Doosan Enerbility Expands Global SMR Business with US NuScale Power

NewsScale Power Signs MOU for Collaboration in Technology, Finance, and Supply Chain to Accelerate SMR Business

Doosan Enerbility announced on the 26th that it has signed a Memorandum of Understanding (MOU) with U.S. NuScale Power and the Export-Import Bank of Korea to support technology, finance, and manufacturing supply chains with the goal of expanding the global SMR (Small Modular Reactor) business.

The signing ceremony took place on the 25th (local time) in Washington D.C. during the "Korea-U.S. Advanced Industry and Clean Energy Partnership Event," attended by Doosan Enerbility Chairman Park Ji-won, NuScale Power President John Hopkins, Export-Import Bank of Korea President Yoon Hee-sung, and other officials.

On the 25th (local time), Park Ji-won, Chairman of Doosan Enerbility, delivered a keynote speech at the 'Korea-US Advanced Industry and Clean Energy Partnership Event' held in Washington D.C., USA. Photo by Doosan Enerbility

NuScale Power, a leader in the SMR field, has an SMR model that is recognized as the most advanced and commercially ready among global SMR models, having completed the U.S. Nuclear Regulatory Commission (NRC) design certification review for the first time. Doosan Enerbility was the first domestic company to establish a cooperative relationship with NuScale Power through equity investment in 2019, and together with domestic investors, has completed a total equity investment of $104 million (approximately 139.3 billion KRW) to date.

Through this agreement, the three companies will closely collaborate on technology support, marketing, local supply chain development, and export financing to promote NuScale Power's SMR globally. Doosan Enerbility plans to advance manufacturing technology and expand production capacity, while the Export-Import Bank of Korea will cooperate to expand NuScale Power SMR's global business through financial support. NuScale Power intends to actively utilize the Korean supply chain for SMR construction.

At the event, Doosan Enerbility Chairman Park Ji-won was the only representative from a domestic energy company to deliver a keynote speech while signing 23 business cooperation MOUs in the advanced industry and clean energy sectors between Korea and the U.S. Representatives from six U.S. companies, including Centrus, ExxonMobil, and TerraPower, also delivered keynote speeches.

Chairman Park Ji-won of Doosan Enerbility said, "This event will greatly contribute to expanding cooperation between the two countries beyond the security alliance into advanced industries and clean energy sectors as we mark the 70th anniversary of the Korea-U.S. alliance this year. The global expansion of SMR technology is expected to significantly contribute to providing clean and safe energy solutions and sustainable economic development."

John Hopkins, President of NuScale Power, stated, "Through our Korean partners and their technological expertise, NuScale Power will be able to achieve its core goal of supplying flexible, reliable, and carbon-free energy. The establishment of the supply chain for NuScale Power SMR construction will be accelerated."

Yoon Hee-sung, President of the Export-Import Bank of Korea, said, "Through the tripartite MOU signed by NuScale Power, Doosan Enerbility, and the Export-Import Bank, we have laid the groundwork for our companies' entry into the global SMR business."

Since 2019, Doosan Enerbility has been working with NuScale Power on SMR manufacturability reviews and prototype production. At the end of last year, they signed a contract to produce materials to be used in the Carbon Free Power Project (CFPP) plant at UAMPS in Idaho, the first SMR power plant being pursued by NuScale Power in the U.S., and plan to begin reactor manufacturing by the end of this year.

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