Hyundai Engineering & Construction (Hyundai E&C) has established a multi-faceted cooperation network among global top-tier companies in the nuclear power sector, expanding its bridgehead into the UK Small Modular Reactor (SMR) business.
On March 5 (local time), Hyundai E&C signed a "Business Agreement on Joint Participation in the UK Atomic Energy Authority SMR Technology Competition" with US-based Holtec International (Holtec) and UK-based Balfour Beatty and Mott MacDonald at the Korean Embassy in London, UK.
Through this agreement, Hyundai E&C and Holtec will seek close cooperation in submitting bids for the NRA's SMR technology selection project, improving market competitiveness for the final investment selection of SMR deployment in the UK, and establishing strategic partnerships for the future deployment of the first SMR reactor.
The UK Atomic Energy Authority is a government agency established to support the nuclear power generation program and expand nuclear power capacity to 24 GW by 2050, declaring a huge resurgence of the nuclear industry. It is hosting a competitive bidding program to accelerate the deployment of superior technology SMRs with the goal of achieving carbon neutrality.
Six SMR developers, including Holtec, have been shortlisted, and following a technical design tender, an investment decision on the final SMR technology selected will be made in 2029, with construction of the UK's first SMR expected to begin in earnest in 2030.
Hyundai E&C and Holtec signed a cooperation agreement in 2021 to jointly develop SMRs and enter the business together, and since then, Hyundai E&C has been working on projects across the nuclear power value chain, including the design of the first SMR unit in the U.S., as well as nuclear power plant decommissioning projects and the construction of an interim storage facility for spent nuclear fuel.
In 2022, Hyundai E&C was selected for the Future Nuclear Enabling Fund (FNEF) with Balfour Beatty to promote new projects to revitalize UK nuclear power plants, and is expanding its global influence by focusing on jointly discovering global nuclear power projects such as SMRs in Eastern Europe.
Based on this agreement, Hyundai E&C plans to expand the foundation for SMR in the UK and further solidify its entry into the global SMR business based on its unrivaled technical capabilities and strong mutual trust.
