Camden, N.J. – February 28, 2018: We are pleased to announce that Holtec International and NAEK Energoatom, Ukraine’s national nuclear operator, have signed a Memorandum-of-Understanding that envisages Ukraine to adopt the SMR-160 technology to meet its projected needs for clean power in the latter half of the next decade. Nuclear power plays a key role in ensuring energy security of Ukraine. Today, Ukrainian Nuclear Power Plants generate more than half of the electricity consumed in the country and have garnered a record of high operational reliability (low frequency of scrams) rivaling the top performing nuclear fleets in the world. In this century, Energoatom has emerged as a unique success story among the global power generation companies as the provider of environmentally clean energy at the lowest price of any other energy source in the country. Thanks to Energoatom’s able corporate leadership and a dedicated cadre’ of nuclear workers, its 17-year track record as a solid performer has made nuclear energy a respected energy source in the eyes of the people of Ukraine. Now, by moving energetically to become the first mover in Holtec’s small modular reactor program, Ukraine expects to become a world leader in the emerging small modular reactor industry.
Energoatom President, Yuriy Nedashkovsky, and Holtec’s CEO, Dr. Kris Singh,
Executing the Memorandum of Understanding
Under the agreement with Holtec, Ukraine will become a manufacturing hub for SMR-160 components and systems mirroring the capabilities of Holtec’s Camden plant. (Holtec’s business plan calls for having four geographically distributed manufacturing plants around the globe, similar to our Advanced Manufacturing plant in Camden operational by mid-2020s). Holtec is also in talks with leading Ukrainian suppliers of specialty machinery such as turbo-generators to integrate their products in SMR-160.
Speaking at the bi-annual meeting of the Holtec Advisory Council, Energoatom’s President declared his company’s intention to replace, as a pilot project, 2 VVER-440 power units of the Rivne Nuclear Power Plant with SMR-160 modular reactors. President Nedashkovsky cited SMR-160’s “walk away” safe design and his company’s trust and confidence in Holtec based on a long-term successful business relationship behind Energoatom’s decision to select Holtec’s reactor system. As an environmentally conscious nation, Ukraine plans to generate clean energy from SMR-160s to replenish the looming deficit in the country’s power supply caused by the retirement of its old coal burning plants in the coming years. In addition to serving as a resilient distributed generation source, SMR-160s will likely also be deployed in co-generation roles providing steam as well as power at the country’s industrial sites.
Mr. Nedashkovsky is an active member of the Holtec Advisory Council, which meets twice a year to assess and critique the developments in the SMR-160 reactor program. Holtec’s President & CEO, Dr. Kris Singh, serves on President Poroshenko’s National Investment Council which speaks to the strong relationship between Ukraine and Holtec.