Hyundai Engineering & Construction said on the 21st it is accelerating its push into the global nuclear power market by expanding cooperation on next-generation nuclear technology.
On the 19th (local time), at Goldman Sachs' headquarters in New York, the United States, Hyundai Engineering & Construction signed a memorandum of understanding (MOU) with U.S. nuclear power corporation TerraPower and HD Hyundai Heavy Industries for the commercial deployment of the next-generation reactor "Natrium®."
Attending the signing were Choi Young, executive vice president of the new energy division at Hyundai Engineering & Construction; Chris Levesque, chief executive officer (CEO) of TerraPower; Kang Seok-ju, executive vice president at HD Hyundai; and Won Kwang-sik, vice president at HD Hyundai Heavy Industries, among other key officials.
The agreement is for cooperation on a fourth-generation nuclear power project based on a sodium-cooled fast reactor (SFR) that uses liquid sodium as a coolant. Hyundai Engineering & Construction will be responsible for nuclear power EPC (engineering, procurement and construction), TerraPower for next-generation nuclear technology, and HD Hyundai Heavy Industries for manufacturing capabilities, with plans to build a collaborative framework.
TerraPower is a leading U.S. nuclear power corporation with fourth-generation nuclear technology based on sodium-cooled fast reactors. The sodium-cooled fast reactor is regarded as a next-generation nuclear technology with higher safety and power generation efficiency and lower nuclear waste output than existing reactors.
In particular, TerraPower has drawn attention as a leading corporation in the next-generation nuclear market after receiving approval from the U.S. Nuclear Regulatory Commission (NRC) to build a fourth-generation reactor and breaking ground in Wyoming on the United States' first next-generation plant, "Kemmerer Unit 1."
HD Hyundai Group has maintained a cooperative relationship with TerraPower since 2022 and is also participating in manufacturing the cylindrical reactor vessel to be applied to Kemmerer Unit 1.
Hyundai Engineering & Construction joined the agreement as a strategic partner in recognition of its experience executing numerous nuclear EPC projects, including the Barakah plant in the UAE, and its capabilities in the Small Modular Reactor (SMR) business. Going forward, Hyundai Engineering & Construction plans to continue consultations with TerraPower and HD Hyundai Heavy Industries to participate in EPC execution for subsequent commercial Natrium plants.
A Hyundai Engineering & Construction official said, "This agreement is a meaningful step toward expanding the nuclear value chain, as it establishes a foundation for participating in fourth-generation reactor projects," and added, "As sodium-cooled fast reactors are drawing attention as a power source capable of meeting the recent surge in artificial intelligence (AI) infrastructure electricity demand, we will actively respond to changes in the global power market."
Meanwhile, based on its experience building 24 large nuclear plants at home and abroad, Hyundai Engineering & Construction is expanding participation across the full life cycle of nuclear projects in the United States, including large nuclear plants, Small Modular Reactors (SMRs), and nuclear decommissioning. TerraPower has also said it plans to supply more than 10 nuclear plants worldwide by 2035.