Commercialization of Next-Generation Nuclear Technology: Leading Korean and U.S. Companies Join Forces

Hyundai Engineering & Construction, TerraPower, and HD Hyundai Heavy Industries

Further Collaboration on Next-Generation Sodium Reactors

Korean and U.S. companies have joined forces to develop sodium reactor technology, which is considered one of the next-generation nuclear power technologies.

On May 19 (local time), Hyundai Engineering & Construction announced that it had signed a memorandum of understanding (MOU) with TerraPower and HD Hyundai Heavy Industries at Goldman Sachs headquarters in the United States to commercially deploy the next-generation sodium reactor. The three companies have agreed to cooperate to advance TerraPower’s sodium project in the U.S. and to further expand into additional markets.

TerraPower is a leading American nuclear power company that possesses fourth-generation nuclear power plant technology based on a sodium-cooled fast reactor (SFR) using liquid sodium as a coolant. SFRs are known for their high safety and power generation efficiency, as well as producing less nuclear waste compared to conventional reactors. TerraPower was the first in the U.S. to receive construction approval for a fourth-generation nuclear reactor from the Nuclear Regulatory Commission, and has begun construction of a 345MW commercial nuclear power plant (Kemmerer Unit 1) in Wyoming. The company aims to supply more than 10 reactors worldwide by 2035.

Young Choi, Executive Vice President of New Energy Business at Hyundai Engineering & Construction (far right in the photo), Chris Levesque, CEO of TerraPower, and Kwangsik Won, Vice President of HD Hyundai Heavy Industries, are taking a commemorative photo after the signing ceremony at Goldman Sachs in New York, USA, on the 19th (local time).

Previously, HD Hyundai Group began participating jointly in sodium technology development with an initial investment of 30 million dollars in 2022. The group has strengthened its partnership with TerraPower by manufacturing cylindrical reactor vessels for the Kemmerer Unit 1 and working to expand the supply chain.

Hyundai Engineering & Construction participated as a strategic partner for this agreement, recognized for its experience in executing numerous nuclear power plant engineering, procurement, and construction (EPC) projects—including the Barakah Nuclear Power Plant in the United Arab Emirates (UAE)—and its capabilities related to small modular reactors (SMRs). The company has agreed to continue discussions with TerraPower and HD Hyundai Heavy Industries to participate in EPC projects for subsequent commercial sodium reactors. Based on its experience constructing 24 large-scale nuclear power plants at home and abroad, Hyundai Engineering & Construction is also involved in a variety of projects in the U.S., including large-scale nuclear plants, SMRs, and nuclear decommissioning projects.

A Hyundai Engineering & Construction official stated, "This agreement is a significant step in expanding Hyundai’s nuclear power value chain, as it lays the groundwork for participating in fourth-generation reactor projects. SFR technology, as a highly beneficial power source for the rapidly increasing power demand driven by the recent growth of artificial intelligence (AI) infrastructure, will deliver synergy by combining advanced technology with manufacturing capabilities."

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