Metals group KGHM signs nuclear reactor deal with Romanian firm

Polish metals group KGHM signed a memorandum of understanding on Tuesday with Romanian nuclear energy company SN Nuclearelectrica on developing Small Modular Reactors (SMRs).

KGHM said the non-binding memorandum includes exchange of experience and knowledge over 36 months on technical, economic, legal, financial and organisational aspects of SMR development with the US firm NuScale.

"Energy is the main tool of policy, of economic development or blocking economic development. Both building full-scale projects in a government project, and in SMR technologies by other investors, is the road to energy independence," KGHM CEO Marcin Chludziński said.

He went on to say investing in SMRs was a priority for KGHM, that it would help the company gain a competitive advantage globally and that introducing innovative nuclear energy technology based on SMRs was a breakthrough for the Polish economy.

"Cooperation with an experienced partner from Romania is important support of that enterprise," he said.

KGHM aims to develop the first power station based on SMR technology in Poland by the end of the decade.