Chairman Park Ji-won: "Establishing SMR Foundry as a Global Leader"

Park Ji-won, Chairman of Doosan Enerbility, solidified his position in the small modular reactor (SMR) business in the United States.

On the 25th (local time), Chairman Park met with John Hopkins, CEO of NuScale Power, and the management team in Washington D.C. to discuss cooperation plans. On the same day, Doosan Enerbility signed a memorandum of understanding (MOU) related to the SMR business with NuScale Power, the Export-Import Bank of Korea, and others at the 'Korea-U.S. Advanced Industry and Clean Energy Partnership' event.

Park Ji-won, Chairman of Doosan Enerbility (right), is taking a commemorative photo with Kam Gafarian, Chairman of X-energy, a U.S. 4th generation high-temperature gas SMR developer, during a luncheon meeting held on the 25th (local time) in Washington D.C., USA.

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NuScale Power, which is seeking to expand into the Asian market, plans to actively utilize the supply chain in Korea through cooperation with Doosan Enerbility. Doosan Enerbility will leverage its production capacity and experience in nuclear power main equipment to help establish a foundation for manufacturing the SMRs developed by NuScale Power in the United States.

Doosan Enerbility was the first among domestic companies to invest in NuScale Power in 2019 and has maintained a close cooperative relationship by investing a total of $104 million in shares together with domestic investors to date.

Additionally, last year, Doosan Enerbility signed a contract with NuScale Power for SMR material production and began manufacturing reactors to be used in the first SMR power plant in the United States. The 'CFPP (Carbon Free Power Project)' power plant under the 'UAMPS' project, which NuScale Power is promoting as the first SMR project in the U.S., is being constructed in Idaho with a target completion in 2029. It will install six reactor modules of 77 MW each, producing a total of 462 MW of power.

A Doosan Enerbility official said, "The meeting between the management teams of the two companies attracted significant attention from the related industries as it clearly demonstrated the vision of Korea and the U.S. jointly targeting the global market in the SMR field," adding, "The expectation for synergy and market expansion brought leading companies from both countries together in one place."

Park Ji-won, Chairman of Doosan Enerbility, is delivering a keynote speech at the "Korea-US Advanced Industry and Clean Energy Partnership" event held on the 25th (local time) in Washington D.C., USA.

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Before the dinner meeting with NuScale Power, Chairman Park held a luncheon meeting with Kam Gafarian, Chairman of X-energy, a U.S. developer of 4th generation high-temperature gas SMRs, and CEO Clay Sell to discuss various cooperation plans, including hydrogen production using SMRs.

The U.S. Department of Energy (DOE) selected X-energy for the 'Advanced Reactor Demonstration Program (ARDP)' and provided an initial support fund of $80 million (approximately 107 billion KRW). It plans to support a total of $1.2 billion (1.6 trillion KRW) for the demonstration of X-energy’s next-generation high-temperature gas SMRs.

Doosan Enerbility began cooperation in 2021 by participating in the design and manufacturing of high-temperature gas SMRs promoted by X-energy. In January, the company further strengthened cooperation by signing an agreement with X-energy for equity investment and supply of key equipment.

Chairman Park said, "Through this U.S. event, we were able to confirm the strong interest and support intentions of both the Korean and U.S. governments for SMRs as next-generation energy sources," adding, "Based on the experience, technology, and capabilities of competitive domestic partners accumulated through the nuclear power business, we will cooperate diversely with SMR developers and establish ourselves as a global market-leading 'SMR foundry (specialized manufacturing company).'"

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