Hyundai Engineering & Construction Builds US Small Modular Reactors, Leading Korea-US Energy Cooperation

Hyundai Engineering & Construction announced on the 26th that it has agreed to collaborate with the U.S. nuclear company Holtec on nuclear power plant projects worldwide. Considering the increasing global energy demand driven by advancements in artificial intelligence (AI) technology, both parties also agreed on plans to expand nuclear power capacity.

The two companies have been jointly advancing various projects across the small modular reactor (SMR) business since signing a cooperation agreement in 2021. Their collaboration covers the entire nuclear value chain, including nuclear power plant decommissioning and interim storage facilities for spent nuclear fuel. As energy supply systems and methods have become key issues worldwide, energy cooperation between Korea and the U.S. appears to be strengthening.

On the 25th (local time), key executives from both companies?including Lee Han-woo, CEO of Hyundai Engineering & Construction; Chris Sing, Chairman of Holtec; Kelly Trice, President of Holtec International; and Rick Springman, President of Holtec Global Clean Energy?held the ‘Mission 2030’ event at the SMR site within the Palisades Nuclear Power Plant complex in the U.S. The event was organized to commemorate the upcoming groundbreaking of the Palisades SMR-300 FOAK project scheduled for the end of this year.

On the 25th (local time), Chris Sing, Chairman of Holtec (left), and Lee Han-woo, CEO of Hyundai Engineering & Construction, took a commemorative photo after signing an expansion cooperation agreement at the Palisades Nuclear Power Plant site in the United States. Photo by Hyundai Engineering & Construction

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The Palisades SMR-300 project involves constructing two 300 MW-class SMRs at the nuclear power plant site in Covert, Michigan, USA. The site is located within Holtec’s owned nuclear business area. The construction site was finalized in February last year, and since then, customized on-site designs have been carried out, including ground and geological surveys and environmental impact assessments. The design is expected to be completed by the second quarter of this year, with groundbreaking planned for the end of the year and commercial operation targeted for 2030.

Coinciding with the event, the two companies signed an expanded cooperation agreement detailing specific measures to enhance mutual collaboration. According to the agreement, they will expand nuclear power capacity and jointly pursue projects in the global market. They also plan to operate a joint organization to manage individual projects. This signifies that Hyundai Engineering & Construction has expanded its exclusive rights to Holtec’s SMR business to global markets, including the U.S. They will establish a joint venture to operate and manage the ongoing Palisades SMR project.

Chris Sing, Chairman of Holtec, stated, "Hyundai Engineering & Construction’s completion of the largest nuclear power plant in the United Arab Emirates (UAE) ‘On time On budget’ is a rare global achievement, demonstrating Hyundai’s unparalleled capabilities in nuclear power plant construction. Expanding cooperation with Hyundai is a pivotal development." He added, "Based on the two companies’ systematic supply capabilities and world-class project management, I am confident that the U.S.’s first SMR-300 deployment will be flawlessly realized."

Lee Han-woo, CEO of Hyundai Engineering & Construction, said, "Since establishing a local subsidiary in the U.S. in 2022, we have made multifaceted investments in local power projects and SMR-300 technology. To ensure successful project completion, we will closely cooperate with the U.S. government and leading local companies to build a systematic supply chain and develop plans to create quality jobs and coexist with local communities in the U.S."

Perspective view of the SMR model being developed by Hyundai Engineering & Construction and Holtec in the United States. Provided by Hyundai Engineering & Construction

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