Public-Private Joint 'SMR Alliance' Launched... Strengthening SMR Competitiveness

Appointment of SK㈜ First Chairman Company
Participation of a Total of 42 Institutions Including Government, Public Organizations, and Private Companies

A model of the Korean SMR (Small Modular Reactor) 'SMART' displayed in the lobby of the International Atomic Energy Agency (IAEA) at the Vienna International Centre (VIC) in Vienna, Austria, last May. [Image source=Yonhap News]

The government and industry have joined forces to lead the next-generation Small Modular Reactor (SMR) market. SMRs are recognized as an eco-friendly energy source and a game changer in the global energy sector for carbon neutrality.

On the 4th, SK Inc. announced its participation as the inaugural chair company in the public-private 'SMR Alliance,' launched to strengthen national competitiveness in the SMR industry.

The SMR Alliance aims to enhance national competitiveness in the SMR sector by fostering capabilities across public and private sectors, establishing SMR business strategies, and creating institutional foundations. To this end, it will operate specialized working groups such as the Business Development Working Group and the Regulatory Improvement Working Group. The alliance includes 11 government and public institutions such as the Ministry of Trade, Industry and Energy, Korea Hydro & Nuclear Power, and the Korea Energy Economics Institute, as well as 31 companies including GS Energy, Samsung C&T, Daewoo Engineering & Construction, and Doosan Enerbility.

SMRs are nuclear reactors with a power generation capacity of 500 megawatts (MW) or less, smaller in size and capacity than conventional large nuclear power plants. They offer high safety due to passive cooling through natural air circulation and convection without complex safety devices. Their modular design allows factory fabrication and transportation to the plant site for installation, enhancing economic efficiency and requiring a smaller site footprint. Notably, SMRs are gaining attention worldwide as a carbon-free power source and an eco-friendly energy option for achieving net zero emissions.

Overview of SMR Alliance Operations. Source=SK Inc.

At the launch ceremony held at the Westin Chosun Hotel in Seoul, Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy stated in his opening remarks, "The changes brought by SMRs require a full-scale joint response from both public and private sectors. Companies must prepare business plans that the public can trust, and the government will provide unwavering policy support to foster the SMR industry."

Jang Dong-hyun, Vice Chairman of SK Inc., said, "The private sector, government, and public institutions have come together to take a meaningful first step. The SMR Alliance will make multifaceted efforts to ensure SMRs fulfill their role as a clean energy source by improving public acceptance, reforming regulations, and developing industrial support measures." He added, "We will also unite to secure SMR leadership in the global market through supply chain formation and business participation."

Meanwhile, SK Inc. and SK Innovation completed a $250 million investment in the U.S. SMR company TerraPower in August last year, and in April, SK Inc., SK Innovation, Korea Hydro & Nuclear Power, and TerraPower signed a four-party mutual cooperation agreement for the development and commercialization of next-generation nuclear power technologies.

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