[ Hyundai E&C, Holtec, and K-SURE sign MOU for SMR support. (From left) Hyundai E&C President Yoon Young-joon, Holtec President and CEO Dr. Kris Singh, Minister of Trade, Industry and Energy Lee Chang-yang, and K-SURE President Lee In-ho pose for a commemorative photo after the MOU signing ceremony for the Korea-U.S. Advanced Industry & Clean Energy Partnership in Washington, D.C., U.S., on April 25th. ]
“Team Holtec”, comprised of Hyundai E&C and U.S.-based Holtec International(Holtec), plans to build SMR-160 for the reconstruction of Ukraine's energy infrastructure.
The signing ceremony took place via videoconference today with Holtec (President and CEO Dr. Kris Singh) in Camden, New Jersey, United States, and Energoatom (President Petro Kotin) in Kyiv, Ukraine, in the presence of their respective top management.
Team Holtec plans to connect the SMR-160 pilot project to the power grid in Ukraine by March 2029, jointly develop an effective action plan for the rapid deployment of additional 20 units, and localize the production of components required for the construction of nuclear power plants.
As the Ukrainian government has stated that it will “promote a comprehensive reform of the energy sector, including the restoration of the power system and green power generation,” Team Holtec plans to actively cooperate for achieving Ukraine's carbon neutrality and developing its energy sector through the SMR construction project.
With expanded government policies for next-generation nuclear power projects, the Korea-U.S. Clean Energy Alliance and extended support for K-Finance, K-nuclear power business is also set to accelerate its global business development.
At the “Korea-U.S. Advanced Industry & Clean Energy Partnership” event hosted by the Ministry of Trade, Industry and Energy at the Waldorf Astoria Hotel in Washington, D.C., on April 25th (local time), Hyundai E&C entered into an agreement with Holtec and K-SURE to provide financial support to expand the global SMR(Small Module Reactor) business.
[ Hyundai E&C, Holtec, and KEXIM sign MOU for SMR support. (From Left) Holtec President and CEO Dr. Kris Singh; KEXIM President and Chairman Yoon Hee-sung; Hyundai E&C President Yoon Young-joon pose for a commemorative photo after the MOU signing ceremony in Washington, D.C., U.S., on April 25th. ]
At the “MOU signing ceremony on the Korea-U.S. Advanced Industry & Clean Energy Partnership,” Hyundai E&C President Yoon Young-joon and Holtec President and CEO Dr. Kris Singh signed a tripartite business agreement with K-SURE President Lee In-ho to enhance cooperation in the field of nuclear power sector. Furthermore, Hyundai E&C and Holtec entered into an agreement with KEXIM (President and Chairman Yoon Hee-sung) for financial support at the Ritz Carlton Hotel in Washington D.C., announcing a major step toward jointly exploring global nuclear power projects. The agreements are expected to accelerate the global expansion of the K-nuclear power plant projects by establishing a multi-pronged support system of public financial institutions for technical cooperation between Hyundai E&C and Holtec.
Since signing a cooperation agreement to jointly develop SMRs and explore businesses together in 2021, Hyundai E&C and Holtec have been working together on projects across the nuclear power plant value chain, including SMRs, nuclear power plant decommissioning, and the construction of a temporary storage facility for spent nuclear fuel.
In particular, the model under development, SMR-160, is a 160 MW (megawatt) light water reactor, which is a general-purpose reactor that can be deployed without regional and environmental restrictions such as deserts and polar regions. The safety has been validated through simulation of potential virtual hazards such as the Fukushima disaster and terrorism, and it has been selected as a model under the “Advanced Reactor Demonstration Program” by the U.S. Department of Energy (DOE) and is highly evaluated in terms of stability and commercial viability.
Hyundai E&C secured exclusive rights to design, purchasing, and construction of SMR-160 in the global market at the time of signing the cooperation agreement in 2021. Since then, it has been directly involved in the detailed design of the standard model for commercialization as the first Korean builder, and the SMR-160, once designed, will be deployed for the first time at the Oyster Creek nuclear decommissioning site owned by Holtec.
In addition, Hyundai E&C is participating in the decommissioning of Indian Point, a nuclear power plant in the U.S. owned by Holtec, overseeing project management, through a nuclear decommissioning cooperation agreement. It is the first Korean company to enter the U.S. nuclear power plant decommissioning business and is gaining core competitiveness in the entire nuclear power plant decommissioning process from cutting reactors, handling spent nuclear fuel, and managing the decommissioning process.
“As the need for nuclear power is expanding to realize a sustainable future through carbon neutrality, we expect the technology and business capabilities of Hyundai E&C and Holtec to create synergies with customized financial support from K-SURE to further solidify our position in the global nuclear power market,” said an official from Hyundai E&C, adding that, “We will do our best to lead the global energy transition through close cooperation between Korean and U.S. companies in response to the government's policy to become the world's nuclear power powerhouse, and we are confident that the U.S.-Korea summit will further expand cooperation between our companies to lead the global nuclear power market in the future.”