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MVM and Rosatom establish joint venture

State-owned Hungarian Electricity Works (MVM) has formed a joint venture with Rusatom Service, a unit of Russiaʼs Rosatom, named European Power Services (EPS), Rosatom said on Monday, according to a report by state news wire MTI.

The founders have an equal 50% share in EPS but the company will operate as part of MVM group.

MVM said on its website that EPS will primarily provide development and maintenance services for the safe operation of power plant systems and equipment in domestic and other European markets.

EPS was established with HUF 5 million share capital.