Samsung C&T Corp., Samsung Group's construction arm based in South Korea, has reportedly joined forces with NuScale, the world's leading small modular reactor (SMR) technology supplier based in the US, to grow its SMR business globally.
Earlier this week, NuScale Power CEO, John Hopkins, and Samsung C&T CEO, Oh Se-chul, met at NuScale Power's headquarters in Oregon, United States, to ink a comprehensive contract for joint global SMR market expansion and development.
Samsung C&T has been steadily strengthening its strategic alliance with NuScale, with a $20 million equity investment in the SMR supplier in 2021 and a further $50 million injection this year.
Even before the building plant is built, the two firms will share skills and technologies by transferring engineers under the terms of the agreement. This would aid the Utah Associated Municipal Power Systems' current SMR project in Idaho, which is expected to begin commercial operations in 2029.
Samsung C&T, which constructed ten nuclear power stations in South Korea, aims to participate actively in NuScale's SMR operations in Europe alongside the Romanian government.
Se-chul further added that the secured partnership with the leading SMR player would serve as a springboard for growth in the continuously developing global SMR market.
As per Samsung C&T, the firm is determined to become a leader by bolstering its sustainable and clean business portfolio, which includes SMR, hydrogen, and ammonia.
NuScale CEO, Hopkins, stated that as the firm seeks to bring its innovative, breakthrough nuclear technology to nations and communities across the globe, it is particularly grateful to have a globally recognized partner in Samsung C&T.
Hopkins added that the announcement is a crucial example of a strategic partnership among nuclear industry leaders as well as innovators, building on the amazing momentum of this existing partnership.