Hyundai Engineering & Construction CEO Lee Han-woo (right) shakes hands with TerraPower CEO Chris Levesque after signing a framework agreement for next-generation nuclear power plant projects in Seoul. (Hyundai E&C)
Hyundai Engineering & Construction said Tuesday it has been selected as a construction partner for BIll Gates-backed TerraPower’s next-generation nuclear power projects, strengthening its push to secure a lead in the global advanced energy supply chain.
Under the agreement, the companies will expand cooperation in the nuclear power sector, including TerraPower’s advanced nuclear reactor project Natrium, and jointly identify new business opportunities by combining their respective technologies and expertise.
Hyundai E&C said it will serve as an engineering, procurement and construction, or EPC, partner for up to eight additional Natrium reactor units that TerraPower plans to develop following its first project in Wyoming.
TerraPower began construction of its first Natrium plant, Kemmerer Unit 1 in Wyoming, in April after receiving a construction permit from the US Nuclear Regulatory Commission in March. The permit marked the first NRC construction permit issued for a commercial-scale advanced nuclear power plant.
TerraPower’s Natrium technology combines a 345-megawatt sodium-cooled fast reactor with a molten salt-based energy storage system to provide flexible, carbon-free power for major technology firms seeking reliable electricity to meet growing power demand from data centers and artificial intelligence.
The agreement comes as the two companies look to accelerate the commercialization of the Natrium technology and expand into global markets.
For Hyundai E&C, the partnership with TerraPower expands its advanced nuclear portfolio in the US, where it has been pursuing opportunities across large-scale nuclear plants, small modular reactors and nuclear decommissioning.
The Korean builder said its experience in constructing 24 large-scale nuclear reactors as well as its cooperation with TerraPower will strengthen its position in the next-generation nuclear industry.
“By combining TerraPower’s innovative nuclear technology with Hyundai E&C’s global EPC capabilities, this agreement will serve as an important milestone in responding to rapidly growing electricity demand and accelerating the commercialization of next-generation nuclear power,” a Hyundai E&C official said.
“Hyundai E&C will continue expanding its energy portfolio and strengthening partnerships with leading companies to lead the global energy market.”
hwkan@heraldcorp.com