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Hyundai E&C Bolsters UK SMR Bid with Strategic Partnerships

Collaborating with Holtec, Balfour Beatty, and Mott MacDonald, Hyundai E&C aims for a pioneering role in the UK's nuclear energy expansion
South Korea
h 000720.KO Mid and Small Cap 2000
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Hyundai Engineering & Construction Co. (Hyundai E&C) has strategically enhanced its consortium with the addition of two British firms, Balfour Beatty plc and The Mott MacDonald Group, aligning with US-based Holtec International Corp. in a joint venture to compete for a contract to construct advanced small modular reactors (SMRs) in the United Kingdom. This collaboration aims to position Hyundai E&C at the forefront of the UK’s ambitious nuclear energy project, which anticipates the operational deployment of SMRs by the mid-2030s, following a definitive investment decision slated for 2029.

The partnership was formalized through a Memorandum of Understanding (MOU), uniting these industry giants in advancing to the subsequent phase of Great British Nuclear’s (GBN) SMR competition. This UK government-endorsed initiative seeks to escalate the country’s nuclear capacity to 24 gigawatts by 2050, integrating a new fleet of SMRs to meet this objective. Hyundai E&C’s involvement with Holtec began in 2021, focusing on the global SMR market and encompassing the complete lifecycle of SMR facilities, from construction to decommissioning. Their collaborative efforts have culminated in the SMR-160 plant design, a compact, safe, and economically viable nuclear reactor model, proposed for international deployment across over 15 nations, including the UK.

This consortium is contending against five other entities, including prominent industry players like EDF and Rolls Royce SMR, in a bid that is pivotal for the UK’s nuclear energy strategy and Hyundai E&C’s global market expansion. The company’s rich history in nuclear construction, dating back to its inaugural project, the Gori 1 plant in Korea, underscores its extensive expertise and commitment to advancing nuclear energy technology. This venture represents a significant step towards sustainable, low-carbon energy solutions, reflecting Hyundai E&C’s ongoing evolution and its strategic positioning in the international nuclear energy sector.

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