Hyundai E&C Receives Green Light for UK SMR Business

14 Oct 20242min 51sec

▲ Team Holtec Selected as Final Bidding Candidate for UK SMR Technology Competitive Tender Program

… The UK Atomic Energy Authority is overseeing a competitive bidding process among global developers to secure optimal SMR deployment

… Following the selection of the final partner, investment decisions will be made, and construction of the UK's first SMR will officially commence

▲ Materialization of UK SMR Project Entry Through Global Nuclear Partnership Based on Korea-US-UK Technology Alliance

… Team Holtec collaborates with leading British companies, including Balfour Beatty and Mott MacDonald, to boost local business competitiveness

… Team Holtec seeks to strengthen its foothold in the European nuclear market and accelerate the diversification of its global nuclear power business portfolio

Hyundai E&C and Holtec International (hereinafter referred to as Team Holtec) have received a green light for their entry into the UK's first Small Modular Reactor (SMR) project.

Hyundai E&C recently announced that it has been selected as a finalist, along with Holtec Britain (the UK subsidiary of US-based Holtec International, hereafter referred to as Holtec), in the SMR technology competitive bidding program organized by the UK Atomic Energy Authority

The UK Atomic Energy Authority is overseeing a competitive bidding program to select operators for deploying advanced Small Modular Reactors (SMRs) as part of its goal to expand nuclear power capacity in the UK. Out of six SMR developers shortlisted earlier this year, four have been selected as final bidding candidates: Team Holtec, GE Hitachi Nuclear Energy, Rolls-Royce SMR, and Westinghouse. The Atomic Energy Authority plans to proceed with the construction of the UK's first SMR in collaboration with the selected partner in the near future.

Team Holtec has been working closely to enter the UK SMR market. After being selected for the Future Nuclear Enabling Fund (FNEF), which supports the promotion of nuclear power projects in the UK, at the end of last year, Team Holtec has continuously increased its chances of entering the UK nuclear power market by completing Phase I of the Generic Design Assessment (GDA) for its SMR-300 in the shortest time possible.

Team Holtec, leveraging its unrivaled expertise in nuclear power projects, solidified its foundation for global collaboration and SMR market entry by signing strategic partnerships with leading British construction and engineering firms Balfour Beatty and Mott MacDonald in March. Representing a technological alliance between South Korea, the US and the UK, Team Holtec plans to accelerate the enhancement of local capabilities necessary for executing this project, including the establishment of a local supply chain.

A Hyundai E&C official stated, "Since signing a cooperation agreement with Holtec in 2021 for joint SMR development and business expansion, we have been collaborating on projects across the entire nuclear cycle, including the deployment of the first SMR unit at Palisades in the US, nuclear plant decommissioning, and construction of temporary spent nuclear fuel storage facilities." The official added, "We aim to successfully complete the deployment of the UK's first SMR, solidifying our position in the European nuclear power market while accelerating the diversification of our global nuclear power business portfolio."

#SMR#Small Module Reactors#Holtec