May 21, 2024

GE Vernova's nuclear business has been selected for the UK's Future Nuclear Enabling Fund

Wilmington, North Carolina: January 25, 2024 — GE Hitachi Nuclear Energy (GEH), the GE Vernova nuclear energy business, today welcomed confirmation of a £33.6 million Future Nuclear Enabling Fund (FNEF) grant from the UK Department for Energy Security and Net Zero (DESNZ). The UK Government has ambitions to produce 24 gigawatts of nuclear power by 2050 to help provide the UK with energy security and achieve net zero.

The largest expansion of nuclear power in 70 years is underway in the UK, and small modular reactors are at the center of this rapid renaissance.Minister of Nuclear Energy Andrew Bowie He said. “Today's £33.6 million funding for GE will help Hitachi advance its design, putting us in an excellent position to become one of the first companies to deploy this game-changing technology. This means cheaper, cleaner and safer energy for families and businesses.

We believe our BWRX-300 small modular reactor is the perfect solution to the UK's decarbonisation and energy security goals, and we appreciate the UK Government making this FNEF grant available to help demonstrate this,” He said Jay WellmanPresident and CEO of GEH. “We have assembled a first-class team to deliver the BWRX-300 in the UK and this FNEF grant will help accelerate regulatory acceptance and readiness for deployment as we continue to develop a robust supply chain in the UK. We hope that the development of the BWRX-300 will be the next chapter in GE's proud history of 130 years of operation in the UK.

GEH submitted the FNEF application with an experienced UK team, including Jacobs, Laing O'Rourke and Cavendish Nuclear as well as Synthos Green Energy (SGE), an investor and developer from Poland. GEH is developing a UK supply chain that includes a memorandum of understanding with Sheffield Forgemasters for a potential supply agreement for UK-sourced steel forgings to support the deployment of BWRX-300 SMRs.

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In conjunction with the FNEF grant, GEH will enter into the General Design Assessment (GDA) process for the BWRX-300. The GDA process allows UK regulatory bodies to assess safety, security and environmental protection standards for new nuclear reactor designs. GEH will be supported at GDA by Jacobs which has supported applications for new nuclear power station projects in the UK since 2007. In October, it was announced that GEH had reached the next stage of the Great British Modular Small Nuclear Reactor Competition. GEH's UK team is supported by SGE as an investor and developer.

SGE is pleased to select GEH's advanced BWRX-300 technology for FNEF,” He said Rafael CasperoCEO of SGE. “As a specialist SME investor and developer, our company is keen to invest in the UK and lead the way on several BWRX-300 projects. We recognize that British companies are key contributors to the supply chain for the deployment of the BWRX-300, not only in the UK, but also in Poland and Central Europe. The opportunities presented by FNEF will accelerate our investment strategy, with a focus on the rollout of the BWRX-300s in the UK.

We are pleased to receive this grant from the UK Government,” He said Sean SextonExecutive Vice President, Advanced Nuclear Energy, GEH. “We are confident in our plans and ready to go: the BWRX-300 is a deliverable design which is why we have been selected for SMR programs around the world including Canada, Poland and the US. We will continue to work closely with the UK Government to deliver a fleet of reactors here that can help the UK Government achieve its target of adding up to 24 GW of nuclear capacity to the grid by 2050.

GE has a long and deep history in the UK, with a presence dating back 130 years. GE's energy businesses employ more than 2,500 people at 11 sites across the country and are a key focus of the UK's energy security and decarbonisation ambitions, with 35 per cent of the country's electricity currently powered by its technology. In October, GE's first Haliade-X turbine began producing power as part of the Dogger Bank Wind Farm, one of the UK's pioneering energy projects. In December, GE Vernova's Grid Solutions business and the MYTILINEOS consortium announced they had been awarded a £1 billion contract from National Grid Electricity Transmission and SP Transmission, part of SP Energy Networks, to create the first high-capacity subsea interconnection on the Kingdom's east coast. United.

Advanced nuclear technologies like the BWRX-300 are a key pillar of GE Vernova's leadership in the energy transition. In addition to helping customers achieve decarbonization goals, the BWRX-300 is designed to reduce construction and operating costs. Specifically, the BWRX-300 takes advantage of a unique combination of existing fuel, factory simplifications, proven components and a design based on an NRC-certified reactor design.

There is growing global interest in the BWRX-300. In July, the Province of Ontario announced it was working with Ontario Power Generation (OPG) to begin planning and licensing the deployment of three additional BWRX-300 small-scale reactors at the Darlington New Nuclear Project site – which means four more BWRX-300 small-scale reactors will be delivered in July. the site. This follows the announcement in January 2023 of a contract to build the first BWRX-300 at the Darlington site. In March, it was announced that GEH, the Tennessee Valley Authority (TVA), OPG and SGE are teaming up to invest in the development of the BWRX-300 standard design and detailed design of key components. In February, Fermi Energia announced that it had selected the BWRX-300 for its potential deployment in Estonia. The UK is positioned to benefit from this emerging fleet of BWRX-300 aircraft and contribute, through exports, to a larger global fleet.

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About GE Vernova
GE Vernova is a purpose-built, planned global energy company spanning power, wind and electricity businesses, supported by its accelerator businesses in advanced research, consulting and financial services. Building on more than 130 years of experience addressing global challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while working to decarbonize it. GE Vernova helps customers save energy and save electricity that is vital to health, safety, security and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, United States, and has more than 80,000 employees in more than 100 countries around the world. GE Vernova nuclear power Through its global alliance with Hitachi, Hitachi is the world's leading provider of nuclear fuel packages and services and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest and most innovative boiling water reactor designs.

GE Vernova's mission is embedded in its name – it maintains its legacy, “GE”, as a permanent, hard-earned badge of quality and innovation. “Ver”/“verde” refers to the earth’s green and lush ecosystems. “Nova,” from the Latin “novus,” refers to an innovative new era of low-carbon energy. Supported by corporate purpose, Energy to change the worldGE Vernova will help deliver an affordable, reliable, sustainable and secure energy future. Learn more: J Vernova And LinkedIn.

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