Doosan Heavy Industries Strengthens SMR Business... Additional Investment in US NuScale Power

Park Ji-won, Chairman of Doosan Heavy Industries & Construction (left), and John Hopkins, Chairman of NuScale Power, are posing for a commemorative photo after signing the 'Equity Investment and Business Cooperation Agreement' at the Bundang Doosan Tower.
[Photo by Doosan Heavy Industries & Construction]

[Asia Economy Reporter Kim Heung-soon] Doosan Heavy Industries & Construction has secured additional supply volumes for small modular reactors (SMRs) and is expanding its SMR equipment manufacturing business.

On the 20th, Doosan Heavy Industries & Construction signed an agreement for additional equity investment with NuScale Power, a U.S. nuclear power specialist company, at Bundang Doosan Tower. Following a $44 million equity investment in NuScale Power with domestic investors in 2019, Doosan Heavy Industries & Construction has decided to invest an additional $60 million this time in partnership with other companies.

Through this investment, the equipment supply volume secured by Doosan Heavy Industries & Construction has expanded to a scale of several trillion won. The two companies also plan to collaborate in hydrogen and freshwater production fields utilizing SMRs.

The first project in which Doosan Heavy Industries & Construction and NuScale Power are cooperating is the Idaho project in the U.S., promoted by the U.S. power utility UAMPS. This project is progressing smoothly, with the U.S. Department of Energy (DOE) announcing a support plan of $1.4 billion (approximately 1.6 trillion won) last October, and UAMPS signing an EPC preparation contract with Fluor, NuScale Power’s parent company, at the end of last year.

UAMPS aims to apply for SMR construction and operation permits from the U.S. Nuclear Regulatory Commission in 2023, obtain approval by 2025, and commence commercial operation by 2029.

Park Ji-won, Chairman of Doosan Heavy Industries & Construction, said, "With this additional investment, Doosan Heavy Industries & Construction and NuScale Power can further solidify their strategic partnership," adding, "The supply volume secured from NuScale Power will benefit domestic partner companies."

John Hopkins, Chairman of NuScale Power, also emphasized, "We welcome Doosan’s additional investment and efforts toward the commercialization of the first U.S. SMR unit," and stated, "Doosan’s expertise in manufacturing main nuclear power equipment is crucial for constructing the first SMR at the Idaho National Laboratory site within a few years."

Doosan Heavy Industries & Construction received a manufacturing feasibility review service contract for reactor modules from NuScale Power in 2019, completed it in January this year, and is currently producing prototypes. Starting next year, it plans to begin manufacturing large main forgings for reactor modules for the UAMPS project.