Building on experience in constructing large-scale Korean nuclear power plants
Expanding business into small modular reactors, nuclear power plant decommissioning, and spent nuclear fuel management
Scene from the signing ceremony for the global cooperation on large-scale U.S.-style nuclear power plant projects with Westinghouse Electric Company on the 24th of last month. (Provided by Hyundai Engineering & Construction)
[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction is expanding its next-generation nuclear power plant business across all fields, including securing fundamental nuclear technology.
On the 14th, Hyundai Engineering & Construction announced that it plans to establish a management system covering all areas of nuclear power, including small modular reactors (SMR), nuclear power plant decommissioning, and spent nuclear fuel processing, based on the Korean large-scale nuclear power plant project.
In this regard, CEO Yoon Young-jun expressed his determination in a commemorative message sent to employees on the occasion of the company's 75th anniversary, stating, "With Hyundai Engineering & Construction's unique DNA of creativity and challenge, we will leap forward as the world's No. 1 'total nuclear power solution provider.'"
Since starting with Kori Unit 1 in 1978, Hyundai Engineering & Construction has experience constructing 22 out of 34 Korean large-scale nuclear power plants domestically and internationally. Building on this capability, on the 24th of last month, the company signed a strategic agreement with Westinghouse, the leading company in the nuclear power business in the United States, establishing the foundation for global expansion into the U.S.-style large-scale nuclear power plant business as the first domestic company.
Hyundai Engineering & Construction also signed an agreement at the end of last year with U.S. nuclear company Holtec International for joint development and business entry into the SMR field, which is gaining attention as a core area of next-generation nuclear power plant business. The model currently under development has passed the first stage of preliminary reactor design licensing by the Canadian Nuclear Safety Commission and is undergoing licensing procedures with the U.S. Nuclear Regulatory Commission. In April of this year, the company signed an agreement with the same company on nuclear power plant decommissioning, accumulating technology across the entire decommissioning business.
A Hyundai Engineering & Construction official stated, "We have established cooperative relationships with global nuclear energy companies and domestic specialized institutions, strengthening technology and business capabilities to prepare a response system for next-generation nuclear power plant business." He added, "By diversifying nuclear power plant business and securing core fundamental technologies, we will further strengthen Hyundai Engineering & Construction's status as a game changer in the global nuclear power industry and lead the realization of carbon neutrality and the development of the nuclear power ecosystem."
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