Korea Hydro & Nuclear Power Joins TerraPower Global SMR Project Collaboration
by Park Eugenie
Published 26 Apr.2023 12:09(KST)
MOU Signed with US Uranium Enrichment Supplier Centrus
"High Potential for Timely Entry into 4th Generation SMR Market"
Korea Hydro & Nuclear Power (KHNP) has decided to participate in the global business of TerraPower, a U.S. developer of small modular reactors (SMRs).
On the 25th (local time), KHNP announced on the 26th that it signed an agreement to jointly participate in TerraPower's global business with SK Inc. and SK Innovation at the "Korea-U.S. Advanced Industry Clean Energy Partnership" event hosted by the Ministry of Trade, Industry and Energy in Washington, D.C., USA.
A KHNP official described TerraPower as "a leading developer of the sodium-cooled fast reactor (SFR) type, one of the next-generation SMR commercialization technologies," adding, "Its strengths include support from the U.S. Department of Energy (DOE) for demonstration reactor programs and stable funding capabilities through top-tier global private investors."
KHNP plans to explore various strategic cooperation measures with TerraPower. Depending on the results, there is also a possibility of participating in TerraPower's SFR type 'Natrium' demonstration reactor and subsequent overseas reactors.
TerraPower plans to operate its first demonstration Natrium reactor at the site of a long-operating coal power plant in Wyoming by 2030. A KHNP official said, "Through strategic cooperation with TerraPower, SK Inc., and SK Innovation, we expect to increase the possibility of timely entry into the 4th generation SMR market and to secure global SMR business development capabilities at an early stage."
On the same day, KHNP also signed a memorandum of understanding with Centrus, a U.S. uranium enrichment supplier. Through this, the two companies will strengthen mutual cooperation for stable nuclear fuel supply and continue discussions to expand business opportunities.
Hwang Ju-ho, President of KHNP, said, "Although it is still in the early stages of cooperation and requires thorough review, we hope to advance into a mutually developing partnership with SK and TerraPower based on KHNP's know-how accumulated over more than 40 years of domestic and international nuclear power plant operation and development." He added, "Through the agreement for stable fuel supply, we aim to enhance Korea-U.S. nuclear cooperation and contribute to national energy security, which has been emphasized following the Russia-Ukraine war."
On the 25th (local time), Korea Hydro & Nuclear Power (KHNP) signed an agreement in Washington DC, USA, to jointly participate in the global business of TerraPower with SK Inc. and SK Innovation, and took a commemorative photo. (From left: Kim Muhwan, Head of Green Investment Center at SK Inc.; Chris Levesque, CEO of TerraPower; Lee Chang-yang, Minister of Trade, Industry and Energy; Hwang Ju-ho, President of KHNP)
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