Hyundai Engineering & Construction Signs Agreement with KEPCO Nuclear Fuel for Domestic and International Nuclear Business Expansion

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering & Construction is diversifying its nuclear power business.

Hyundai Engineering & Construction announced on the 20th that it signed a Memorandum of Understanding (MOU) for joint domestic and international nuclear power plant decommissioning and spent nuclear fuel business with Korea Nuclear Fuel (KNF) at the KNF headquarters in Yuseong-gu, Daejeon, attended by key officials including Hyundai E&C President Yoon Young-joon and KNF President Choi Ik-soo.

Under this agreement, both companies will mutually cooperate in areas such as ▲domestic and international nuclear power plant decommissioning projects ▲temporary and interim storage facilities for spent nuclear fuel ▲nuclear fuel integrity evaluation ▲radioactive waste management. A Hyundai E&C official stated, "Through the collaboration between Hyundai E&C, which holds the largest domestic track record in nuclear power plant construction, and Korea Nuclear Fuel, the only specialized company in nuclear fuel design, manufacturing, and services in Korea, significant synergy is expected in new nuclear industry markets such as nuclear power plant decommissioning, spent nuclear fuel, and small modular reactors (SMR)."

Hyundai E&C had previously secured the global exclusive rights for SMR from the US company Holtec in November last year, and in March, it became the first domestic company to enter the US nuclear power plant decommissioning market. Hyundai E&C explained that this agreement provides a foothold for diversifying its nuclear business overall. In particular, the company expects to lead the market in radioactive waste management and dry storage facilities during domestic nuclear power plant decommissioning projects by leveraging KNF's waste reduction technology and spent nuclear fuel safety evaluation technology.