Close collaboration with NuScale for SMR market expansion leveraging on ample experience with nuclear power plant construction
Samsung C&T announced today that it will forge a comprehensive partnership with NuScale, the leading small modular reactor (SMR) technology provider to pursue its global SMR business in full swing.
Samsung E&C (hereinafter Samsung C&T) announced the firm and NuScale reached an agreement for a comprehensive partnership for joint market development and expansion from the two entities’ executives meeting held at the headquarters of NuScale Power in Oregon on Monday.
To pioneer in the global market for SMRs, a next-gen nuclear technology, Samsung C&T has solidified its strategic partnership with NuScale through US$20mn equity investment in the SMR provider in 2021 and an additional $50mn in 2022, and it now plans to further strengthen collaboration for global market expansion through the executive meeting.
The two companies first agreed to share accumulated technologies and capabilities through exchanging engineers even from the construction plan establishment phase in relations with UAMPS’ ongoing SMR project in Idaho targeting to commence commercial operation by 2029.
In addition, Samsung C&T, with its ample experience and capabilities with10 units of nuclear power plant construction at home, plans to actively engage with the SMR projects as a core construction partner in Eastern Europe including a project jointly pursued by Romanian government and NuScale.
Along with power generation through SMRs, the two companies agreed to combine their efforts for research and commercialization of hydrogen production from high-temperature steam going forward.
“The reinforced partnership with the leading SMR player will serve us as a foothold for the expansion into the global SMR market expected to grow steadily,” highlighted Sechul Oh, CEO of Samsung C&T.“Samsung C&T is committed to become a leader in ESG by fortifying its new green businesses portfolio composed of SMR, hydrogen, ammonia, and renewables.”
“While NuScale works towards our mission of bringing our groundbreaking, advanced nuclear technology to countries and communities around the world, we are especially grateful to have a world-renowned partner in Samsung C&T,” said John Hopkins, President and Chief Executive Officer of NuScale.“Building upon the incredible momentum of this existing partnership, today’s announcement is a key example of smart collaboration among nuclear industry leaders and innovators."
NuScale Power, equipped with original SMR technologies, offers an SMR based on a passive cooling system capable of generating total 924MW electricity from up to 12 reactor modules of 77MW-capacity each. The NuScale Power SMR is currently under development with some funding by the US Department of Energy along with private equity from companies like Samsung C&T. Among 70 SMR models across the world, it is thus far the only SMR which obtained design certification from the US Nuclear Regulatory Commission.
