On the second day of the '2025 Korea Atomic Energy Annual Conference' on the 30th, executives from Doosan Enerbility and GS Energy, leaders in the small modular reactor (SMR) market, participated in presentations and panel discussions under the theme 'SMR, it’s now business.' Executives from overseas SMR corporations pointed out that collaboration between Korea Hydro & Nuclear Power and private businesses is necessary for Korean companies to secure a position in the growing SMR market.
Wang Jin-min, head of the nuclear technology division at Doosan Enerbility, said, 'Most SMR developers are startups, and they strive to work with manufacturers from the early design stages to reduce production costs and construction times' and added, 'Doosan Enerbility is working hard to become the 'global number one SMR foundry,' like Samsung and Taiwan's TSMC.'
Doosan Enerbility began a strategic partnership with U.S.-based SMR company NuScale Power in 2019, investing $44 million in equity. Subsequently, Doosan Enerbility invested an additional $60 million in 2021, and NuScale Power announced in December last year that it placed long-term orders with Doosan Enerbility for essential SMR components. In addition, Doosan Enerbility is establishing collaborative relationships from the early stages of development by sealing contracts with U.S. SMR companies Terrapower and X-Energy for the feasibility of manufacturing SMR main equipment.
Wang noted, 'In the short term, we are working to enhance the current technology we possess to meet the quality demanded by the market, and in the medium to long term, we are striving to secure differentiated technology that can align with the schedule of SMR developers by increasing production capacity and ensuring a healthy supply chain.'
Executives from Terrapower and Core Power emphasized the importance of Korean companies' roles in the SMR market. Jeffrey Miller, vice president of Terrapower, said, 'Terrapower has received substantial support from SK and HD Hyundai in expanding its business.' In 2022, Terrapower received investments of 300 billion won from SK and SK Innovation and 42.5 billion won from HD Hyundai. In April 2023, a cooperation contract for SMR development and commercialization was also signed with SK, SK Innovation, and Korea Hydro & Nuclear Power.
Terrapower is constructing a sodium-cooled fast reactor SMR in Kemmerer, Wyoming. Miller stated, 'Terrapower is building the first reactor in Kemmerer through a public-private partnership with the U.S. Department of Energy' and added, 'We will demonstrate the design, licensing, construction, and operation of the first commercial sodium reactor.'
Mikal BØE, CEO of Core Power, a marine nuclear company based in the UK, stated, 'The support of our partner companies has been significant in enabling Core Power to become a leading company in the floating nuclear power sector' and noted, 'We are collaborating not only with Terrapower but also with HD Hyundai.' HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, is developing SMRs in partnership with Core Power and Terrapower. Core Power is jointly developing a molten salt reactor with HD Hyundai, which is deemed suitable for floating nuclear power plants. Through this joint research, HD Korea Shipbuilding & Offshore Engineering is accelerating the development of the offshore nuclear power market.
There were also calls for joint cooperation between KHNP and private enterprises for Korean companies to secure a foothold in the SMR market. Yu Hwang-chan, head of the SMR business team at GS Energy, said, 'Until now, nuclear power generation has been a public service conducted solely by KHNP, which handled all processes including site selection, permitting, construction, and operation' and emphasized, 'While KHNP has done well, joint cooperation between KHNP and private enterprises is essential to meet the diverse demands of SMR clients.'
He further claimed, 'Regarding SMR, it is urgent to implement business participation from private power generators separate from large nuclear power plants, establish a regulatory framework appropriate for SMR, introduce various tariffs, and improve nuclear-related laws and systems.'