Hyundai Engineering & Construction, First Korean Company to Enter US Nuclear Power Plant Decommissioning Business

Business Agreement Signed with US Holtec for Nuclear Power Plant Decommissioning
Direct Participation in Holtec-Owned Indian Point Nuclear Decommissioning Project
Securing Advanced Nuclear Decommissioning Technology... Full-Scale Move to Diversify Nuclear Business

Yoon Young-jun, CEO of Hyundai Engineering & Construction (right), and Chris Sing, CEO of Holtec, are posing for a commemorative photo after signing a cooperation agreement for nuclear power plant decommissioning business on the 28th (local time) in New Jersey, USA. / Photo by Hyundai Engineering & Construction.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering & Construction is entering the U.S. nuclear power plant decommissioning business as the first Korean company.

On the 28th (local time), Hyundai Engineering & Construction announced on the 30th that CEO Youngjun Yoon of Hyundai Engineering & Construction and Chris Sing, CEO of Holtec International, attended a business agreement signing ceremony in New Jersey, USA, to advance into the nuclear power plant decommissioning business between the two companies.

This agreement includes Hyundai Engineering & Construction's participation in project management (PM) and a teaming agreement for nuclear power plant decommissioning at the Indian Point nuclear power plant owned by Holtec in New York State. This achievement came about four months after Hyundai Engineering & Construction signed a global exclusive contract with Holtec last November for the small modular reactor (SMR-160 model).

Through the business cooperation contract for the global market, both companies agreed on overall business aspects including ▲ direct participation in Holtec-owned U.S. nuclear power plant decommissioning projects ▲ joint entry into the global nuclear decommissioning market ▲ joint marketing and bidding efforts.

Holtec is conducting nuclear power plant decommissioning projects for Indian Point, Oyster Creek, and Pilgrim nuclear power plants owned in the U.S. Hyundai Engineering & Construction will directly participate in all aspects of the Indian Point nuclear power plant decommissioning project through a PM contract, including process and construction planning, volume reduction of large equipment, chemical decontamination, and cutting of reactor pressure vessels and internals. Indian Point nuclear power plant consists of three units (2,317 MW capacity) of pressurized water reactors, with Unit 1 starting commercial operation in October 1962, Unit 3 permanently shut down in April last year, and ownership transferred to Holtec in May of the same year.

Hyundai Engineering & Construction evaluated that by participating in the nuclear power plant decommissioning project from the initial stage through this cooperation contract, it can accumulate advanced nuclear decommissioning technology and establish a foothold to secure a leading position in the expected domestic nuclear decommissioning projects in the future.

CEO Yoon said at the signing ceremony, "Through strategic collaboration with Holtec, a global leader in SMR, nuclear decommissioning, and radioactive waste management, we have secured core competitiveness in business diversification and new businesses. We will continue to create sustainable value by combining advanced technologies required in the global market with our capabilities."

CEO Chris Sing said, "Together with Hyundai Engineering & Construction, which has abundant overseas construction experience and technical know-how, we will successfully lead the business to firmly maintain our leading position in the nuclear power business market."

This content was produced with the assistance of AI translation services.