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| NuScale CEO John Hopkins, fourth from left, and Samsung C&T CEO Oh Se-chul, fifth from left, pose for a picture with other executives of both companies after discussing global SMR cooperation at NuScale Power headquarters in Oregon, May 9. Courtesy of Samsung C&T |
By Kim Jae-heun
Samsung C&T will forge a comprehensive partnership with NuScale, a leading small modular reactor (SMR) technology provider, to pursue its global SMR business at full force.
The firm announced it reached an agreement with NuScale for a comprehensive partnership on joint market development and expansion, after the two entities' executives held a meeting at NuScale Power headquarters in Oregon, Monday.
To advance in the global market for SMRs, a next-generation nuclear technology, Samsung C&T has solidified its strategic partnership with NuScale through a $20 million equity investment in the SMR provider in 2021 and an additional $50 million earlier this year. Now it plans to strengthen their collaboration further for global market expansion.
The two companies first agreed to share accumulated technologies and capabilities through exchanging engineers, in relation with an ongoing SMR project in Idaho planned to commence commercial operation by 2029.
In addition, Samsung C&T, with its ample experience and capabilities with 10 firms engaging in nuclear power plant construction on its home turf, plans to actively engage in SMR projects as a core construction partner in Eastern Europe, including a joint project pursued by NuScale and the Romanian government.
Along with power generation through SMRs, the two companies agreed to combine their efforts for advanced research and commercialization of hydrogen production.
"The reinforced partnership with the leading SMR player will serve us as a foothold for expanding into the global SMR market, which is expected to grow steadily," Samsung C&T CEO Oh Se-chul said. "Samsung C&T is committed to becoming a leader in ESG by fortifying its new green business portfolio 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," President and CEO of NuScale John Hopkins said. "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."
NuScale Power, equipped with original SMR technologies, offers an SMR based on a passive cooling system capable of generating a total 924 MW electricity from up to 12 reactor modules of 77 MW capacity each. The NuScale Power SMR is currently under development with some funding by the U.S. Department of Energy along with private equity from companies like Samsung C&T. Among 70 SMR models found around the world, it is thus far the only SMR to have obtained design certification from the U.S. Nuclear Regulatory Commission.
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