HOLTEC BRITAIN AND SOUTH YORKSHIRE COMBINED AUTHORITY EMBARGOED RELEASE

• Major US advanced nuclear engineering company Holtec announces significant planned UK expansion.
• Holtec’s investment will generate at least £600m for South Yorkshire and thousands of UK jobs – with gains of up to £1.5bn depending on the outcome of Great British Nuclear’s (GBN) Small Modular Reactor (SMR) competition.
• US giant is one of four firms through to final negotiations with GBN.
• Holtec is aiming for 70% ‘UK content’ in its SMR plans which means significant supply chain opportunities for the UK and particularly South Yorkshire.

Ahead of the Government’s International Investment Summit, the major US nuclear giant, Holtec has announced a significant planned investment of £325 million into South Yorkshire to expand its nuclear operations. Economic analysis estimates that, on its own, this investment will generate at least £600m of Gross Value Added (GVA) to the region – creating more than 6,500 UK wide jobs.

But the size of the prize is potentially even larger. Analysis by former government economists at Bradshaw Advisory estimates impacts of up to £1.5bn GVA, and a future export market worth £178bn, are ready to be unlocked if Holtec is successful in GBN’s competition. Holtec’s senior US executive, Dr Rick Springman, who will attend the summit with the Prime Minister, Sir Keir Starmer on Monday said the company welcomed the UK’s mission to harness nuclear for energy security and net zero.

Holtec has been active in the UK for 30 years – already supplying equipment to the UK’s EDF nuclear plants – which are expected to scale significantly once Hinkley C and Sizewell C come online. As Holtec currently ships products from the US into the UK, executives have said that this model is becoming expensive given the increase in nuclear work.

The new South Yorkshire factory is expected to be operational by the early 2030s working as an important part of UK nuclear civil and defence supply chains.

Winning the GBN award would require the factory to be operational by 2028.

The US nuclear giant is one of four companies down-selected for final negotiations with Great British Nuclear (GBN), placing Holtec in a strong position – working closely with its key partners Hyundai E&C, Mott Macdonald, Mitsubishi Electric and Balfour Beatty – as GBN moves to the next phase of its competition that is expected to conclude by the end of this year.

Holtec recently secured $1.5bn in support from the US Department of Energy to restart the 800 MW Palisades nuclear power plant in Michigan as well as plans to deploy two of its SMR-300 pressurised water reactors on the site – nearly doubling Michigan’s carbon-free generation capacity.

The American nuclear giant is investing heavily into the UK industrial ecosystem for its SMR. Last month it signed formal cooperation pacts with leading engineers and scientists at the UK’s Manufacturing Technology Centre (MTC) and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) to collaborate on SMRs and is engaging with UK suppliers on a delivery plan for civil nuclear.

South Yorkshire’s Mayor, Oliver Coppard, said:

“In South Yorkshire, we’re building on hundreds of years of innovation and engineering heritage to create world leading facilities, skills and expertise today; assets that will power the clean energy transition in the UK and beyond. We are right at the cutting edge of the new nuclear, hydrogen and sustainable aviation sectors, and proud to be home to the largest clean tech sector in the UK.

“That’s why Holtec have chosen South Yorkshire as the place to significantly expand their UK operations. They recognise we are the natural home of the emerging clean energy sector in this country. Their decision to invest in South Yorkshire has the potential to support thousands of high-paying, high-skilled jobs here and across the UK.

“This could be just the start of something even bigger, with Holtec set to unlock even more investment in South Yorkshire should they be successful in GBN’s ongoing SMR design competition.

“I promised to deliver a clean energy transformation and this decision is more evidence of the huge and increasingly rapid progress we’re making.

“I’m pleased to be working with industry and the Government as we turn South Yorkshire and the UK into a clean energy superpower. ”

Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities said:

“Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward Government missions on clean energy and economic growth.

“Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.

“The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.”

About Holtec

Holtec Britain is a subsidiary of Holtec International.

Holtec is the US’s largest exporter of capital nuclear components and its largest commercial decommissioning company. 145 nuclear plants worldwide rely on Holtec for spent fuel storage & transport to which it captures over 60% of the US Market and 40% of international market. Globally, Holtec employs over 2,000 people and has been successfully awarded $116m from the US Department of Energy (an additional $31.5m contributed from Holtec, making $147.5m) to further develop and test our SMR design.

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