Candu, a subsidiary of SNC-Lavalin (TSX:SNC), says the study could open the door to talks with the UK regulator about licensing its EC6 technology.
In a release, the company says the U.K. wants to re-use the plutonium from the spent fuel as mixed oxide fuel (MOX).
"Candu technology is well-suited to deliver a timely and cost effective disposition of UK fissile material stocks based on proven design," Ala Alizadeh, senior vice-president, marketing and business development, said in a statement.
The company says its reactors have the ability to run 100 per cent MOX fuel with no loss in electricity production.
The study will result in a report later this year on whether building the reactors in the U.K. is economically feasible.
Earlier this year, the Canadian Nuclear Safety Commission (CNSC) concluded that Candu's enhanced EC6 reactor complies with its regulatory requirements.
Candu reactors supply about half of Ontario's electricity and 16 per cent of Canada's overall electricity requirements. They also supply more than 22,000 megawatts of power at sites around the world.