Woojin Expands Investment in Small Modular Reactor Project... Shin Gisa Fund Participation
[Asia Economy Reporter Hyunseok Yoo] Woojin has shown its intention to expand its SMR-related business by investing in a fund that invests in global Small Modular Reactor (SMR) companies.
On the 20th, Woojin announced that it had invested in Next Tech 3, a new technology business investment association. The scale of the investment was not disclosed. Next Tech 3 is a fund established for the purpose of investing in global SMR companies.
Lee Jae-sang, CEO of Woojin, said, "Since our main business is in the nuclear power industry sector, we understand the growth potential of SMR better than anyone else," adding, "Next Tech 3 is a fund that invests in companies leading the commercialization of SMR, and we decided to invest because we believe the SMR market has high growth potential."
The SMR market has begun to attract significant attention as the Biden administration in the United States has identified SMR as one of the key tasks for realizing carbon neutrality. It is also recognized for its versatility, capable of producing hydrogen through steam-based electrolysis. The UK National Nuclear Laboratory estimated that the SMR market will reach an annual scale of 150 trillion won by 2035.
Woojin has already started developing SMR-related technologies. It has participated in Ministry of Trade, Industry and Energy research projects related to small reactor development, developing in-core instrumentation (ICI) and in-vessel control element drive mechanisms (In-Vessel CEDM). Additionally, it is developing parts for the Korean SMR, SMART (System-integrated Modular Advanced ReacTor).
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A company official stated, "The domestically produced SMART reactor is a pressurized water reactor type, and the parts Woojin is developing can be easily applied to SMR reactors of the same type," adding, "If SMRs are commercialized worldwide, the business for related parts such as instrumentation is expected to grow significantly, greatly contributing to Woojin's sales increase."
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