Published by Global Banking and Finance Review
Posted on January 15, 2025
MILAN (Reuters) - Newcleo signed on Wednesday two deals with Slovakia's nuclear companies Jadrová vyraďovacia spoločnosť (JAVYS) and VUJE to build up to four reactors for a cost of 3.2 billion euros ($3.3 billion), the firm headed by an Italian physicist said.
WHY IT'S IMPORTANT
Newcleo aims to build so-called lead-cooled fast reactors (LFR) that will allow the use of Slovakian spent nuclear fuel as fuel, offering a sustainable solution to deal with nuclear waste and creating opportunities for Slovak companies, the firm said.
Newcleo and JAVYS also plan to develop a nuclear fuel supply route, with the support of the French government, with the ultimate goal of the reprocessing and use of Slovak Republic spent nuclear fuels and enabling long term multi-recycling as part of a closed fuel cycle.
CONTEXT
Under the first agreement, Newcleo and state-company JAVYS will set up a joint venture to build up to four Newcleo's reactors at JAVYS' Bohunice site in western Slovakia.
The second agreement with VUJE sets a framework for technical and commercial cooperation to support Newcleo's development and implementation of its LFR technology primarily in Slovakia.
The agreements were signed during a visit to Italy by Slovak President Peter Pellegrini and the Slovak Minister of Economy, Denisa Saková.
QUOTES
"With its 50 years of nuclear experience and existing nuclear infrastructure, Slovakia is a highly important and strategic partner for us, specifically in the development, testing, and practical application of new technologies for advanced modular reactors," Newcleo's founder and CEO Stefano Buono said in a statement.
"We believe that utilising spent nuclear fuel in advanced reactors like Newcleo's LFR technology offers a far more sustainable and responsible solution than simply putting it in a deep geological repository," Peter Gerhart, Chairman of the board of directors of JAVYS said.
($1 = 0.9698 euros)
(Writing by Francesca Landini; Editing by Keith Weir)
Explore more articles in the Finance category
