Mubo, Korea-US Next-Generation Nuclear Power Team Formed... MOU with Holtec and Hyundai Construction

by Lee Dongwoo

Published 26 Apr.2023 08:27(KST)

On the 25th (local time), the Korea Trade Insurance Corporation announced that it will collaborate with Holtec International, a local nuclear value chain company, and Hyundai Engineering & Construction in Washington D.C., USA, to strengthen cooperation in the nuclear power industry.

K-sure explained that it signed a business agreement for the nuclear power industry at the 'Korea-U.S. Advanced Industry Clean Energy Partnership' event, which was arranged during President Yoon Suk-yeol's state visit to the United States. Through this collaboration, the three organizations will jointly discover projects across the next-generation nuclear power industry and exchange business information. K-sure will add momentum to joint projects and business orders through trade insurance financial support.

Lee In-ho, President of Korea Trade Insurance Corporation (second from the left), is meeting with Reta Jo Lewis, President of the Export-Import Bank of the United States (second from the right), in Washington D.C., USA, on the 24th (local time) to discuss joint support measures.

Specifically, each organization will cooperate in △ discovering business opportunities in key nuclear power industry sectors such as Small Modular Reactors (SMR), nuclear power plant decommissioning, and spent nuclear fuel storage △ sharing multifaceted information including finance, technology, and construction △ trade insurance support for new market development and joint business promotion.

Hyundai Engineering & Construction has been expanding its nuclear power business base through technological cooperation with global nuclear companies such as Holtec. K-sure plans to establish an active support system to strengthen competitiveness in the next-generation nuclear power industry and pioneer overseas nuclear power markets including the United States, the United Kingdom, the Czech Republic, and Indonesia, based on this agreement.

The day before, K-sure also discussed joint support measures for the nuclear power industry between the two countries' representative export credit agencies with the U.S. Export-Import Bank. The two agencies signed a reinsurance agreement for risk sharing in September last year, and recently, they have been discussing joint support for projects such as the Angola solar power plant and water resource infrastructure construction by utilizing this agreement.

Additionally, to pioneer overseas markets related to renewable energy, K-sure is pursuing discussions on cooperation with the U.S. government’s energy departments and is also promoting the signing of a business agreement with the Multilateral Investment Guarantee Agency under the World Bank, continuing multifaceted efforts to secure new export growth engines.

Lee In-ho, President of K-sure, said, “Marking the 70th anniversary of the alliance with the United States, we have created an opportunity to contribute to the export industrialization of our nuclear power by cooperating with leading nuclear companies from both countries,” and added, “To support new export growth industries, K-sure will establish a more proactive and preemptive support system.”