NuScale Power to expand into U.K.

Earlier in October, NuScale Power announced that they have released a prospectus for operations in the U.K.

The company specializes in the development of small modular reactors (SMR), which the U.K. market is anticipated to be worth approximately $454.5 billion by 2035.

“We see the U.K. as one of the most attractive places globally to do nuclear business,” NuScale CEO and Chairman John Hopkins said. “Britain has the opportunity to grab a share of the future high value global SMR market. Our vision is to see NuScale Power Modules generating low carbon electricity in the U.K. and providing opportunities in the U.K.”

According to the announcement, the entry of NuScale technology would be able to benefit the U.K.’s nuclear supply chain and would allow for job growth in the country.

In the U.S., the company is set to submit SMR technology in order for the design concept to be certified and the company predicts that regulatory approval from the U.S. Nuclear Regulatory Commission would come in the early part of the 2020s. Should this happen the first SMR could be deployed in Idaho in 2023.

“Off the back of progress in the U.S., our presence in the U.K. market has been developing fast,” Hopkins said. “We’re working closely with the government, building collaborative links with key players in the nuclear sector such as the Nuclear AMRC and National Nuclear Laboratory and are in talks with a range of potential partners.”