SEOUL: Samsung C&T Corp, the construction unit of Samsung Group, has partnered with NuScale, the leading small modular reactor (SMR) technology provider, to expand its SMR business into the global market.
Samsung C&T chief executive officer (CEO) Oh Se-chul and NuScale CEO John Hopkins gathered at the headquarters of NuScale Power in Oregon in the United States on Monday to form a comprehensive partnership for joint global SMR market development and expansion.
Samsung C&T has been continuously enhancing its strategic partnership with NuScale through an equity investment of US$20mil (RM88mil) in the SMR provider in 2021.
This was followed by an additional US$50mil (RM219mil) this year.
Under the agreement, the two companies will be sharing technologies and capabilities by exchanging engineers even from the construction plant establishment phase to contribute to Utah Associated Municipal Power Systems’ or UAMPS ongoing SMR project in Idaho targeting to commence commercial operation by 2029.
Samsung C&T has ample experience and capabilities in operating 10 units of nuclear power plant construction in South Korea.
The company also plans to actively engage in the SMR projects that NuScale is working on with the Romanian government in Europe.
“The reinforced partnership with the leading SMR player will serve us as a foothold for the expansion into the global SMR market expected to grow steadily,” highlighted Oh.
“Samsung C&T is committed to become a leader in ESG by fortifying its new green businesses portfolio.
“The portfolio is composed of SMR, hydrogen, ammonia and renewables.
“While NuScale works towards our mission of bringing our groundbreaking, advanced nuclear technology to countries and communities around the world, we are especially grateful to have a world-renowned partner in Samsung C&T,” said John Hopkins.
“Building upon the incredible momentum of this existing partnership, today’s announcement is a key example of smart collaboration among nuclear industry leaders and innovators.” — The Korea Herald/ANN