Michał Sołowow goes with a small atom to Hungary and Slovakia

• Synthos Green Energy, controlled by Michał Sołowow, has signed agreements with Slovakia's largest energy company, Slovenske Elektrarne, and with Hunatom, a company controlled by the Hungarian government.
• The aim is to explore the possibility of cooperation in the implementation of projects using the BWRX-300 small modular reactor (SMR) technology of the American company GE Vernova Hitachi Nuclear Energy.
• Michał Sołowow announced plans to implement the BWRX-300 technology in other European countries during the European Economic Congress .
• The agreements also have geopolitical significance, as American technology will be implemented in countries where nuclear energy is based on Russian technologies. This will reduce Hungary's and Slovakia's dependence on Russian nuclear technologies.

Synthos Green Energy, a company controlled by Michał Sołowow , is dedicated to developing and implementing the BWRX-300 technology developed by GE Hitachi Nuclear Energy. The company, owned by the wealthiest Pole, has exclusive rights to distribute this technology in Europe.

In Poland, Synthos Green Energy has been collaborating with state-owned Orlen since 2021 on a project to build a fleet of small modular reactors. The first is expected to be ready at the beginning of the next decade.

However, after the change of leadership at Orlen, cooperation between the partners has not yet been reorganized. There is still no agreement among the partners regarding the operating principles of the joint venture , Orlen Synthos Green Energy , which will build small modular reactors in Poland, although – as Michał Sołowow mentioned in an interview with WNP – the framework for cooperation was agreed upon long ago. Procedural issues are said to be the problem.

Meanwhile, Michał Sołowow isn't idle. With exclusive rights to the BWR-X 300 technology, GE Hitachi is implementing it in other European countries. Now, Synthos Green Energy will collaborate with Hungary and Slovakia to implement the BWRX-300 technology in those countries.

The richest Pole enters Hungary and Slovakia with SMRs

On July 30, the Polish company signed cooperation agreements with Slovakia's largest energy company , Slovenske Elektrarne , and the government-controlled company Hunatom.

Both companies have experience in nuclear energy. The former owns both Slovak nuclear power plants – Mochove and Bohunice – and the latter is responsible for the construction of Paks II, Hungary's second nuclear power plant. They have now decided to expand their nuclear energy development plans to include SMR technologies.

In the agreement signed by SGE and Slovenske Elektrarne in the form of a Memorandum of Understanding, the parties declare their willingness to cooperate in the field of investment opportunities, licensing process and development of projects related to the implementation of small modular reactors in Slovakia and other countries of Central and Eastern Europe.

Collaboration may include the creation of joint ventures, the development of equity and debt financing structures, and the development of regional supply chains.

Importantly, the analyses will focus on local partnerships between SGE and Slovenske Elektrarne, including special purpose vehicles in other countries, such as the Czech Republic and the United Kingdom. Another area of cooperation could be digital infrastructure, linking SMR projects with the development of data centers and related technologies.

The second agreement signed on the same day is an MoU with the Hungarian government-controlled company Hunatom . Robert Palladino, US Charge d'Affaires in Hungary, attended the signing ceremony.

The choice of the BWRX-300, i.e. the technology of the American-Japanese concern GE-Hitachi, has an additional, geopolitical significance here, as Michał Sołowow said in an April interview for WNP.

"The development of SMRs should have a pan-European foundation. Our project fits into the concept of the so-called Green Energy Shield, which we intend to use to protect Europe from gas dependence. By building a fleet of small, modular reactors from the north to the south of the continent, we will allow these countries to become independent from raw material supplies, which is crucial given the changing balance of power on the raw material map. We must produce energy locally," the businessman argued in an interview with WNP.

Both Slovakia and, in particular, Hungary have power plants based on Russian technology – VVER reactors. The BWRX-300 is an American technology, which will reduce these countries' dependence on Russian nuclear technologies.

Importantly, as SGE points out, the BWRX-300 technology project is being developed in compliance with European specifications and standards. This is thanks to an agreement signed by SGE, which co-owns the standard BWRX-300 reactor design with the American GE Vernova Hitachi Nuclear Energy, the Tennessee Valley Authority (TVA), and Canada's Ontario Power Generation (OPG).

The Polish company, as an entity co-financing the development of the BWRX-300 technology, will derive profits from the sale of the technology to third parties.

The game is about where the first SMR will be built in Europe

Agreements with Slovenske Elektrarne and Hunatom confirm the readiness of GE-Hitachi's technology for deployment. The first BWRX-300 reactor in the Western world is already under construction in Canada by Ontario Power Generation . The US TVA also plans to build a BWRX-300 unit in Clinch River, Tennessee, and has just submitted a construction permit application to the local NRC.

The game is therefore about where the first SMR in Europe will be built. Poland has a clear advantage here, thanks to the exclusive rights to the BWRX-300 technology held by a Polish company. Synthos Green Energy argues that cooperation with Hunatom and Slovenske Elektrarne will accelerate the acquisition of knowledge and experience in nuclear projects and facilitate the implementation of the BWRX-300 in Poland.

Additionally, each subsequent unit built using this technology will translate into lower costs in subsequent projects and greater safety during the operation phase.

The presence of American diplomats in Hungary also confirms that projects ensuring energy security in Central European countries invariably enjoy the support of the US government.

It's worth noting that the SMR project being implemented in Poland also received funding from the U.S. Department of State . A few days ago, OSGE representatives also met with U.S. Under Secretary of State for Arms Control and International Security, Brent T. Christensen. The discussions also focused on U.S.-Polish cooperation on small modular reactors (SMRs) in Poland.

But will Poland be the country with the first SMR? Politics has largely played a role in this until now. Now, however, signals are coming from the government that things will finally accelerate here, too.

The Polish government's approach to SMRs is expected to change.

Recall that after the government reshuffle, one of the first tasks Prime Minister Donald Tusk assigned to the new Minister of Energy was to prepare a plan for small modular reactors in Poland. In his opinion, SMRs represent a "real opportunity" for the Polish energy sector.

As we wrote on the WNP portal , this represents a shift in narrative for the government, which has so far been rather skeptical of small nuclear power, considering it an immature technology. Now, the newly appointed Minister of Energy has declared that a plan for SMRs will be developed soon.

"We can prepare such a plan, such a roadmap, by the fall. There are companies in Poland that are already considering specific technologies, locations, and investments. We will analyze this in light of the needs of our system, not only the electricity system but also the heating system, and we will incorporate it into our strategy ," Miłosz Motyka told Radio 3.