LONDON, UK, 4 September 2024 – Leading experts in nuclear energy met yesterday to help develop the global strategy for the global transition to clean energy and the essential role of nuclear energy.
The New Nuclear Watch Institute (NNWI), in partnership with Terra Praxis, convened a high-level roundtable and reception on “Navigating the Future of Small Modular Reactors (SMRs)” focused on how the development of SMRs will extend the benefits of nuclear power to billions of people around the world. The smaller size and greater flexibility of SMRs will enable their deployment in remote locations which are inaccessible for large plants and among communities whose population is too small for big reactors. The convening was hosted by Herbert Smith Freehills LLP, and sponsored by GE Hitachi and Holtec Britain.
NNWI Chairman Tim Yeo said:
“NNWI believes that SMRs are a vital part of the global nuclear fleet and could help the world achieve Net Zero targets by mid-century. For this to happen, and for SMRs to be deployed at scale, a range of technological, economic and geopolitical factors that influence technology adoption and scalability must be successfully addressed.”
During the event, NNWI announced that it has joined the global REPOWER Consortium, led by Terra Praxis. The REPOWER Consortium, which includes some of the world’s largest and most innovative global leaders in government, industry, finance, academia, and nonprofits, is executing an integrated strategy to deploy fast, low-cost, and repeatable solutions for repurposing existing coal plants and other energy intensive infrastructure (e.g., data centers, steel, cement, aviation, shipping) to continue operating with emissions-free power, heat, and steam supplied by mass manufactured advanced nuclear.
“The demand for clean energy is huge”, said Kirsty Gogan, Terra Praxis Founding Director and Co-CEO. “This demand cannot be met with specialized, complicated, and expensive energy services that take years to license and construct and do not have access to mainstream finance. Innovations in design, manufacturing, licensing, and deployment are needed to enable nuclear energy to meet global demand at the speed, scale, and costs required to achieve global decarbonisation and universal access to modern energy services.”
Key commitments were shared to advance SMRs for clean energy in the United Kingdom (UK). The Rt Hon Lord Hunt of Kings Heath OBE, Minister of State at the Department for Energy Security and Net Zero delivered a keynote address:
“Nuclear is a key part of [the UK] Government's national mission to be a clean energy superpower. We believe that SMRs could play an important role in helping the UK achieve energy security and clean power while securing thousands of good, skilled jobs. The Government’s commitment to a nuclear programme and to Great British Nuclear will set the path to achieve these ambitions.”
Andrew Champ, UK Country Director for the Small Modular Reactor Programme at GE Hitachi, which has developed an industry-leading SMR, the BWRX-300, said:
“GE Hitachi is delighted to see continued political appetite for nuclear. SMRs present a flexible and scalable solution to future energy challenges. We look forward to working with Great British Nuclear and the Government more broadly on their mission to reach their nuclear energy ambitions.”
Holtec Britain, which has been working in the UK nuclear industry for over 10 years, plans to include the establishment of a heavy manufacturing plant in the UK to build SMR-300 components mirroring the company’s existing factories in the United States. If successful, the team will deploy a fleet of 5 to 10 GW of SMR-300 technology in the UK by 2050. Gareth Thomas, Director of Holtec Britain said:
“We look forward to the exciting opportunities ahead for SMRs and the key role of nuclear energy in achieving global Net Zero greenhouse gas emissions by 2050, keeping the 1.5-degree goal within reach.”
The law firm, Herbert Smith Freehills works with clients in all stages of the nuclear fuel cycle, advising governments, developers, lenders, investors, suppliers and regulators on the regulatory, commercial, safety and technical complexities of the industry. Paul Butcher, Director of Public Policy at Herbert Smith Freehills said:
"The new Government gets that new nuclear, including SMRs, are vital for a credible attempt to meet the UK's 2050 Net Zero commitments and safeguard the economy. Success hinges on creating a fleet with installation and commissioning at speed - so the Government must be bold in streamlining the hurdles to this."
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About New Nuclear Watch Institute (NNWI)
The New Nuclear Watch Institute is the first think tank focused on the international development of nuclear energy. It believes nuclear power is vital for the achievement of the legally binding Paris Agreement objectives and an essential part of the global solution to climate change. Founded in 2014 by Tim Yeo, a former British energy and environment minister, the institute aims to promote, support and galvanise the worldwide community to fight the greatest test of our time - climate change.
Learn more about NNWI: https://www.newnuclearwatchinstitute.org/
About Terra Praxis
Terra Praxis is a global nonprofit organization committed to universal access to affordable, reliable, and clean energy that empowers people and protects nature. Powered by philanthropy, it innovates and accelerates scalable, equitable solutions to decarbonize the largest sources of global emissions (the difficult-to-decarbonize sectors of coal-for-power, industrial heat, aviation, and heavy transport).
Learn more about TerraPraxis https://www.terrapraxis.org/
About GE Hitachi
GE Vernova’s Nuclear energy business, GE Hitachi Nuclear Energy (GEH), is a world-leading provider of nuclear fuel, services, and advanced nuclear reactor designs. The alliance with Hitachi combines GE’s design expertise and history of delivering reactors, fuel and services with Hitachi’s proven experience in advanced modular construction. GE Vernova is a purpose-built global energy company that includes power, wind, and electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it.
Learn more about GE Hitachi: https://www.gevernova.com/nuclear
About Holtec Britain
Holtec Britain has been working in the UK nuclear industry for over 10 years, and is a subsidiary of Holtec International, the US’s largest exporter of capital nuclear components. Holtec has over 30 years of UK nuclear delivery experience and is working at pace to deliver the first SMR-300 project at the Palisades site in Michigan. Holtec Britain has recently completed Step 1 of the Generic Design Assessment for the SMR-300 having established its own engineering team to deliver the GDA at its newly opened HQ in Bristol. Our business also includes decommissioning services and spent fuel management.
Learn more about Holtec: https://holtecinternational.com/
About Herbert Smith Freehills LLP
Herbert Smith Freehills is one of the world’s leading international law firms with a stellar reputation across energy and infrastructure. It is one of a very small number of firms with proven capability to advise on the full range of issues that can arise in a nuclear new build project.
Learn more about HSF: https://www.herbertsmithfreehills.com/
Media Contacts:
Veronika Racikova, NNWI
vr@newnuclearwatchinstitute.org
Sarah Ingersoll, Terra Praxis
Sarah.ingersoll@TerraPraxis.org
