"PKN Orlen and Synthos Green Energy have signed an investment agreement to set up a joint venture, Orlen Synthos Green Energy, whose key aim will be to prepare and commercialise small nuclear reactor technology, particularly GE Hitachi Nuclear Energy’s BWRX-300 reactors, in Poland," the company said in a statement on Tuesday.
It added that the project would "offer an opportunity to accelerate decarbonisation" of the Orlen group’s "production assets, while also helping to improve energy security and drive economic growth at home due to its reliance on local supply chains."
PKN Orlen CEO Daniel Obajtek said he hoped the first reactor would be deployed in Poland by 2030.
"A letter of intent has already been signed to outline the terms on which the first reactors would be supplied to Poland," he said, adding that "investment in micro and small nuclear reactors would support further rapid growth of the Orlen group, helping it to significantly reduce carbon emissions."
Polish Deputy Prime Minister Jacek Sasin, who is also Minister for State Assets, was quoted as saying that the European Union’s climate policy "forces us to transform our energy sector."
He added that "the investment agreement for the development of small nuclear reactors signed by PKN Orlen is part of its plans to modernise the industry."
The deal "provides an opportunity for fast, efficient and safe decarbonisation," Sasin also said, describing nuclear power as "the most stable energy source" for Poland in the future.
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Source: IAR, orlen.pl