[Photo by Hyundai Engineering & Construction Co.]
South Korea’s Hyundai Engineering & Construction Co. has gained traction in its efforts to rebrand itself as a total construction solution creator through partnership with the U.S.-based nuclear equipment vendor Holtec International.
Hyundai E&C announced it signed a partnership deal this week with Holtec International, a U.S.-based small modular reactor vendor, under which the Korean engineering, procurement and construction (EPC) company will be in charge of the detailed design and full plant construction for the SMRs under development by Holtec.
The partnership deal grants Hyundai E&C exclusive rights for the design, procurement and construction of the SMRs in the global market, the company explained. It will also participate in the development of commercialization, marketing and bidding models for the SMR-160 project.
Hyundai E&C said it expects to gain a foothold for advancement into the burgeoning SMR field, amid strong demand for the safer and cheaper reactor module as countries turn back to nuclear power under carbon reduction goals.
SMRs emit less carbon and have a significantly lower risk of leakage than larger nuclear reactors.
The company also believes that the deal will add momentum for its recent efforts to secure new growth drivers and expand into eco-friendly, low-carbon business areas. Its ultimate goal is to move away from its traditional construction focus to become a total solution creator.
“Through partnership with Holtec, we have laid the groundwork for the leapfrog into a comprehensive solutions partner throughout the entire process of construction including global sales and procurement,” said Yoon Young-joon, president of Hyundai E&C.
The SMR-160 under development by Holtec, which is capable of producing 160 megawatts electric (MWe) power, boasts robust safety and stability and is highly flexible in terms of location and utility thanks to its small footprint.
Holtec has obtained design approval from the Canadian Nuclear Safety Commission and is in the licensing process with the U.S. Nuclear Regulatory Commission with the goal of securing a certification by 2025. The first SMR-160 is likely to be deployed at the Oyster Creek in New Jersey, the company said.
By Seo Chan-dong and Lee Soo-min
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]