Holtec Britain signed a new Memorandum of Understanding with construction and engineering companies Hyundai E&C, Balfour Beatty, and Mott MacDonald at the Korean Embassy in London.

The event was hosted by His Excellency Yoon Yeocheol, the Ambassador of the Republic of Korea to the United Kingdom at the Korean Embassy and attended by the Prime Minister’s Trade Envoy to the Republic of Korea, the Right Honorable Sir John Whittingdale MP.

Pictured from left to right: Rick Springman, Dame Julia King,  Young-Joon Yoon, Ambassador Yoon Yeocheol,  Rt Hon Sir John Whittingdale, Cathy Travers, Leo Quinn

The partnerships are another step forward in the delivery of Holtec’s SMR technology in the UK and build on the Clean Energy Partnership signed between the UK and Korean governments late last year and the agreement with the United States on civil nuclear energy in summer 2023.

Holtec, with its world leading nuclear plant design, engineering and manufacturing expertise is teaming with Hyundai E&C, a leading global South Korea-based EPC who has delivered 18 nuclear plants in South Korea, along with UK-based Balfour Beatty (a noted construction company) and Mott MacDonald (the engineering, development, and management consultancy) to deliver SMR-300 to the United Kingdom.

SMR-300 is a PWR reactor technology based on existing standards in the U.S. and UK and uses PWR fuel similar to that already used at Sizewell B, and other new UK reactors under development including Hinkley Point C. This will enable economic viability of fuel fabrication and back-end disposal of the fuel, utilizing existing supply chains, facilitating the continuation of UK’s clean energy renaissance.

In December 2023, Holtec Britain was awarded £30 million of grant funding from the UK government’s Future Nuclear Enabling Fund to complete the Generic Design Assessment (GDA) of its Small Modular Nuclear Reactor (SMR-300). Holtec’s SMR design was also shortlisted by Great British Nuclear (GBN) at the end of October 2023. If successful in the Great British Nuclear SMR competition, Holtec plans to establish a factory in the UK to build the major mechanical SMR components and support other aligned manufacturing needs in clean energy and defense sectors. An exercise to find the best location for a factory will be launched in the coming weeks. If established, the factory will support deployment of 5 GW of on-grid UK electricity from SMR-300 by 2050 and create a major export hub. Holtec is committed to UK job creation by the thousands, serving as a long-term strategic partner to the UK.

Holtec Britain’s Senior Advisor, Professor Dame Julia King, Baroness Brown of Cambridge stated, “Holtec is committed to delivering SMRs in the UK creating high-value well-paid jobs and providing clean energy to help us reach net zero. This agreement is another important step on this journey.”

“Today is an important step for our SMR program in the UK,” remarked Holtec President of Global Clean Energy Opportunities, Rick Springman. “We assembled a world-class team that can deliver gigawattsto the grid with our SMR-300 technology, contributing meaningfully and reliably to the British energy security strategy.”

“Based on our strong partnership with Holtec, we have prepared for the GBN SMR competition with top-tier UK construction company Balfour Beatty and world class engineering firm Mott MacDonald, giving us even more confidence in our ability to successfully win the contract and execute the project. I would like to express my deepest gratitude to KOTRA and the Korean Embassy for hosting the event, and also the UK and US governments and related organizations for their interest, support, and participation,” said Mr. Young-Joon Yoon, CEO and president of Hyundai E&C.

Leo Quinn, Group Chief Executive, Balfour Beatty stated, “Small Modular Reactors can offer a more flexible, scalable solution. With a long and proud history of delivering complex nuclear solutions since 1956, Balfour Beatty’s end to end capabilities, coupled with the experience and expertise of Holtec and Hyundai, means our partnership is perfectly positioned to address the growing demand for clean energy in the UK and support the UK’s transition towards a Net Zero future.”

Cathy Travers, Group Managing Director of Mott MacDonald said: “SMR technology will bring reliable, affordable, and low carbon electricity to industry, homes, and businesses, as well as contributing to the UK government’s ambition of generating 24 GW of nuclear capacity by 2050. International collaboration from across the nuclear industry is key to its successful deployment, which is why we are bringing decades of collective experience to bear as we explore this path with Holtec Britain and Hyundai E&C.”

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