HD Hyundai and US TerraPower Jointly Establish Offshore Nuclear Power Council

Maritime Nuclear Market 'First Mover' Leap
11 Companies Unite to Establish Global Standards and Regulations

HD Hyundai is taking the lead as a 'first mover' by spearheading the establishment of the world's first international private organization in the maritime nuclear sector.

HD Hyundai's intermediate shipbuilding holding company, HD Korea Shipbuilding & Offshore Engineering, announced on the 6th that it has jointly established the 'Nuclear Energy Maritime Organization (NEMO)' with global nuclear institutions.

Headquartered in London, UK, NEMO plans to collaborate with the International Maritime Organization (IMO) and the International Atomic Energy Agency (IAEA) to establish global standards and regulations for the deployment, operation, and decommissioning of nuclear power at sea, and to promote the commercialization of maritime nuclear energy.

NEMO includes 11 companies from 7 countries, such as HD Hyundai, TerraPower?a US small modular reactor (SMR) company founded by Bill Gates?Westinghouse, which holds world-leading technology in nuclear power plants, Lloyd's Register of the UK, and the Danish molten salt reactor innovator Seaborg.

The molten salt reactor uses 'salt,' which has low reactivity with water and can operate at atmospheric pressure, making it highly suitable for maritime applications. Leading SMR companies like TerraPower and Southern Company in the US are jointly developing this technology with a goal of commercialization by 2035. It has been selected for support under the US Department of Energy's Advanced Reactor Demonstration Program (ARDP), receiving $171 million over five years.

HD Hyundai made a $30 million investment in TerraPower in 2022, marking its full-scale entry into next-generation energy technologies. Since last month, it has been conducting joint SMR research with global leading nuclear companies.

Mamdouh El-Shanawani, former head of the IAEA safety division and inaugural chairperson of NEMO, said, "We have high expectations that the launch of NEMO will lay the cornerstone for advancing the maritime nuclear era," adding, "We will expand participation from global institutions that share our vision and values."

Park Sang-min, head of the Green Energy Research Lab at HD Korea Shipbuilding & Offshore Engineering and a planned NEMO steering committee member, stated, "Establishing global standards is essential for the commercialization of next-generation SMRs, which are excellent for maritime environments," and added, "Through leading the establishment of NEMO, we will drive the global market in shipbuilding and nuclear sectors."

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