsvik, Oklo
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 445MSEK
- Burn rate
- 7.3MSEK/mo
- Runway
- over 36mo
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 3.4(-38.5 %) | 5.6(-26.6 %) | 7.6(+146.7 %) | 3.1 |
| Revenue growth | -38.5%(-11.8 pp) | -26.6%(-173.3 pp) | 146.7% | – |
| EBITDA | -105 | -50 | -24 | – |
| EBIT | -105 | -51 | -24 | -6.8 |
| Net income | -105 | -49 | -24 | -6.7 |
| Equity | 465(+261.1 %) | 129(+103.3 %) | 63(+67.5 %) | 38(+186.3 %) |
| Cash and bank | 445(+511.1 %) | 73(+54.1 %) | 47(+90.3 %) | 25(+793.8 %) |
| Operating cash flow | -87 | -28 | – | – |
Documents and reports
4New share issues
Latest 2An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 236m | SEK 1bn | |
| SEK 40m | SEK 656m |
Questions about Blykalla
Is Blykalla listed on a stock exchange?
No, Blykalla is a private limited company and is not listed on a stock exchange. The company has not carried out an IPO, so the share is not traded on a regulated exchange but on the unlisted market.
What does Blykalla do?
Blykalla is a Swedish nuclear power company that develops and commercialises lead-cooled small modular reactors, known as SMRs. The company's reactor concept SEALER uses liquid lead as coolant, and its operations include reactor design, materials development and the construction of an electric test reactor in Oskarshamn.
Can I buy shares in Blykalla?
Yes, it is possible to buy Blykalla shares through trading in unlisted shares, provided there are sellers. Through Eqvor you can place a buy order and be matched with sellers on the unlisted market.
How do I sell shares in Blykalla?
If you own shares in Blykalla, you can place a sell order through Eqvor and be matched with buyers. When a buyer and a seller are matched, the transaction is completed and the change of ownership is recorded in the company's share register in accordance with the company's current procedures.
Is Blykalla affiliated with Euroclear?
No, Blykalla is currently not affiliated with Euroclear. This means that the shares are registered directly in the company's share register and not through the Swedish securities system.
Can I hold Blykalla shares with Avanza or Nordnet?
Since Blykalla is not affiliated with Euroclear, the shares normally cannot be held in a regular custody account with Avanza or Nordnet. Ownership is instead registered directly in the company's share register.
Does Blykalla have pre-emption or redemption clauses?
Yes, Blykalla has pre-emption or redemption clauses. This means that share transfers may need to be handled under specific terms before shares are sold on to an external buyer.
At what price is the Blykalla share traded?
Since Blykalla is unlisted, there is no official exchange price on a regulated marketplace. The price is instead determined by supply and demand between buyers and sellers on the unlisted market.
Has Blykalla carried out share issues?
Yes, Blykalla has carried out capital raises and previous share issues. Blykalla's Capital raised is stated at SEK 446.2 million, which shows how much capital the company has raised through previous financing.
When will Blykalla go public?
There is currently no publicly communicated timetable for an IPO of Blykalla. We therefore do not know today when Blykalla might go public or whether the company will carry out an IPO.
What are the risks of investing in Blykalla?
Investing in Blykalla involves risk, just like other investments in unlisted shares. The company operates in advanced nuclear technology, where development times can be long and operations may be affected by regulatory processes, permits, technology development, capital needs and commercialisation. Trading in unlisted shares also generally involves lower liquidity than trading in exchange-listed shares.
Where can I find Blykalla's annual report?
Blykalla's annual report (årsredovisning in Swedish) can be found under Investor relations and Financial reports. The company's annual reports are available for download there.
How much capital has Blykalla raised in total?
Blykalla's Capital raised is stated at SEK 446.2 million. An equity raise is an English term for a capital raise, but in Swedish the terms capital round, financing or share issue are more commonly used.
Has Blykalla reported a profit or a loss?
Blykalla reports a negative result in the most recent available information. Under Key figures, EBITDA is stated at SEK -50,455 thousand and net result at SEK -49,308 thousand. The company's earnings development is also shown in the chart Result per year.