Samsung C&T joins with NuScale to design and build small nuclear reactors.
The South Korean company made a $70 million investment to install safer and low-cost reactors with the American company. According to the 8-K filing of NuScale Power, Samsung now owns 3.5% of the American company’s stock. Both engineering companies will cooperate in planned projects to produce small reactors in Idaho, Romania, and other European countries.
Samsung engineers will learn from and participate in NuScale efforts to design and create small nuclear power plants. The construction and trading group of the Korean engineering company has expertise and experience with ten nuclear power plants. Therefore, learning about the design and management of smaller nuclear reactors would be beneficial.
Samsung C&T CEO Oh Se-chul said that the company is committed to becoming an Environmental, Social, and Governance or ESG leader as they expand their business portfolio to hydrogen, ammonia, SMRs, and renewable energy sources.
The US startup is currently working on a new nuclear power plant design where the reactor is in contact with water. This innovation should be ready commercially by 2029.
Samsung and NuScale Partnership
The “comprehensive partnership” appoints NuScale as responsible for the operation and construction outline of small modular reactors or SMRs. Samsung, on the other hand, will build the said reactors.
Small modular reactors can produce 300 megawatts of power compared to conventional power plants. They have advantages over larger reactors in terms of siting flexibility and scalability. They can also be mass-produced. Moreover, the reactor part is estimated to fit into a 2-meter cube, so the risks regarding the energy source are reduced.
NuScale Power promotes small nuclear power plants because the said reactors are safer and incur lower costs. In addition, the Oregon-based reactor company wishes that countries see small reactors as an alternative to consider.
South Korea is looking into other sources of energy, and nuclear power seems to be a better option than fossil fuels that emit carbon dioxide. That is because this type of energy source does not generate greenhouse gases. On top of that, nuclear also has more energy efficiency compared to renewables such as wind and solar power.
Another South Korean company that is a shareholder in NuScale is Doosan Enerbility, formerly Doosan Heavy Industries & Construction. In addition, Japanese companies IHI and JGC Holdings and The Japan Bank for International Cooperation also made investments in NuScale.