Hyundai E&C has initiated a full-fledged roadmap strategy for the next-generation nuclear power business, to accelerate its global expansion by enlarging the scope of its nuclear business, including securing nuclear source technology.
Hyundai E&C has established a system to manage all areas of the nuclear power business, including SMRs, nuclear decommissioning, and spent nuclear fuel processing, building on its largest track record of nuclear projects and proven competitiveness for being the first local exporter of Korean large-scale nuclear power plant. Furthermore, Hyundai E&C is enhancing its status as a global top tier nuclear power company by strengthening strategic alliances and cooperation with global top tier nuclear power companies.
Hyundai E&C CEO Yoon Young-joon recently sent a message to all Hyundai E&C members, marking the firm’s 75th anniversary explaining, "Hyundai E&C is cooperating with local and global top-tier nuclear firms to build a complete nuclear power supply chain,” announcing the company’s commitment and vision to thrive as “Global No.1 Total Nuclear Solution Provider” with creativity and challenge at the core of its DNA.
[ *Source: WNA(World Nuclear Association), Market size forecast based on Korea Energy Economics Institute’s data ]
■ Hyundai E&C developed the next-generation nuclear power business by strengthening ties with firms possessing global top-tier nuclear power technology
-. The agreement with Westinghouse paves the way for Hyundai E&C to be the first Korean builder to participate in the Westinghouse’s AP1000 project
Hyundai E&C has built 22 out of 34 large-scale Korean nuclear power plants at home and abroad and is gaining an unrivaled position in the large-scale nuclear power plant sector, which is the core of the energy industry. Starting with the Kori-1 in 1978, Hyundai E&C has carried out a total of 18 nuclear power plant projects, building an overwhelming track record among domestic construction companies. Also, in 2010, Hyundai succeeded in exporting nuclear power plants for the first time in Korea by winning the order for the UAE Baraka nuclear power plant (units 1-4).
* Track record of Hyundai E&C’s large-scale nuclear power plant projects: Kori Units 1~4, Wolseong Units 1~2, Hanbit Units 1~6, Shin Hanul Units 1~2, Shin Kori Units 1~4, UAE Barakah Units 1~4
Based on these capabilities, Hyundai E&C signed a Strategic Cooperation Agreement with U.S.-based Westinghouse, global top-tier nuclear firm, on May 24, laying the groundwork for the first Korean company to enter the U.S. large-scale nuclear power plant (AP1000 model) business. Hyundai E&C’s large-scale nuclear power plant business is expected to expand further by jointly participating in the Westinghouse’s large-scale nuclear power plant (AP1000 model) projects, which is licensed in the U.S., Europe and Asia. Through this agreement, Hyundai E&C expects to lay the foundation for sustainable future businesses and strengthen its competitiveness in the K-nuclear projects based on Korea-U.S. cooperation.
[ Signing ceremony with U.S.-based Westinghouse on May 24 to strategically cooperate on the global business of large-scale nuclear power plant(AP1000 model) ]
Westinghouse is a global U.S. nuclear power company founded in 1886 that provides nuclear reactors and engineering to more than 50% of the world's nuclear power plants and is a global top-tier company across the entire nuclear industry. The AP1000 project, which Hyundai E&C and Westinghouse will jointly undertake, is a commercially-viable improved pressurized water reactor, with significantly improved safety, and its modular approach allows for a shorter construction period compared to the existing construction method.
-. Joint development of Small Module Reactor (SMR) with Holtec and the first Korean company to enter the U.S. nuclear decommissioning market
Hyundai E&C signed a teaming agreement with Holtec International, a U.S. nuclear power company, late last year to develop SMRs and enter into the business together by being agile in the SMR field, which is gaining traction as the key member of the next-generation nuclear power plant businesses.
[ Hyundai E&C signed a teaming agreement on the development and commercialization of SMRs with SMR-leading firm Holtec. On March-end of this year, Hyundai E&C was the first Korean company to sign an agreement to cooperate on nuclear decommissioning in the U.S. (including Indian Point owned by Holtec) ]
The SMR-160 model, currently under development, is a 160MW small module reactor of pressurized water reactor type, that can be deployed regardless of regional and environmental restrictions including deserts and polar regions. It has been tested for safety against all potential risks through simulations such as the Fukushima crisis and terrorism, and has been selected as the U.S. Department of Energy's " Advanced Reactor Demonstration Program " model, highly recognized for its safety and commercial feasibility. Currently, the Canadian Nuclear Safety Commission (CNSC) has passed the first phase of the preliminary licensing/ approval for reactor design, and the licensing/ approval process is underway at the U.S. Nuclear Regulatory Commission (USNRC).
Hyundai E&C is also taking a step ahead in decommissioning of nuclear installations, regarded as the blue ocean of the nuclear power plant business. In April of this year, Hyundai E&C, by signing an agreement with Holtec to partner in decommissioning the Indian Point nuclear power plant, became the first Korean company to enter the U.S. nuclear decommissioning market. Hyundai E&C plans to send experts to the U.S. to accumulate advanced technologies throughout the decommissioning project.
■ Hyundai E&C signed an MOU with the Korea Atomic Energy Research Institute(KAERI) on the development of the next-generation small module reactors(SMR) and carbon-free nuclear power plants
Hyundai E&C will strengthen its core capabilities of the next-generation nuclear power plants by establishing an agreement with the nation's top nuclear research and development agency as well as the world's leading nuclear power firms.
Hyundai E&C and Korea Atomic Energy Research Institute(KAERI) have signed an MOU to cooperate on small module reactor, nuclear-based hydrogen production and nuclear decommissioning technology, and agreed to collaborate in the core areas of: ▲non light-water reactor SMR development, ▲light-water reactor construction technology ▲research reactor technology cooperation, ▲nuclear-based hydrogen production, and ▲nuclear decommissioning technology development. Both have also agreed to cooperate on the exchange of technology and information and joint global market expansion in these areas. In cooperation with KAERI, Hyundai E&C plans to lead the next generation nuclear power sector by accelerating the development of fourth generation small module reactor technology, going beyond the existing light reactors, creating synergy in nuclear decommissioning which is a new market in the nuclear sector and pursuing hydrogen production using nuclear energy. KAERI is the only nuclear research and development agency in Korea that developed Korean-standard nuclear reactor technology, localized nuclear fuel and research reactors and modernized radioisotope technology, etc. By achieving tech self-reliance, KAERI has laid the foundation for national industrial development and succeeded in exporting nuclear systems, and is currently conducting various studies for the development of innovative nuclear system technologies and safe use of nuclear power.
Meanwhile, Hyundai E&C has developed solid measures and secured competitiveness in core technologies in all areas of the nuclear sector from the design and construction of new nuclear power plants to nuclear decommissioning because, it aims to preemptively occupy the global nuclear market, which is expected to grow on an astronomical scale in the era of carbon neutrality and consolidate its position as an exporter of K-nuclear.
A Hyundai E&C official said, “Hyundai E&C, a leading K-nuclear firm with a proven track record in large-scale nuclear power plant construction projects, has established cooperation with world’s top-tier energy firms and specialized local organizations, strengthened technology and business capabilities, and built a system to handle next-generation nuclear business,” adding that “we will diversify our nuclear business portfolio and secure core source technologies to reinforce Hyundai E&C’s status as a game changer and accelerate the development of green energy transition projects, to lead the realization of carbon neutrality and development of the nuclear ecosystem.”