HD Hyundai has announced a strategic partnership with TerraPower, a US-based innovator in nuclear technology, to develop essential components for Small Modular Reactors (SMRs). This collaboration aims to manufacture cylindrical reactor vessels, a critical element in the construction of advanced nuclear reactors.
The announcement was made on Friday, the 20th, highlighting that HD Hyundai has secured a project from TerraPower to produce these reactor vessels, which will be integrated into TerraPower’s Natrium—a 345 MW 4th-generation Sodium Fast Reactor (SFR) set to be installed in Kemmerer, Wyoming, USA.
The SFR, developed jointly by HD Hyundai and TerraPower, represents a significant advancement in SMR technology. The reactor vessel plays a vital role in housing the reactor core, where nuclear fission takes place, and is crucial for maintaining the safe operation of the reactor’s high-temperature, low-pressure coolant system.
To ensure the project’s success, HD Hyundai Heavy Industries, a shipbuilding affiliate of HD Hyundai, plans to utilise its extensive experience in developing and producing key equipment, including vacuum vessels for major international projects like the International Thermonuclear Experimental Reactor (ITER) and the Korean Superconducting Tokamak Advanced Research (KSTAR).
The SFR distinguishes itself by utilising high-speed neutrons for nuclear fission and employing liquid sodium for cooling, rather than traditional water methods. This innovative approach not only enhances safety but also significantly reduces nuclear waste, producing only one-twentieth of the waste generated by conventional reactors, positioning it as a leading candidate for next-generation SMR technology.
The Natrium project is on track for completion by 2030, pending the necessary construction and operational permits from the U.S. Nuclear Regulatory Commission (NRC). As global interest in nuclear power as a carbon-free energy source continues to rise, the demand for SMRs is expected to increase, particularly as the challenges associated with large-scale nuclear plants become more apparent.
According to a market report by global research firm MarketsandMarkets, the SMR market is projected to grow from $5.7 billion in 2022 to $6.8 billion by 2030, reflecting an average annual growth rate of 2.3%. An official from HD Hyundai emphasised the significant growth potential of SMRs within the global decarbonisation trend, stating, “Leveraging the expertise and capabilities built through projects such as ITER and KSTAR, we aim to lead the SMR sector, emerging as a next-generation power source.”
In addition to this partnership, HD Hyundai has also been instrumental in co-founding the Nuclear Energy Marine Organisation (NEMO), the world’s first international private organisation focused on offshore nuclear power. The company has been actively engaging in joint research on SMRs with leading global nuclear power firms since February, further solidifying its commitment to advancing nuclear technology.
