Korea-US 'Nuclear Power Team' Formed... Hyundai Construction-Holtec Join Hands to Build SMR in Ukraine

Hyundai Engineering & Construction will build next-generation Small Modular Reactors (SMRs) in Ukraine together with the U.S. nuclear company Holtec International (hereinafter Holtec).

On the 26th, Hyundai Engineering & Construction announced that the 'Team Holtec,' formed together with Holtec, signed a cooperation agreement to construct SMRs for the reconstruction of Ukraine's energy infrastructure with Energoatom, the Ukrainian nuclear power corporation.

(From left) Yoon Young-jun, President of Hyundai Engineering & Construction, Chris Singh, CEO of Holtec, Lee Chang-yang, Minister of Trade, Industry and Energy, and Lee In-ho, President of Korea Trade Insurance Corporation, are taking a commemorative photo after the signing ceremony of the Korea-US Advanced Industry and Clean Energy Partnership MOU held on the 25th (local time) in Washington D.C., USA.
[Photo by Hyundai Engineering & Construction]

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The contract ceremony took place on the 21st (local time) via a video conference attended by executives from Holtec, located in Camden, New Jersey, USA, and Energoatom, located in Kyiv, Ukraine.

Team Holtec plans to connect the SMR-160 pilot project to the power grid in Ukraine by March 2029, jointly develop an efficient execution plan for the rapid deployment of an additional 20 units, and promote localization of parts production necessary for nuclear power plant construction.

The Korea Trade Insurance Corporation will also enter into a financial support agreement to expand Team Holtec's global SMR business. During the 'Korea-U.S. Advanced Industry Clean Energy Partnership' event held on the 25th, coinciding with President Yoon Suk-yeol's state visit to the United States, Hyundai Engineering & Construction President Yoon Young-joon, Holtec CEO Chris Sing, and Korea Trade Insurance Corporation President Lee In-ho signed a tripartite business agreement to strengthen cooperation in the nuclear power industry.

This agreement is expected to accelerate the global expansion of Korea's nuclear power plant projects by establishing a multifaceted support system from public financial institutions for technological cooperation between Hyundai Engineering & Construction and Holtec.

A Hyundai Engineering & Construction official said, "We expect that the technological capabilities and business competencies of Hyundai Engineering & Construction and Holtec, combined with Korea Trade Insurance Corporation's customized financial support, will create synergy and further solidify our position in the global nuclear power market."

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