Hyundai E&C, for the first time in Korea, is strengthening cooperation with a global nuclear power company Westinghouse to jointly undertake global projects to generate nuclear power, a zero-carbon neutral source of energy.
Hyundai E&C signed a Strategic Cooperation Agreement with Westinghouse to jointly participate in the global business of large-scale nuclear power plant projects. The global business agreement ceremony, which was held at Hyundai E&C’s office in Gye-dong, Jongno-gu, Seoul, was attended by key officials, including Hyundai E&C CEO Yoon Young-joon and Westinghouse President of Energy Systems, David Durham. Under the agreement, Hyundai E&C has secured exclusive rights to cooperation in next-generation nuclear power plant business through project-specific contracts in the global market and to preferential negotiations in the EPC field. It also plans to expand green, zero-carbon business areas and build diverse business portfolio related to future energy business. The agreement will also help lay the foundation for sustainable future projects and a diverse business portfolio related to the company’s future energy business and build diverse supply chain to support nuclear business ecosystem and promotion policies, thereby allowing Hyundai E&C to secure the bridgehead for global market expansion.
Westinghouse, founded in 1886, is a global top-tier company across all areas of nuclear industry, that provides nuclear reactors and engineering to more than 50% of the world's nuclear power plants. The AP1000 model is an improved pressurized light-water reactor, a *third-generation+ reactor technology licensed in the United States, Europe and Asia.
* third-generation+ : Improved 3rd generation nuclear reactor with new concept of safety/economic viability (application of passive safety facilities, capacity expansion, etc.)
The number of parts, pipes, and cables that increase the construction cost of nuclear power plants is reduced to ensure economic feasibility, safety is greatly improved by applying a *passive safety system, and the construction period can be shortened by applying a modular method.
* passive safety system : Safety system using natural forces such as gravity/gas pressure (no intervention required by the operator or facilities that require power supply in the event of an accident)
Yoon Young-joon, Hyundai E&C President said, "Through strategic cooperation with Westinghouse, Hyundai E&C has the opportunity to improve EPC capabilities in various nuclear reactor types, including AP1000 models and participate in large-scale nuclear power projects,” adding that, “It is expected to drive the development and expansion of the nuclear energy business in all directions through cooperative synergy between Korea and the U.S. top nuclear power company.”
"We are confident that nuclear technology will play a key role in realizing carbon neutrality in the future," said David Durham, Westinghouse President of Energy Systems. "By collaborating with Hyundai E&C, a global EPC leader in nuclear energy, we expect both companies to lead the global nuclear energy sector and advance the era of carbon neutrality."
※ Westinghouse: Westinghouse is a Pennsylvania-based company with 26 branches in the United States, 5 in Asia including Korea, 18 in Europe, and South Africa. Westinghouse started the world's first commercial pressurized light-water reactor in Pennsylvania in 1957 and has built/technically supplied about 210 units worldwide, supplying some 200,000 MWe of energy worldwide and recently signed a contract with the Ukrainian government to build a total of five nuclear reactors.