Hyundai Engineering is accelerating its entry into the global energy market by expanding its focus to advanced next-generation reactors.
On May 19, Hyundai Engineering announced that it signed a memorandum of understanding (MOU) with TerraPower and HD Hyundai Heavy Industries for the commercial deployment of the next-generation reactor 'Natrium®' at Goldman Sachs headquarters in New York.
The signing ceremony was attended by key executives, including Choi Young, Executive Vice President of Hyundai Engineering's New Energy Division; Chris Levesque, CEO of TerraPower; Kang Seok-joo, Executive Vice President of HD Hyundai; and Won Kwang-sik, Vice President of HD Hyundai Heavy Industries.
TerraPower is a leading U.S. nuclear company known for its sodium-cooled fast reactor (SFR) technology, which utilizes liquid sodium as a coolant.
HD Hyundai Group has been jointly involved in the development of sodium technology since its initial investment of $30 million in 2022, enhancing its collaboration with TerraPower by producing and supplying the reactor vessel for the first Kemerer unit and expanding its supply chain.
Hyundai Engineering was selected as a strategic partner for this agreement due to its extensive experience in executing multiple nuclear EPC projects, including the Barakah nuclear power plant in the UAE, and its capabilities related to small modular reactors (SMRs). The company plans to continue discussions with TerraPower and HD Hyundai Heavy Industries to participate in the EPC execution of subsequent commercial sodium reactors.
Meanwhile, Hyundai Engineering has identified securing contracts for small modular reactors (SMRs) in Palisades, Michigan, as a key strategy for the year. This project involves constructing two reactors at the Palisades nuclear site in Michigan, based on the SMR-300 model developed by U.S. nuclear firm Holtec International.
* This article has been translated by AI.
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