Chairman of the Board of Directors and CEO of Slovnaft Oszkár Világi and CEO of Tatneft Nail Maganov signed a memorandum of cooperation during the Slovak business mission in Kazan (Tatar Republic of Russian Federation) on July 3, 2019. The signed document specifies the areas of possible joint projects - the production of biocomponents for motor fuels, modified bitumen and lubricants. The areas of partnership in the Downstream sector have been determined during the meeting of the TATNEFT management with representatives of the MOL Group (which includes Slovnaft) at the site of the TANECO Refinery and Petrochemical Plants Complex in January of the current year.

The signing of the memorandum took place on the occasion of the meeting of the President of the National Council of the Slovak Republic Andrej Danko with the President of the Republic of Tatar Rustam Minnichanov, who is also the Chairman of the Board of Directors of Tatneft. "Tatneft is a leading oil company in Russia. Cooperation with Slovnaft in the framework of the signed agreement has a number of directions, but we also have worked together in the past. This agreement, however, has given an official status to our cooperation and we welcome it," said Tatar President Rustam Minnichanov.

“The concrete result of the meeting is also a pilot project of our unique product – rubber bitumen. In the next few weeks, the selected section of the road in Kazan will be put on the rubber bitumen test and the partners can test it in reality. It is an innovative product that has been developed at MOL Group level. Rubber bitumen reduces road maintenance costs, increases road life and has an ecological dimension as it uses worn tires,” said Oszkar Világi, Chairman and CEO of Slovnaft and Group Chief Innovation Officer.

Tatneft is the sixth largest oil and gas company in the Russian Federation with activities on domestic and foreign markets. Its activities include exploration and production of hydrocarbons, crude oil processing, tire production, operating its own network of over 600 fuel stations, petrochemicals and banking services. One of the most significant projects of the company is currently the construction of the refinery and petrochemical complex TANEKO (NPiNHZ complex) in Nizhnekamsk with state-of-the-art oil processing technologies.

PHOTO: Chairman of the Board of Directors and CEO of Slovnaft Oszkár Világi (left) and CEO of Tatneft Nail Maganov

The Slovak Battery Alliance (SBaA) has been founded in Slovakia with intention to become really involved in the battery value chain in Europe and ensure that the batteries placed on the market are not only competitive, high-quality and safe, but also sustainable and recyclable.  Slovakia has hereby at the same time declared ambitions to develop a competitive battery ecosystem from research through manufacture to recycling. The SBaA Memorandum of Association was signed by nine entities. For Slovnaft, it was signed by CEO Gabriel Szabó. ”Slovnaft has been at the birth of the idea to establish  and views it as a platform that may be instrumental on the way of transformation. This initiative is at the same time in line with the MOL Group Strategy 2030 taking into account a gradually decreasing demand for traditional fossil fuels at the expense of alternative types of energy,“ said G. Szabó at a press conference.  According to experts` estimates, the battery market value as from 2025 will be up to €250 billion and will be rapidly growing. Also, batteries will be necessary goods for every economy and their manufacture in Europe will be necessary to cover the enormously growing demand and reduce the dependency on non-European production.

• Czech start-up Neuron soundware raised 5.75million Euros to further expand its business activities
• ČEZ Group and MOL Group through investment funds and Hungarian Eximbank acquired minority stake
• LEAD VENTURES and INVEN CAPITAL and strength their positions in CEE region start-ups environment

Prague, June 27th 2019

LEAD VENTURES, Budapest based venture capital firm, together with MOL Group, Hungarian Eximbank and INVEN CAPITAL, ČEZ Group investment fund, have acquired a minority interest in Neuron soundware, the Czech based market leader in industrial machine diagnostics based on acoustic analysis. The company develops and markets advanced hardware and software for predictive maintenance, enabling timely detection of failures and optimisation of operations. As a result of the transaction Neuron soundware raised 5.75million Euros to further expand its business activities. The former investor, J&T Ventures also joined the current investment.

Neuron soundware was founded in February 2016 in Prague. It currently employs twenty experts and its revenues amounted to almost half-million Euro last year. It delivers smart diagnostic solutions based on the acoustic analysis of machines in several industries including the energy sector. The solution uses artificial intelligence to recognise impending mechanical problems in machines, thereby preventing breakdowns of critical manufacturing equipment.

Today, systems supplied by Neuron soundware are being implemented into operations of several large global corporations, such as Daimler, BMW, Innogy, E.ON, Airbus, and LG. In the energy sector, Neuron soundware has a sizeable implementation with a fleet of more than 20 large combined heat and power units for several customers in the Czech Republic.

„We are passionate about the Neuron story and the team. Predictive maintenance is a hot topic for many complex industrial systems, however, practical solutions are still hard to find. The Neuron technology could be a game changer in this space, having substantial impact on industry efficiency across several verticals.” – says Abel Galacz, CEO of LEAD VENTURES.

„Neuron is one of a few companies in acoustic emission analysis which is able to compete with top class Israeli and US companies. During its short existence it has developed an unique database of sounds which are used for training of its proprietary neural networks,“ says Petr Míkovec, managing director of INVEN CAPITAL.

“We know exactly how pumps, gearboxes, cylinders, electromotors, or compressors should sound. The sounds of all regular components of a machine are stored in a database. But that is not enough, our artificial intelligence software is able to distinguish problem noises from regular process hum and surrounding sounds, giving the customer the certainty that the machine will not pull off any unpleasant surprises,” says Pavel Konečný, founder and CEO of Neuron soundware, revealing the secrets of his know-how.

Over its more than four years in business and investing in energy start-ups, INVEN CAPITAL has acquired the reputation of a qualified and capable investor that supports start-up companies in the smart energy sector. Great management team, the portfolio of its invested companies, the fund’s performance, and successful due diligence were behind the decision of the European Investment Bank (EIB) to form a joint investment structure with INVEN CAPITAL, in which EIB undertook to entrust EUR 50 million in INVEN CAPITAL’s management.

Lead Ventures, a Budapest-based venture capital firm, invests via its Enter Tomorrow Europe fund backed by MOL Group and Hungarian Eximbank. With EUR 100 million under its management Lead Ventures is actively seeking scale-up investment opportunities in the CEE region with unique stories having outstanding growth potential and global reach.

“Start-ups from Central Europe, which have already been tested, have great potential to break through in global markets. As part of our strategy, we are looking for innovative solutions that can increase effectivity of technical processes in industrial services. Like our recent entry into Slovak GA Drilling, our entry into Czech Neuron Soundware is an example of a successful connection of small start-ups with a strong international company for further growth,” said Oszkár Világi, MOL Group Chief Innovation Officer.

Neuron soundware is now focusing on scalability of successful use cases and deployment of pre-trained AI algorithms to monitor large quantities of machines like engines, compressors, pumps, turbines, robots etc. This strategy is supported by provision of easy-to-implement monitoring solution that can be up and running in just weeks and financed via an affordable monthly fee charged per machine, i.e., solution as a service. To maintain the international expansion, Neuron soundware is now hiring for a number of new positions for its Prague main office and it also expects the need for building sales and support business unit in Germany to serve better local major clients like Airbus, BMW or Siemens. Besides direct sales, Neuron soundware will continue to build its partnership network, in Europe, but also in the Middle East and Asia. Mainly due to Brexit, Neuron soundware has recently established a new business entity NeuronSW SE, headquartered in Prague, the Czech Republic, which will take over all business activities and liabilities and eventually fuse with the current major entity Neuron SW Ltd., headquartered in London, United Kingdom.

• National Bank of Slovakia has approved the proposal of MOL's offer for voluntary purchase of 1.44% of Slovnaft shares owned by minority shareholders on 3 May
• the purchase price per share is set at EUR 84, which is above the 12 month average stock prices for which the shares were traded on Bratislava Stock Exchange till the announcement of MOL’s voluntary bid intention
• the offer applies to all minority shareholders of Slovnaft, thus provides liquidity for a favorable exit
• the purchase offer is valid from today and lasts for 70 calendar days

Bratislava, May 10^th  2019 - MOL Group has received a notification from the National Bank of Slovakia approving the proposal for the offer to buy out shares of Slovnaft company. All minority shareholders thus have the possibility to sell their shares through one of the stock brokers who are members of the stock exchange as of today. If a natural or legal person holds shares in Slovnaft and would like to take advantage of this offer, they should contact their broker within the next 70 days.

Transactions concluded within this offer will be settled financially and materially upon the expiry of the term of the offer in accordance with the stock exchange rules and the operating rules of the Slovak Central Depository (Centrálny depozitár cenných papierov SR, a.s.).

The method of concluding the share purchase agreement will be made in accordance with the stock exchange rules.

Further information on the acceptance of this offer can also be obtained from the authorized securities broker, OTP Banka Slovensko, a.s., at This email address is being protected from spambots. You need JavaScript enabled to view it..

Currently, 98.56% of Slovnaft shares are controlled by MOL company. The remaining 1.44% of the shares are owned by minority shareholders, most of whom are private individuals. The aim of the offer is to provide minority shareholders with the possibility to obtain immediate liquidity for their shares at favorable terms and potentially increase MOL’s participation up to 100%.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 80 years’ experience in the hydrocarbon field and its diverse portfolio includes oil and gas presence in 13 countries, with production activity in 8 countries. MOL Group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of around 1,900 service stations across nine countries in Central & South Eastern Europe. MOL Group is a supplier of polymer products such as polypropylene, low-density and high-density polyethylene with more than 1,000 kt annual sales.

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