Steady Energy and 3North Partners combine in connection with contemplated IPO

Recent work|September 16, 2026

Roschier advised Steady Energy and its shareholders on the share exchange agreement to combine with 3North Partners Plc, in connection with 3North Partners’ contemplated initial public offering and listing.

On 11 September 2026, 3North Partners Plc (“3NP“) and the shareholders of Steady Energy Oy entered into a share exchange agreement under which 3NP will acquire all outstanding shares in Steady Energy, forming a combined company in which Steady Energy’s shareholders will continue to hold the majority of shares immediately following the transaction. In connection with the combination, 3NP intends to proceed with a contemplated initial public offering, with the series A shares to be applied for listing on the Nasdaq First North Growth Market Finland maintained by Nasdaq Helsinki Ltd.

To fund the combined company, 3NP has received irrevocable commitments, subject to certain conditions, from investors including Elo, Fortum, Ilmarinen, Mininvest, Move Energy, Orlen VC, Tesi, Varma and Yes VC. 3NP has also entered into a convertible loan agreement with the European Investment Bank (EIB), and Steady Energy intends to raise further proceeds through the contemplated IPO.

Steady Energy develops heat-only SMR technology, with a primary focus on European district heating markets. Founded in 2023 as a spin-off from the Technical Research Centre of Finland (VTT), Steady Energy has developed its LDR-50 reactor and now employs approximately 75 professionals.

This transaction builds on Roschier’s longstanding relationship with Steady Energy, having previously advised the company on Steady Energy’s B-round financing.

Roschier’s core advisory team included Tero Jormanainen, Wiljami Siitonen, Joel Smeds, Jussi Salonen, Petri Avikainen, Maiju Airisniemi, Risto Ojakoski, Andreas Bussmann, Tuomas Kiviranta, and Essi Pentti.