The billionaire already has exclusive access to American-Japanese technology in Central and Eastern Europe, Germany and Great Britain.
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According to information from Business Insider, Polska has just found a partner in South Korea. It's technological Samsungor rather its daughter company Samsung C&T, which specializes in engineering and construction works. He has completed prestigious projects. The construction of the 5,600 MW Barakah nuclear power plant in the United Arab Emirates or participation in the construction of the Shin-Kori nuclear power plant in South Korea.
— Samsung is the largest infrastructure building company in the world, which not everyone knows. He has extensive and very fresh experience in the field of nuclear energy. SGE, being an investor in the BWRX 300 technology design standard, needs to implement this solution in a specific country and location and bring the project to a state ready for construction, and this is where we need partners – comments Michał Sołowow especially for Business Insider Polska.
“Samsung's design and engineering quality combined with General Electric Vernova and Hitachi (GEVH) and our local Atec will not only make this possible, but will also reduce development time and ensure world-class quality, regardless of the alliance between GEVH and Samsung already exists,” he adds.
Samsung C&T was also involved in the construction of some of the most recognizable buildings in the world: Burj Khalifa in the United Arab Emirates, Petronas Towers in Malaysia and the construction of the metro in Riyadh in Saudi Arabia.
Michał Sołowow and Samsung
Last week, Synthos Green Energy (SGE), the nuclear company of Michał Sołowow, and Samsung initialed in Seoul a cooperation agreement (memorandum of understanding – MoU) in the implementation of small reactors.
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Michał Sołowow and a representative of Samsung C&T sign a cooperation agreement
The purpose of the signed agreement is to accelerate the SMR construction project using the global capabilities of Koreans and their experience of working on nuclear projects. According to our information, the key point in the entire agreement is that Samsung is considering a capital investment in SGE. Michał Sołowow's company could therefore gain a partner who is part of a capital group with revenues of over USD 500 billion, and this could accelerate the pace of implementation of small nuclear reactor technology in Europe.
— The due diligence process and determination of final conditions will take approximately three months and we hope that, in accordance with the will of the parties, it will end with a capital investment in our SGE development platform at the European level. SGE is in advanced talks with three strategic partners outside Europe with essentially the same approach – to strengthen SGE's functions and capabilities. Since we plan to build many BWRX units in different countries in parallel, we need greater organization, knowledge and resources. And when it comes to the construction itself, Samsung is an excellent contractor and an important addition to the supply chain – emphasizes Michał Sołowow.
– We are very proud to have the opportunity to establish such a business relationship with Samsung – he adds.
SGE and Samsung C&T will share relevant information such as project feasibility studies, location data and environmental assessments. The Korean giant can boast that while it is building four nuclear reactors in Barakah in the UAE, the projects were completed on time and within the assumed budget.
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Michał Sołowow with global giants
SGE has the exclusive right to build SMRs using the BWRX-300 technology from GE Vernova Hitachi Nuclear Energy not only in Poland, but also in the entire region of Central and Eastern Europe.
In recent months, General Electric Vernova has become the largest industrial and energy company in the USA with a capitalization of nearly USD 200 billion. Hitachi is a Japanese industrial giant with a capitalization of USD 160 billion, and Samsung, apart from its recognition in the field of electronics, is today one of the largest global engineering and construction companies.
The SGE company, owned by Michał Sołowow, has been involved in the SMR construction project for seven years. The billionaire decided to invest in GE Vernova Hitachi technology together with the Canadian company Ontario Power Generation (OPG) and the Tennessee Valley Authority (TVA), the US government-owned owner and operator of nuclear power plants in seven US states. In this way, the Polish businessman acquired global rights to use SMR technology.
OPG is scheduled for completion of Canada's first small nuclear reactor in 2029. American TVA already has a location permit and has submitted an application for a construction permit. The company recently received $400 million from the US Department of Energy to accelerate the implementation of the first SMR reactor in the US.
Michał Sołowow and Orlen
In Poland, Michał Sołowow cooperates with Orlen on the construction of SMRs. For this purpose, a special company, Orlen Synthos Green Energy (OSGE), was established.
This is the most advanced small reactor construction project implemented by a Polish billionaire. OSGE is carrying out work on three locations and according to the schedule, the completion of the first unit is planned by 2032. Recently, Orlen revealed that the first SMR is to be built in Włocławek.
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President of Orlen Ireneusz Fąfara
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Tomasz Jastrzebowski/REPORTER / East News
For the last two years, Michał Sołowow has had trouble reaching an agreement with Orlen regarding future cooperation on the nuclear project. However, at the end of August, the concern from Płock announced that it had reached an agreement with the businessman on how their joint company, i.e. OSGE, would operate.
OSGE has the exclusive right to build SMRs in Poland, but the president of Orlen, Ireneusz Fąfara, has repeatedly made it clear that he would like the rights to the technology owned by Michał Sołowow to be included in their joint company.
The richest Pole signs cooperation agreements with entities from Slovakia and Hungary, where analyzes regarding the construction of a small atom are also underway.
Author: Bartek Godusławski, journalist of Business Insider Polska
