Helen Incorporates Its Nuclear Energy Program
Helen is establishing a separate company for the development of its nuclear power project. The wholly owned subsidiary, Helen Ydinvoima Oy, aims at this stage to investigate the prerequisites for constructing nuclear power in Helsinki and to prepare the project for an investment decision. The new company, which will begin operations at the start of February, has appointed Jarmo Tanhua as Chair of the Board and Pekka Tolonen as CEO.
Helen Ydinvoima Oy continues the work of Helen’s nuclear energy program, which began in 2024, with the goal of advancing the City of Helsinki’s ambitious emission targets by ending Helen’s combustion-based energy production by 2040 through the use of small nuclear power.
Currently, the project is running a competitive bidding process for plant suppliers, exploring business and partnership models, and investigating collaboration opportunities with both industry and other energy companies. In addition, the project is assessing the prerequisites for nuclear energy production at previously announced potential plant sites through studies and environmental impact assessments.
“Transferring the nuclear energy program to its own project development company enables flexible development of the program as an independent entity. It also creates better conditions for the project’s success by opening up opportunities for various financing and business solutions,” says Helen’s CEO, Olli Sirkka.
The new company’s Chair of the Board is M.Sc. (Tech.) Jarmo Tanhua. Tanhua has over 30 years of experience in the nuclear power sector. He served for 17 years as CEO of Teollisuuden Voima Oyj, during which time Finland’s latest nuclear power plant, Olkiluoto 3, was built in Olkiluoto.
“Jarmo Tanhua is one of the few people in the world who can say they have led the construction of a new nuclear power plant in the 21st century. With his unique experience, we will continue even stronger towards nuclear energy and non-combustion-based energy production,” says Sirkka.
Tanhua is particularly drawn to the uniqueness of Helen’s nuclear energy program in a familiar industry.
“In Finland, we have good experiences and excellent expertise in nuclear power. There is a clear need for Helen’s project, and it starts from a new perspective. We want to find out whether it is possible to build and commission the first new small nuclear power plant in Finland. Of course, such a project is of great interest,” says Tanhua.
The company’s CEO is nuclear engineering M.Sc., eMBA Pekka Tolonen, who has years of experience in the nuclear and energy sectors and has successfully led numerous energy projects. Tolonen moves to his new position from his previous role as Helen’s Director of Electricity Production.
Janne Liuko, who has led Helen's nuclear energy program, will continue as the project leader also in the new company.
In addition to Chair Tanhua, Helen Ydinvoima Oy’s Board will include Helen’s CFO Timo Rajala, Director of Electricity Production and Optimisation Harri Mattila, and Director of Heating and Cooling Timo Aaltonen.