Holtec International, the US nuclear firm, is kicking off a competition on Friday to find a location in Britain for a £600 million factory that will manufacture small modular reactors (SMRs), according to a Reuters report.
The announcement comes as the UK aims to significantly ramp up nuclear power generation to meet climate goals and boost energy security.
Britain wants nuclear to account for 24 gigawatts, or about a quarter of projected electricity demand by 2050, up from around 14% currently. However, financing for large-scale nuclear plants with massive upfront costs has proven difficult. The government is hoping SMRs, which can be built more quickly and at lower cost in factories, could provide a viable alternative to replace aging facilities.
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Gareth Thomas, Director of Holtec Britain, told Reuters that the company will invest approximately £600 million (about $767 million) over 15 years to design, construct and outfit the new SMR production site. Local authorities and businesses across the country are being invited to pitch potential locations and outline their preparedness.
Thomas added that the factory could provide around 400 highly-skilled jobs in the next three to five years.
Holtec Britain leads a consortium involving South Korea’s Hyundai that is one of six groups shortlisted in a government competition to develop SMR technology for deployment in the 2030s. The other finalists include Rolls Royce SMR, EDF, GE-Hitachi, NuScale Power, and Westinghouse.
While Holtec already has an SMR factory in New Jersey, the company views a UK site as a potential base for exporting its technology across Europe and the Middle East.
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