Expanding Foothold in Europe Leveraging Global Top Tier Nuclear Partnership

[ MOU signing ceremony between Hyundai E&C-Holtec International (US)-Balfour Beatty (UK), and Mott MacDonald (UK). On the 5th (local time), Yoon Young-joon, President of Hyundai E&C (center), Julia King, Holtec Britain's Senior Advisor, Rick Springman, Senior Vice President of Holtec International (from far left), Leo Quinn, CEO of Balfour Beatty, and Cathy Travers, Managing Director of Mott MacDonald (from far right), pose for a photo after signing an agreement on joint participation in the UK Atomic Energy Authority’s competitive bidding for SMR technology, at the Korean Embassy to the UK located in the capital city of London, UK ]

Hyundai E&C is establishing a multi-faceted cooperation network between global top-tier companies in the nuclear sector to gain a foothold in the UK small modular reactor (SMR) market. 

Hyundai E&C, along with US-based Holtec International, signed a MoU with UK-based Balfour Beatty and Mott MacDonald, respectively, at the Korean Embassy in London, UK, on March 5th (local time) to pursue joint participation in the UK Atomic Energy Authority's SMR technology competitive bidding.

The signing ceremony was attended by Hyundai E&C President Yoon Young-joon, Balfour Beatty CEO Leo Quinn, Holtec International SVP Rick Springman, and Mott MacDonald Group Managing Director Cathy Travers. In particular, the event was attended by government officials including the Korean Ambassador to the UK, Yoon Yeo-cheol, and the UK's Trade Envoy to Korea, Rt Hon Sir John Whittingdale, to discuss shared interests and ways to cooperate in line with the government's policy to revitalize the nuclear power industry.

Hyundai E&C and Holtec International (hereinafter referred to as Team Holtec) will use this agreement to explore ways to cooperate closely, including △submitting a bid for the UK Atomic Energy Authority's SMR technology selection project,△ enhancing market competitiveness for the final investment selection for SMR deployment in the UK, and △establishing a strategic partnership for the deployment of the first unit of SMR in the future.

[ MOU signing ceremony between Hyundai E&C-Holtec International (US)-Balfour Beatty (UK), and Mott MacDonald (UK). On the 5th (local time), Yoon Young-joon, President of Hyundai E&C (center), Rick Springman, SVP of Holtec International (left), Leo Quinn, CEO of Balfour Beatty(right) pose for a photo after signing an agreement on joint participation in the UK Atomic Energy Authority’s competitive bidding for SMR technology at the Korean Embassy to UK in UK’s capital London, on the 5th (local time), in the presence of Yoon Yeo-cheol, Korean Ambassador to the UK (back row, left) and Rt Hon Sir John Whittingdale, UK's Trade Envoy to Korea (back row, right), at the Korean Embassy to the UK located in the capital city of London, UK ]

The UK Atomic Energy Authority is a government agency set up to support the nuclear power generation program and expand nuclear installed capacity to 24 GW by 2050, heralding a major comeback of the nuclear industry. To accelerate the deployment of SMRs with superior technology with the goal of achieving net-zero initiative, the agency is leading a selective program through competitive bidding. Six SMR developers, including Team 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 be fully underway by 2030.

Since signing a cooperation agreement on joint development of SMRs in 2021, Hyundai E&C and Holtec International have been working on projects across the nuclear power value chain, including SMRs, such as the design of the first SMR unit in the US, as well as nuclear power plant decommissioning projects and the construction of temporary storage facilities for spent nuclear fuel. In 2022, the Holtec Team 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 reach by focusing on jointly developing global nuclear power projects like SMRs in Eastern Europe.

Balfour Beatty is a leading UK builder, in charge of implementing an array of nuclear power plant projects in for instance, Sellafield and Wylfa, including the offshore construction of Hinkley Point C nuclear power plant. Mott MacDonald is also a global engineering firm with more than 50 years of experience in the nuclear sector, with distinct expertise in nuclear site assessment and licensing & approval consultancy in the UK, having delivered the successful Barakah NPP project in the UAE with Hyundai E&C.

Based on the new agreement, Hyundai E&C plans to expand the basis for its entry into the UK SMR business and further solidify its expansion into the global SMR business built on its unrivaled technical capabilities and solid mutual trust.

Meanwhile, Hyundai E&C will attend a briefing for supply partners at the Advanced Manufacturing Research Center (AMRC) in the UK on the 6th (local time) to share strategies for entering the SMR business with leading UK nuclear power companies. Based on Hyundai E&C's excellent nuclear power business capabilities, the company plans to actively lay the foundation for successful business entry by forging close relationships with local companies.

“Taking the government's strong commitment to nuclear power as the driving force, we will work closely together to maximize the technical and business expertise of the four companies to deliver a successful SMR project in the UK,” said an official from Hyundai E&C. “With the UK's first SMR built on a partnership among top-tier global nuclear players, we hope to contribute to setting a favorable climate for the global nuclear industry.”