Korean partners of NuScale raise hopes after US support pledge for Romania's SMR project

[Source: NuScale Power]

South Korean partners of NuScale Power pledged with $14 million from the U.S. federal government for its participation in Romania’s first small modular reactor (SMR) project have become hopeful for more global orders in collaboration with the U.S. company under aggressive government backing.

GS Energy, Doosan Enerbility, and Samsung C&T of Korea in April signed a memorandum of understanding with NuScale Power to collaborate on constructing and operating SMRs across the world. Nuclear reactor partnership had been an area South Korean and U.S. governments agreed to enhance alliance during a summit meeting in May.

Under the four-way partnership, Samsung C&T will work with NuScale Power on constructing SMRs, while Doosan Enerbility provide equipment and GS Energy assist in operating the reactors with a goal to lead the global SMR market with their combined capabilities.

Doosan has invested $140 million for stake in NuScale and already drawn multibillion-dollar worth orders for SMR equipment.

Attending an event to launch the G7’s Partnership for Global Infrastructure and Investment (PGII), an initiative to develop a values-driven, high-impact, and transparent infrastructure partnership to meet the infrastructure needs of low-and middle-income countries, U.S. President Joe Biden promised to provide $14 million for the front-end engineering and design (FEED) study for Romania’s deployment of its first SMR plant. The bilateral project would contribute to bolstering Europe’s energy security, creating clean energy at low costs, and adding many new jobs in Romania, he added.

SMRs are advanced nuclear reactors with a power capacity of up to 300 MW(e) per unit, about one-third of the generating capacity of traditional nuclear power reactors. As they can generate a large amount of low-carbon electricity, they are deemed to be an alternative to other fuel sources under common carbon control commitments.

NuScale Power, which has already sealed contracts or enhanced technological partnerships with European countries such as Romania, Poland, the Czech Republic, and Bulgaria, will likely speed up its advance into Europe as Washington pushes for SMRs as a solution to reduce Europe’s dependence on Russia’s natural gas while pursuing carbon-neutrality goals by 2050.

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