President Yoon Suk Yeol said Thursday South Korea and the Czech Republic will collaborate on the design and construction of nuclear reactors if the Central European country picks a Korean consortium as the final winner for a nuclear power plant.

Rolls-Royce is one of five companies still involved in a government-run competition to win government support to build small-modular reactors in the UK. Rolls-Royce is competing alongside GE-Hitachi, Holtec, Nu-Scale, and Westinghouse Electric.

The Czech Republic has chosen UK firm Rolls-Royce SMR after assessing seven potential technology suppliers for its proposed small modular reactor programme.

President Yoon Suk Yeol held out the prospect of forging a "nuclear energy alliance" with the Czech Republic Thursday, pledging to ensure wide-ranging cooperation with Prague over the design and construction of nuclear reactors if a Korean consortium wins the country's power plant

By Albin Sybera CEZ, the Czech Republic's state-controlled energy group, has chosen the UK's Rolls Royce as its partner to develop small modular reactors (SMRs). The decision is a blow to rival bidders Westinghouse and GE Hitachi of the US.

Rolls-Royce (OTCPK:RYCEY) (OTCPK:RYCEF) is poised to obtain the first order from a European government to build a fleet of small nuclear reactors, after the company beat out six competitors to be named the preferred supplier by Czech Republic state utility CEZ,