Korea’s Hyundai E&C likely to join UK SMR race with Holtec

South Korea’s Hyundai Engineering & Construction Co. (Hyundai E&C), in partnership with US-based Holtec International Corp. is likely to compete against GE Hitachi Nuclear Energy, Westinghouse Electric Company LLC and Rolls-Royce SMR for the UK’s first small modular reactor project.

The construction unit of Korea’s Hyundai Motor Group said on Monday that a consortium made up of itself and Holtec Britain Ltd., Holtec International’s UK unit, has been selected as a finalist for an SMR technology tender program offered by Great British Nuclear.

The state-owned nuclear energy and fuels company aims to boost the UK’s atomic power capacity to 24 gigawatts (GW), enough to provide a quarter of the country’s electrical needs by 2050 through SMRs.

Great British Nuclear plans to select two of four finalists by the end of this year and start building SMRs.

“We aim to succeed in the UK’s first SMR project and strengthen our position in the European nuclear power plant market while speeding up the diversification of our global nuclear power plant business portfolio,” said a Hyundai E&C official in Seoul.

COOPERATION

Hyundai E&C and Holtec, which have had in partnership since 2021, were selected late last year for the Future Nuclear Enabling Fund, a UK grant scheme to support new nuclear development and help the industry lessen risk around future investment decisions.

Holtec’s SMR-300, an advanced, passively safe, pressurized light water nuclear power plant with 300 MW(e) rated net electric output, completed the first phase of the Generic Design Assessment by the UK Office for Nuclear Regulation in the shortest period.

In March, Hyundai E&C and Holtec formed another strategic partnership — with British companies Balfour Beatty plc and The Mott MacDonald Group — to cooperate in the global SMR market.

They aim to step up efforts to boost practical business capabilities such as establishing local supply chains based on their global nuclear power plant technology partnership.

“Hyundai E&C and Holtec have been cooperating on various projects such as the first SMR construction in Palisades, Michigan, as well as the entire nuclear energy cycle including the dismantling of nuclear power plants and the construction of temporary facilities for spent nuclear fuel storage since their partnership deal on joint SMR development and business expansion in 2021,” said the Hyundai E&C official.

Write to Eun-Ji Shim at summit@hankyung.com
 
Jongwoo Cheon edited this article.