■ On the 19th local time, in New York, the companies agreed to cooperate on Natrium® technology based on a Sodium-cooled Fast Reactor (SFR).

■ Hyundai E&C aims to strengthen its position as a leading company in the global nuclear power supercycle by expanding its nuclear power value chain in the US.

Hyundai E&C–TerraPower–HD Hyundai Heavy Industries MOU for next-generation nuclear power business

Hyundai E&C is accelerating its push into the global energy market as it expands its reach to include advanced next-generation reactors.

Hyundai E&C announced that on the 19th local time, it signed a memorandum of understanding with TerraPower and HD Hyundai Heavy Industries at Goldman Sachs’ headquarters in New York, U.S., for the commercial deployment of the next-generation reactor “Natrium®”.

The signing ceremony was attended by senior executives from the relevant companies, including Choi Young, Executive Vice President of Hyundai E&C’s New Energy Division; Chris Levesque, Chief Executive Officer of TerraPower; Kang Seok-joo, Executive Vice President of HD Hyundai; and Won Kwang-sik, Executive Vice President of HD Hyundai Heavy Industries. The parties agreed to cooperate on TerraPower’s Natrium project currently being pursued in the US and on further market expansion.

TerraPower is a leading U.S. nuclear energy company with fourth-generation nuclear power technology based on Sodium-cooled Fast Reactors (SFRs), which use liquid sodium as a coolant. SFRs are drawing significant attention for their high level of safety and power generation efficiency, as well as their ability to generate less nuclear waste compared with conventional reactors. TerraPower is also emerging as a frontrunner in the next-generation nuclear power market, having received the first construction permit in the US from the Nuclear Regulatory Commission (NRC) for a fourth-generation reactor and broken ground on the 345 MW Kemmerer Unit 1 in the state of Wyoming.

HD Hyundai Group has been participating in the development of TerraPower’s Natrium technology since making a USD 30 million investment in 2022. The partnership has since expanded, with HD Hyundai Heavy Industries selected to manufacture the cylindrical reactor vessel for Kemmerer Unit 1 and support the broader Natrium supply chain.

Hyundai E&C was selected as a strategic partner for the agreement in recognition of its extensive nuclear power EPC track record, including the Barakah Nuclear Energy Plant in the UAE, as well as its capabilities related to small modular reactors (SMRs). The Korean builder plans to continue discussions with TerraPower and HD Hyundai Heavy Industries regarding its participation in EPC execution for subsequent Natrium commercial units.

A Hyundai E&C official said, “This agreement represents meaningful progress in that it lays the foundation for Hyundai E&C’s participation in a fourth-generation reactor project and for the expansion of its nuclear power value chain.” The official added, “As can be seen from the agreement between TerraPower and Meta, SFRs serve as a viable power source for AI infrastructure, which is seeing growing demand. Hyundai E&C will seek to combine TerraPower’s advanced reactor technology with HD Hyundai Heavy Industries’ manufacturing capabilities to help meet rapidly growing global electricity demand.”

Meanwhile, building on an extensive track record of constructing 24 large-scale nuclear power plants at home and abroad, Hyundai E&C continues to expand its presence in the US, the birthplace of nuclear power, through participation in a wide range of projects, including large-scale nuclear power plants, SMRs, and nuclear decommissioning.

As SMRs draw increasing attention as a power source capable of addressing electricity shortages in the AI era, TerraPower has announced a plan to supply more than 10 nuclear power plants worldwide by 2035, raising expectations that Hyundai E&C's global competitiveness in nuclear power will strengthen further.