Hyundai Engineering & Construction (Hyundai E&C) announced that it has signed a framework agreement with U.S. nuclear company TerraPower covering projects involving TerraPower’s Natrium reactor. Under the agreement, Hyundai E&C has reportedly secured priority rights as an EPC (Engineering, Procurement and Construction) partner for up to eight additional Natrium reactors planned by TerraPower.
The signing ceremony was held in Seoul, attended by Hyundai E&C President and CEO Lee Han-woo and TerraPower President and CEO Chris Levesque, it is reported. The two companies agreed to cooperate not only on Natrium reactor projects but also to explore new business opportunities. TerraPower is a next-generation SMR (Small Modular Reactor) company founded by Microsoft co-founder Bill Gates, and its Natrium reactor applies fourth-generation sodium-cooled fast reactor technology, using liquid sodium instead of water as coolant, it is reported. The technology reportedly allows for natural cooling even during a power outage, and can adjust output to match electricity demand when combined with an energy storage system.
Hyundai E&C said it plans to discuss additional reactor construction with TerraPower following Kemmerer Unit 1, as well as joint efforts to pursue projects in global markets. A separate meeting attended by Lee Han-woo, Bill Gates, Levesque and HD Hyundai Chairman Chung Ki-sun reportedly also discussed cooperation on global SMR projects.
Implications for Korea’s Industry
This agreement represents a case of a Korean construction company preemptively securing an EPC partner position in the U.S. next-generation nuclear reactor market, which is expected to draw interest from Korea’s nuclear and construction industries as it could provide an advantageous position in future global SMR project competition.
Key items to watch include the progress of Kemmerer Unit 1 construction, and the specific timing and site selection for the additional eight Natrium reactors.