0
On May 19 (local time), Choi Young, senior vice president of the New Energy Business Division at Hyundai E&C, Chris Levesque, CEO of TerraPower, and Won Kwang-sik, executive vice president of HD Hyundai Heavy Industries, take a commemorative photo after signing a memorandum of understanding at the Goldman Sachs headquarters in New York.

Hyundai E&C announced on May 21 that it signed a memorandum of understanding (MOU) alongside TerraPower and HD Hyundai Heavy Industries at the Goldman Sachs headquarters in New York on May 19 (local time) to facilitate the commercial deployment of "Natrium®," a next-generation reactor.

"This agreement marks a meaningful step forward in expanding Hyundai E&C’s nuclear value chain, as it establishes a foundation for our participation in fourth-generation reactor projects," a Hyundai E&C official stated.

The three companies agreed to cooperate on the Natrium project currently spearheaded by TerraPower in the United States, as well as on broader market expansion. TerraPower is a US nuclear innovation firm that possesses fourth-generation reactor technologies based on the Sodium-cooled Fast Reactor (SFR), which utilizes liquid sodium as a coolant. The SFR is characterized by high safety and generation efficiency while producing less nuclear waste compared to conventional reactors.

Starting with an initial 30 million dollar investment in 2022, HD Hyundai Group has actively participated in joint Natrium technology development. The group is steadily reinforcing its partnership with TerraPower by manufacturing the cylindrical reactor vessel for the Kemmerer Unit 1 and driving supply chain expansion.

Hyundai E&C joined the agreement as a strategic partner, backed by its proven track record in engineering, procurement, and construction (EPC) for numerous nuclear facilities—including the Barakah nuclear power plant in the United Arab Emirates (UAE)—alongside its robust capabilities in Small Modular Reactors (SMRs).

Moving forward, Hyundai E&C plans to maintain close consultations with TerraPower and HD Hyundai Heavy Industries to secure EPC roles in subsequent commercial Natrium units.

"The SFR serves as a highly viable power source to meet the expanding AI infrastructure," a Hyundai E&C official added. "We will do our utmost to create synergies by combining TerraPower’s advanced technology with HD Hyundai Heavy Industries’ manufacturing prowess to respond effectively to surging global electricity demands."

Meanwhile, leveraging its experience in constructing 24 large-scale nuclear reactors both at home and abroad, Hyundai E&C has been expanding its presence in the United States—the birthplace of nuclear energy—by participating in conventional large-scale reactors, SMRs, and nuclear decommissioning projects.

SMRs are currently capturing significant attention as an alternative power source to mitigate electricity shortages in the AI era. As TerraPower has announced plans to deploy more than 10 reactors globally by 2035, industry observers project that Hyundai E&C’s global nuclear competitiveness will be further solidified.