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THE INVESTOR
August 08, 2022

Market Now

Hyundai E&C, Westinghouse to build nuclear power plants

  • PUBLISHED :May 25, 2022 - 09:09
  • UPDATED :May 25, 2022 - 09:09
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(Yonhap)

Hyundai Engineering & Construction has signed a strategic cooperation agreement with the nuclear power industry leader Westinghouse Electric Co. 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 carbon-free business projects, and diversifying future-energy-related business portfolios.

Westinghouse Electric Co., an American nuclear power company established in 1886, has engineered 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 US President Joe Biden on Saturday during which they pledged to work together on next-generation nuclear power technology.

By Hong Yoo (yoohong@heraldcorp.com)

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