Hyundai Engineering & Construction Enters UK Small Modular Reactor Project "Starting to Secure European Market"

On the 5th (local time), at the Embassy of the Republic of Korea in London, the capital of the United Kingdom, Yoon Young-jun, President of Hyundai Engineering & Construction (center), Julia King, Chief Advisor of Holtec UK, Rick Springman, President of Holtec (from the far left), Leo Quinn, Chairman of Balfour Beatty, and Cathy Travers, Group CEO of Mott MacDonald (from the far right), took a commemorative photo after signing a business agreement on joint participation in the UK Nuclear Authority's SMR technology competition.

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On the 6th, Hyundai Engineering & Construction (Hyundai E&C), which announced last month that it had secured a contract for the large Kozloduy nuclear power plant in Bulgaria, revealed that it will jointly participate in the Small Modular Reactor (SMR) technology development project led by the UK Nuclear Decommissioning Authority in collaboration with a global nuclear technology company. If the SMR technology developed by the team involving Hyundai E&C is finally selected, Hyundai E&C will build the UK's first SMR unit by 2030. This marks a significant opportunity for Hyundai E&C to secure a foothold in the European SMR market starting from the UK.

SMR refers to a nuclear reactor design that integrates major components of a conventional nuclear power plant into a single vessel, reducing the size to 1/150th of traditional reactors. The International Atomic Energy Agency (IAEA) predicts that the global SMR market will grow to approximately 630 trillion KRW by 2035. On the 5th (local time), Hyundai E&C announced that it signed a memorandum of understanding (MOU) at the Embassy of the Republic of Korea in London with US-based Holtec International and UK companies Balfour Beatty and Mott MacDonald (hereafter 'Team Holtec') to jointly participate in the UK Nuclear Decommissioning Authority’s SMR technology competition.

A Hyundai E&C official stated, "If we succeed in developing SMR technology in the UK and complete the first construction by 2030, we expect to gain SMR contract opportunities from other European countries interested in SMR." The official added, "We have formed partnerships with globally recognized nuclear companies and secured a strategic foothold for European market entry through the UK."

The UK Nuclear Decommissioning Authority has declared a revival of the nuclear power industry and supports nuclear power programs. It is a government-affiliated agency established to expand nuclear power capacity to 24 GW by 2050. The agency oversees a competitive bidding program to select operators for deploying advanced SMR technologies aimed at achieving carbon neutrality.

This time, six SMR developers, including 'Team Holtec,' have been shortlisted as final candidates to compete. After the technical design bidding and final selection of the SMR technology, investment decisions are expected to be completed by 2029, with full-scale construction of the UK's first SMR planned to commence in 2030. 'Team Holtec' plans to submit bids for future UK Nuclear Decommissioning Authority SMR technology selection projects and collaborate in the process of selecting final investment destinations for SMR deployment in the UK.

The core members of 'Team Holtec,' Hyundai E&C and Holtec, signed a cooperation agreement in 2021 for joint SMR development and business entry. Since then, they have been advancing projects across the nuclear value chain, including the design of the first US SMR unit, nuclear decommissioning, and the construction of interim spent nuclear fuel storage facilities.

Another key member, Balfour Beatty, is a leading UK construction company engaged in nuclear projects, including offshore works for the Hinkley Point C nuclear power plant. Mott MacDonald is a global engineering firm with over 50 years of experience in the nuclear sector, specializing in site assessment and licensing advisory services within the UK. Mott MacDonald has prior experience working with Hyundai E&C on the UAE Barakah nuclear power project.

The MOU signing ceremony was attended by Yoon Young-joon, President of Hyundai E&C; Leo Quinn, Chairman of Balfour Beatty; Rick Springman, President of Holtec; and Cathy Travers, Group Chief Executive of Mott MacDonald. Also present were Yoon Yeo-cheol, Ambassador of the Republic of Korea to the UK, John Whittingdale, UK’s Special Trade Envoy for Korea, and other government officials from both countries, who discussed cooperation measures to revitalize the nuclear industry. A Hyundai E&C official said, "We will leverage the strong government-driven nuclear power initiatives as momentum to strive for the successful SMR project in the UK."

Meanwhile, on the 6th (local time), Hyundai E&C will attend a supplier cooperation meeting held at the UK Advanced Manufacturing Research Centre to share its SMR business entry strategy with UK nuclear-related companies.

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