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US-based Holtec posted on social media channels that "building on the US-Hungary Nuclear ¶¶Òõ´«Ã½ÔÚÏß 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 memorandum of understanding (MoU) was signed by MVM CEO Károly Mátrai and Holtec’s Rick Springman, President of the company's Global Clean ¶¶Òõ´«Ã½ÔÚÏß Opportunities Division (see picture above).

In November, following talks between US President Donald Trump and Hungary's President Viktor Orban, the two countries' governments signed an MoU on nuclear energy which the US State Department said "signals our intent to start negotiations to facilitate cooperation across the civil nuclear industry, including Small Modular Reactors (SMRs) and spent fuel storage".

It added: "The United States and Hungary are collaborating to make Budapest a hub of the emerging Central European SMR market, deploying market-leading US nuclear innovation to jumpstart a new transatlantic industry. Hungary signaled it intends to support construction of up to 10 SMRs with a potential value of up to USD20 billion."

Holtec's SMR-300 produces 300 MW and is "based on proven pressurised water reactor technology, commercially available fuel and flexible cooling options, providing Hungary with a proven, safe and versatile SMR technology for sustainable energy development in the country".

Hungary currently generates about half of its electricity at the Paks nuclear power plant, 100 kilometres south of Budapest, which comprises four Russian-supplied VVER-440 pressurised water reactors, which started up between 1982 and 1987.

That plant is set to be expanded with the Paks II project - an inter-governmental agreement was signed in early 2014 for Russian enterprises and their international subcontractors to supply two VVER-1200 reactors at Paks as well as a Russian state loan of up to EUR10.0 billion (USD10.5 billion) to finance 80% of the project. First concrete on the first new unit is expected to be poured in February 2026.

Hungary is also looking at the deployment of SMRs. Hungarian nuclear energy development firm Hunatom signed a letter of intent in August with Poland's Synthos Green ¶¶Òõ´«Ã½ÔÚÏß to establish a pre-framework for joint activities relating to project development for up to 10 GE Vernova Hitachi BWRX-300 small modular reactors.