Hyundai Engineering & Construction has signed a strategic cooperation agreement with the nuclear power industry leader Westinghouse Electric Company to jointly build next generation nuclear power plants.
This is the first time that a Korean firm has formed a partnership with the US nuclear power company.
Under the agreement, Hyundai Engineering & Construction will be participating in engineering, procurement, and construction of next-generation nuclear power plants such as the AP1000 plant, expanding eco-friendly and non-carbon emitting business projects, and diversifying future energy related business portfolio.
Westinghouse Electric Company, an American nuclear power company established in 1886, is the industry leader and is responsible for engineering 93 nuclear power plants, making up 50 percent of all reactors around the world.
The nuclear power company is the only company that has the technology to build and engineer a Generation III+ reactor, the AP1000 plant that is a light water reactor outfitted with an advanced passive safety system.
The announcement follows the summit between President Yoon Suk-yeol and the US President Joe Biden on May 21 during which they pledged to work together on next-generation nuclear power technology.
Source: The Korea Herald