GE Vernova is joining hands with Samsung C&T, Hitachi, and SGE to target the European small modular reactor (SMR) market. The four companies plan to combine their respective nuclear technology and construction and business development capabilities to jointly identify BWRX-300 business opportunities in Central and Eastern Europe and the United Kingdom.

■ MOU signed in New York… "Aiming to establish a basis for repeated deployments in Europe"

According to GE Vernova, SGE, GE Vernova, Hitachi, and Samsung C&T signed a memorandum of understanding (MOU) on the 22nd in New York for the development and commercialization of the BWRX-300 in the European market. The signing took place on the sidelines of the Atlantic Council Nuclear Energy Policy Summit held during the UN General Assembly.

The core of this cooperation is to establish a business foundation that allows the BWRX-300 to be supplied repeatedly across multiple European countries, rather than being limited to a single project. The participating companies will review the commercial viability of each market, refine reactor deployment methods and project execution strategies, and jointly examine opportunities that could lead to actual commercial projects.

■ Clear division of roles… "GVH for reactor technology, Samsung C&T for EPC, SGE for local development"

The roles of the U.S., Japanese, Korean, and European companies are relatively clear. GE Vernova Hitachi Nuclear Energy (GVH) will be responsible for the BWRX-300's reactor technology and design. Hitachi will leverage its accumulated nuclear technology and Japanese supply chain, while Samsung C&T will provide its EPC capabilities secured through large-scale energy and infrastructure projects. SGE will play the central role in local business development in Europe.

Samsung C&T is already pursuing BWRX-300-related projects in Europe. The company plans to continue leading BWRX-300 business development in key regions of Central and Eastern Europe. Samsung C&T explained that it has been cooperating with GE Vernova Hitachi on BWRX-300 construction projects and has also been gaining relevant experience through the Swedish Studsvik project. Going forward, it plans to build on its EPC execution capabilities to enhance the synergy among the four companies and expand its business footing in the European nuclear market.

■ Aligned with government-level cooperation… U.S. State Department cites it as a public-private cooperation case

This cooperation also aligns with government-level nuclear cooperation efforts. The U.S. State Department assessed the industry collaboration as an example of public-private cooperation to expand BWRX-300 deployment in Europe and strengthen energy security. Previously, the United States, Japan, and South Korea had established a government-level cooperation framework to expand SMR projects in third countries.

The companies share the same direction. GE Vernova believes that as European countries push to expand the use of nuclear power, a business structure enabling repeated deployment of the same SMR design across multiple countries is becoming increasingly important. Hitachi intends to participate in European BWRX-300 projects by utilizing its own nuclear technology and the manufacturing and supply capabilities of related Japanese companies. SGE views this cooperation as a platform-building process to supply standardized BWRX-300 power plants across Europe. The aim is to bundle reactor design, construction, supply chains, and local business development functions into a single business system to reduce per-project risks and accelerate business execution.

■ 300MW boiling water SMR… First construction underway in Canada

The BWRX-300 is a boiling water SMR with a capacity of about 300MW. Based on existing boiling water reactor technology, its design has been simplified and standardized with a focus on repeatedly building identical plants in multiple locations. The first commercial project has already entered full-scale construction, with the first BWRX-300 reactor being built in Canada. As a result, once European projects materialize, the construction experience gained in North America could be applied to future projects.

■ Poland grants basic approval for 26 units… UK envisions 14 units and 4.2GW

In Europe, Poland and the UK are cited as key markets. According to SGE, basic approval has been granted for 26 BWRX-300 units in Poland, with priority business development currently underway in three regions. These sites are said to have the potential to accommodate up to 14 reactors.

Large-scale plans are also being pursued in the UK. SGE is reviewing a plan to build 14 BWRX-300 units across three multi-reactor sites to secure a total of 4.2GW of generating capacity. The related plans are being advanced in conjunction with the UK nuclear authority's pre-approval review process. SGE is also seeking additional business regions, focusing on Central and Eastern European countries. Rather than pursuing different nuclear projects in each country, its long-term goal is to build a wide-area business model that utilizes the same reactor design and supply chain.

■ Not an order contract, but a step toward concretizing Europe's SMR business structure

This MOU does not represent an actual order or a nuclear construction contract. However, the fact that a reactor company holding BWRX-300 technology, a global EPC firm, and a European local developer have formed a single cooperative framework could serve as an opportunity to concretize the business structure of future European SMR projects. For Samsung C&T, it adds a foundation to expand its business scope beyond domestic construction into the overseas nuclear EPC market. The key issues going forward are licensing procedures in European countries including Poland and the UK, operator selection, financing, and whether the agreements can be converted into actual construction contracts.

[This article is an informational piece based on corporate announcements and public materials and does not constitute an investment recommendation for any specific company. The agreement is a cooperative framework for future business review and may differ from actual orders or construction contracts. AI was used for some sentences and the organization of materials.]