French nuclear energy group EDF is seeking investment partners in Europe to help fund its small reactor venture as it looks to make up ground against Rolls‑Royce and dozens of smaller start‑ups globally.

The state‑owned utility, which operates Europe’s biggest fleet of 57 large‑scale reactors in France, is finalising a second SMR design through its Nuward subsidiary after abandoning a first effort two years ago. It aims for a commercial launch of the Nuward SMR from 2029 and will seek board approval on Thursday.

EDF also wants new investors in Nuward, potentially leaving it as a minority holder. Interested parties could include Belgium, Finland, Poland, Greece and Italy, with Italy in the most advanced talks. The process may also involve funds and industrial companies, aiming to bind third parties as future clients.

Analysts note the SMR market is crowded, with about 120 projects worldwide; EDF CEO Bernard Fontana said not all will survive. Meanwhile Rolls‑Royce has secured contracts, including a near‑£600mn UK government‑backed loan, and Oklo’s valuation has fallen to $6.5bn. The French government has tasked EDF with building at least six new 1.6‑gigawatt reactors, while SMRs are seen as quicker to deploy once designs are proven.