The agreement was executed by MVM CEO Károly Mátrai and Rick Springman, President of Holtec's Global Clean Energy Opportunities Division.
This step follows the bilateral nuclear energy memorandum signed in Washington on November 7, 2025. Holtec noted on social media that "building on the US-Hungary Nuclear Energy MoU signed in Washington on 7 November 2025, this agreement creates a pathway to deployment of SMR-300 units in Hungary, enhancing Hungary's energy independence by providing domestic baseload energy production without carbon emissions, serving as a growth engine for energy intensive industries and the future economy".
The intergovernmental memorandum indicates intentions to initiate discussions on collaboration in the civil nuclear sector, encompassing small modular reactors and spent fuel management. It positions cooperation to establish a regional center for emerging small modular reactor developments in Central Europe, utilizing advanced U.S. nuclear technologies.
Holtec's SMR-300 design delivers 300 MW of electrical output and relies on established pressurized water reactor principles, standard commercial fuel, and adaptable cooling systems. This configuration offers a reliable and flexible option for advancing sustainable power generation in Hungary.
Currently, Hungary obtains approximately half of its electricity from the Paks nuclear facility, located 100 kilometers south of Budapest. The plant operates four VVER-440 pressurized water reactors supplied earlier, commissioned between 1982 and 1987.
An expansion at Paks, known as Paks II, involves adding two VVER-1200 units under a 2014 intergovernmental arrangement, including financing support. Preparatory works continue, with initial concrete placement anticipated in early 2026 for the first new unit.
In parallel, Hungary is evaluating small modular reactor options. In August, Hungarian firm Hunatom entered a letter of intent with Poland's Synthos Green Energy to outline preliminary cooperation for potential development of up to 10 GE Vernova Hitachi BWRX-300 reactors.
These initiatives reflect broader efforts to diversify and strengthen nuclear capacity, supporting stable baseload supply amid increasing energy requirements. The Holtec-MVM memorandum contributes to exploring advanced reactor designs that align with long-term infrastructure goals, emphasizing safety, efficiency, and low-carbon output.
By engaging multiple technology providers, Hungary seeks versatile solutions suitable for various applications, including industrial and grid support. Ongoing evaluations and partnerships aim to inform future deployment decisions within regulatory and technical frameworks.
