Newcleo signs deals to build up to four nuclear reactors in Slovakia

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 15, 2025

Newcleo signs deals to build up to four nuclear reactors in Slovakia

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)

Recommended for you