Gearing up to Enter SMR Market
Samsung C&T is gearing up to enter the global small modular reactor (SMR) business.
Samsung C&T’s Construction Division said on May 10 that its CEO Oh Se-chul met with NuScale Power CEO John Hopkins to discuss cooperation in entering overseas SMR markets. The meeting was held at the headquarters of NuScale Power in Oregon of the United States on May 9 (local time).
NuScale Power possesses fundamental SMR technology. Its SMR is the only one among the 70 SMR models around the world that has received a certification from the U.S. Nuclear Safety and Security Commission. NuScale has been approved to build test reactors in Idaho, in 2029 and 2030.
Samsung C&T made equity investments of US$70 million in NuScale Power -- US$20 million in 2021 and US$50 million in 2022.
The two sides discussed specific ways of cooperation to expand overseas markets.
They agreed to cooperate in an SMR project being carried out by UAMPS, a U.S. power company, in Idaho of the United States. From the pre-construction planning stage to the dispatch of technical personnel, the two companies will share their accumulated technology and capabilities.
In addition, Samsung C&T plans to actively cooperate as a strategic partner in SMR projects in Eastern Europe, including the one jointly promoted by the Romanian government and NuScale Power.
Apart from power generation through SMRs, they will conduct research on hydrogen production using high-temperature steam and its commercialization down the road.