Hyundai Engineering & Construction Signs MOU with US Westinghouse to Expand Global Nuclear Power Business

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction has teamed up with Westinghouse, the U.S. company possessing the world's top technology in the nuclear power business sector, to make a global entry into large-scale nuclear power plant projects, becoming the first domestic company to do so.

On the 24th, Hyundai Engineering & Construction announced that it signed a strategic agreement with Westinghouse at its headquarters in Gyedong, Jongno-gu, Seoul, to jointly participate in the global business of large nuclear power plants (model name ‘AP1000’).

Founded in 1886, Westinghouse is a global leading company across the entire nuclear industry, providing reactors and engineering to over 50% of nuclear power plants worldwide. The AP1000 model is an improved pressurized water reactor design, licensed in the U.S., Europe, and several Asian countries, representing ‘Generation 3+’ reactor technology.

Under this agreement, Hyundai Engineering & Construction will pursue ▲ mutual exclusive cooperation in next-generation nuclear power projects through project-based contracts in the global market and secure priority negotiation rights for EPC participation ▲ expansion into eco-friendly, carbon-free business areas ▲ establishment of a diverse portfolio related to future energy businesses.

The agreement ceremony was attended by key figures including Yoon Young-jun, President and CEO of Hyundai Engineering & Construction, and David Durham, President of Westinghouse Energy Systems.

President Yoon said, "Through strategic collaboration with Westinghouse, a world-class nuclear power company, we will enhance our EPC execution capabilities for various nuclear power plant designs including the AP1000 model, and at the same time, gain opportunities to participate in next-generation markets as well as global large-scale nuclear power projects. We expect the synergy between the top nuclear companies of Korea and the U.S. to comprehensively drive the development and expansion of the nuclear energy business."