Hyundai E&C to bid for U.K. nuclear project with two British partners

Industry

Published: 06 Mar. 2024, 18:28 Updated: 06 Mar. 2024, 18:31

Hyundai E&C to bid for U.K. nuclear project with two British partners

Hyundai Engineering & Construction CEO Yoon Young-joon, center, joins Rick Springman, senior vice president of International Projects at Holtec International, left, and Leo Quinn, CEO at Balfour Beatty, for joint bidding for the U.K. Atomic Energy Authority's Small Modular Reactor (SMR). [HYUNDAI E&C]

Hyundai Engineering & Construction (E&C) and U.S.-based Holtec International have teamed up with British firms to jointly bid for the development of the U.K. Atomic Energy Authority's Small Modular Reactor (SMR).

The Korean builder and Holtec, collectively dubbed “Team Holtec,” signed a Memorandum of Understanding (MoU) with UK-based construction firm Balfour Beatty and engineering firm Mott MacDonald.

Team Holtec's objective is to submit bids for the U.K. Atomic Energy Authority's SMR technology selection project, according to Hyundai, and to be competitive for the final selection.

Details of the MoU with the U.K. firms have not been specified.

The U.K. Atomic Energy Authority is pushing to expand its nuclear power capacity to 24 gigawatts by 2050 and is overseeing the SMR technology selection program. Six SMR developers, including Holtec, have been shortlisted.

Hyundai E&C and Holtec entered a cooperative agreement to jointly develop SMRs in 2021. In 2022, Hyundai E&C, along with Balfour Beatty, was chosen for the Future Nuclear Enabling Fund (FNEF) to revitalize Britain's nuclear power plants and explore related global projects.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]