Woojine is accelerating the development of core equipment for Small Modular Reactors (SMR). As SMRs gain attention as a solution to power shortages caused by the energy-intensive artificial intelligence (AI) industry, the company aims to capture the rapidly growing market.
According to the nuclear power industry on the 25th, Woojin is currently stepping up the development of SMR-related products, including participating in the government-led innovative Small Modular Reactor (i-SMR) technology development project.
SMRs are next-generation reactors with an output of 300 megawatts (MW) or less, integrating major facilities to drastically reduce their size. Compared to conventional large nuclear power plants, they have shorter construction periods and superior safety, making them a promising next-generation power generation method.
Last month, the government included SMRs as a major power generation facility for the first time in the 11th Basic Plan for Electricity Supply and Demand (BPE). Subsequently, on the 17th, a business agreement for the commercialization of a 680MW SMR was signed within the Daegu-Gyeongbuk (TK) New Airport Advanced Industrial Complex, accelerating domestic SMR commercialization.
Woojine’s stock price is also showing strength. As of the 24th, Woojin’s closing price was 9,450 KRW, continuing an upward trend from the mid-April level of around 7,000 KRW before the BPE announcement.
Woojine is the only domestic company to have localized and exclusively supplied the four core measurement instruments for large nuclear power plants. Regarding SMRs, it has experience completing small modular nuclear power technology development projects commissioned by the Korea Atomic Energy Research Institute (KAERI) and Korea Electric Power Technology. Currently, it is focusing on the government-led i-SMR technology development project.
The Korea IR Council stated last year, “If Doosan Enerbility, Woojin’s major client, supplies SMRs to NuScale Power, there is a possibility that Woojin’s products will also be supplied.” It added, “For Korea’s i-SMR, Woojin, the only domestic nuclear measurement instrument company, is highly likely to develop and supply in-core nuclear measurement instruments and embedded position indicators for the existing SMR type SMART (System-integrated Modular Advanced ReacTor).”
Researcher Kwon Deok-min of Shin Young Securities analyzed, “Considering global carbon neutrality goals, energy dependence, and increasing power demand, it is difficult to easily abandon nuclear power generation domestically. The revitalization of the nuclear power industry will naturally lead to improved performance for Woojin.”
A Woojin official said, “Since we have been developing core equipment necessary for SMRs in collaboration with various related organizations from the early stages, we expect to benefit from SMR commercialization.”
According to Samjong KPMG, the global SMR market size is expected to reach $300 billion (approximately 414 trillion KRW) by 2040. Global market research firm IDTechEx forecasts the SMR market to grow to $72.4 billion (approximately 100 trillion KRW) by 2033 and expand further to $295 billion (approximately 407 trillion KRW) by 2043.
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