Samsung C&T Signs Business Cooperation MOU with Swedish Developer
Plans to Build SMR Power Plant by 2032
Construction Companies Rush into Business... "Fierce Competition for Early Market Entry"
Samsung C&T is entering the Swedish Small Modular Reactor (SMR) market. In collaboration with a local developer, it plans to build an SMR power plant by 2032. After entering the European market by participating in the Romanian SMR project in June, Samsung C&T has now expanded its territory to Sweden. With Samsung C&T leading the way, domestic construction companies are increasingly entering the SMR business, and competition to secure market dominance is expected to intensify.
Samsung C&T Partners with Swedish Developer to Enter Market
Oh Se-cheol, CEO of Samsung C&T Construction Division (right), and Christian Schelander, CEO of Kanpul Next (left), are posing for a commemorative photo with Jung In-kyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, at the signing ceremony of the Sweden SMR business cooperation MOU held at the Grand Hyatt Seoul Hotel. (Provided by Samsung C&T)
Samsung C&T’s construction division announced on the 6th that it has signed a Memorandum of Understanding (MOU) for business development with Canful Next, a Swedish private SMR developer, to enter the Swedish nuclear power market. The signing ceremony, held the previous day at the Korea-Sweden Strategic Industry Summit, was attended by O Se-cheol, CEO of Samsung C&T Construction Division; Christian Schelander, CEO of Canful Next; and Jeong In-gyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy.
Canful Next is an SMR developer established by Canful Energy, a private nuclear power company in Sweden. It has currently selected two sites mainly in the southeastern region of Sweden for SMR power plant operation and has completed preliminary investigations. Samsung C&T will participate in this project through the MOU. Together with Canful Next, it will proceed with subsequent tasks for power plant construction, including technology selection and environmental impact assessments.
Samsung C&T and Canful Next plan to build the SMR power plant by 2032. They are also developing a business model to directly supply the electricity generated there to data centers within Sweden. Starting with this SMR, the plan is to construct multiple power plants and simultaneously attract data centers to develop a complex campus-type facility.
The Swedish nuclear power market is expected to grow further. Global big tech companies such as Microsoft and Amazon have entered Sweden, increasing demand for SMRs. The Swedish government has announced plans to build nuclear facilities, including SMRs, to expand power supply for data centers. The nuclear roadmap includes expanding nuclear power facilities by at least 2,500 MW by 2035 and constructing SMRs and large nuclear power plants by 2050.
Samsung C&T officially entered the European market last June by participating in the basic design (FEED) of the Romanian SMR project alongside global engineering firms such as Fluor, NuScale, and Sargent & Lundy from the United States. A Samsung C&T official stated, "Through comprehensive cooperation with global companies, we plan to accelerate our SMR business in the European market."
Domestic Construction Companies Compete for SMR Leadership
In addition to Samsung C&T, domestic construction companies are also eyeing the SMR business.
Hyundai Engineering & Construction has signed an exclusive contract with U.S. SMR developer Holtec International and is pushing forward with the project to build the first SMR at the Palisades nuclear power site in the U.S. In October, it was shortlisted as a final candidate in the SMR technology competitive bidding program led by the UK Nuclear Decommissioning Authority, together with its UK subsidiary Holtec Britain. The Nuclear Decommissioning Authority will decide by the end of this year on two sites to undertake the UK’s first SMR construction.
DL E&C has made a strategic investment of $20 million in U.S. SMR developer X-Energy. Recently, X-Energy secured $1.2 billion in investment from the U.S. government and attracted $500 million in investment from Amazon. Additionally, X-Energy signed an MOU with Korea Electric Power Corporation KPS for global SMR business development, commissioning, and maintenance technology development.
POSCO E&C is focusing its capabilities on technology development, including participating in the government-led new SMR model ‘i-SMR (Innovative Small Modular Reactor)’ development project and commercialization. Hyundai Engineering signed an MOU last year with the Korea Atomic Energy Research Institute for the export of Korean-style SMRs and is seeking SMR business opportunities in Canada.
An industry insider said, "Not only in Europe but also in the U.S., where former President Donald Trump pledged to promote the nuclear power industry centered on SMRs in the recent election, business opportunities are expected. Competition to secure the SMR business as a new growth engine will become even fiercer."
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