On the 25th (local time), Hyundai E&C announced on the 26th that it held a 'Mission 2030' event at the site of a small modular reactor (SMR) at the Palisades Nuclear Power Plant in the United States.
The event was held to ensure the smooth progress of the 'Palisades SMR-300 FOAK' project, which is set to break ground by the end of the year, and to achieve the goal of commercial operation by 2030. Participants included Han-Woo Lee, President of Hyundai E&C, and Chris Sing, Chairman of Holtec, along with officials from both companies.
The Palisades SMR-300 FOAK project entails the construction of two 300MW SMRs at the Palisades Nuclear Power Plant located in Covert, Michigan. The site is within a nuclear power project area owned by the American nuclear company Holtec, which finalized the construction site selection last February and is currently conducting site-specific designs including groundwork, geological surveys, and environmental impact assessments. The design is expected to be completed by the second quarter of this year, with construction slated to begin by the end of the year.
During the event, both companies signed an expanded cooperation agreement and revealed specific measures to enhance mutual collaboration. The agreement includes an amendment to expand nuclear power capacity with 300MW-class SMR (SMR-300) in response to a surge in global energy demand, as well as ▲ business cooperation in global markets including North America ▲ operation of a joint organization for project management, among other details. Hyundai E&C expanded its exclusive rights in the SMR project promoted by Holtec to the global market.
President Lee noted, 'Hyundai E&C has been making diverse investments in U.S. power projects and SMR-300 technology' and added, 'We will closely cooperate with the U.S. government and aim to open a new era in the global SMR industry.' Chairman Sing stated, 'Hyundai E&C's accomplishment of the largest nuclear power plant in the UAE on time and on budget is a rare and commendable achievement globally' and expressed confidence that the first deployment of SMR-300 in the U.S. will be perfectly realized based on the structured supply capabilities and world-class project management of the two companies.