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Current Report No.: 31/2021

Execution of a letter of intent on establishing cooperation in the use of energy from small and micro modular nuclear reactors.

Current Report No.: 31/2021

Date of preparation: 08.09.2021

Abbreviated name of the Issuer: CIECH S.A.

Subject: Execution of a letter of intent on establishing cooperation in the use of energy from small and micro modular nuclear reactors.

Legal basis: Art. 17.1 of the MAR – inside information

Report: 

The Management Board of CIECH S.A. (the “Issuer” or “CIECH”) herewith informs that a letter of intent was signed on 8 September 2021 between CIECH and SYNTHOS GREEN ENERGY S.A. with its registered office in Warsaw (“SGE”, and jointly as the “Parties”) on establishing cooperation in the use of energy from small and micro modular reactors (“SMR”) and (“MMR”) respectively) by companies from the CIECH Group (the “Companies”).

The executed letter of intent will enable the Issuer to carry out a thorough analysis of the use of SMR and MMR technologies in the Companies.

The letter of intent provides for the establishment of long-term cooperation in defining the characteristics of energy supplies for the needs of the Companies using SMR and MMR technologies, developing an energy supply model, determining the possibility of, and conditions for, the construction of SMR and MMR installations on the premises of the Companies, and establishing the boundary terms of the contract for the energy supply to the Companies.

SGE is working, among others, on the implementation of SMR and MMR technologies with a view to creating stable sources of generation of clean emission-free electricity and heat, in particular, for industrial purposes, and at competitive costs compared to traditional sources. SGE is a party to a number of agreements with nuclear power technology suppliers, in particular, it is a strategic and exclusive partner of GE-Hitachi Nuclear Energy Americas LLC in the implementation of the innovative SMR technology in the form of the BWRX-300 reactor.

The cooperation of the Parties is in line with the strategy of the CIECH Group adopted by the Issuer on 5 December 2018 (Current Report No. 34/2018 of 5 December 2018), the ESG Strategy of the CIECH Group (https://esgciech.com/) and the Group’s activities aimed at:

  1. reduction of the Group’s CO2 emissions by 33% by 2026,
  2. withdrawal of coal as a raw material for energy production by 2033, and
  3. achieving the Group's climate neutrality (net zero) by 2040.

Legal basis: Article 17.1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No. 173, p. 1).

 

Signatures of individuals representing the company:

  1. Dawid Jakubowicz – President of the Management Board
  2. Mirosław Skowron – Member of the Management Board

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