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South Korean government to massively fund developing small nuclear reactors, partnering with USA companies NuScam and Terra Power.

Policymakers endorse massive injection of state money for SMR development

Lim Chang-won Reporter( | Lim Chang-won Reporter, email :© Aju Business Daily & 
 June 2, 2022, SEOUL
— With the blessing of President Yoon Suk-yeol, South Korea’s nuclear power industry grabbed a new opportunity to rebound after policymakers endorsed a massive injection of state money for the development of a relatively safe small modular reactor called “i-SMR” that can be operated in an underground water tank and cooled naturally in case of emergency. 

Yoon, who took office in early May, dumped his predecessor’s “nuclear-exit” policy of phasing out nuclear power plants and vowed to actively revitalize South Korea’s struggling nuclear power industry and develop next-generation reactors, insisting that nuclear power plants are an essential factor in restoring industrial competitiveness.

Up to Yoon’s expectations, the proposed development of i-SMRs has passed a preliminary feasibility study, according to the Ministry of Science and ICT. Some 399.2 billion won ($319.9 million) will be spent from 2023 to 2028 for the i-SMR project aimed at developing a reactor with a power generation capacity of less than 300 megawatts. ……..

Mainly through partnerships with American companies, South Korean companies have jumped into the SMR market, such as Hyundai E&C and Doosan Enerbility, a key player in South Korea’s nuclear industry that tied up with NuScale Power, an SMR company in the United States.

 In May 2022, Samsung C&T strengthened its partnership with NuScale Power to cooperate in SMR projects in Romania and other East European countries. SK Group tied up with TerraPower for cooperation in the development and commercialization of SMR technology.

Separately, the government approved the proposed spending of 348.2 billion won from 2023 to 2030 to develop technologies for the dismantling of defunct reactors………

Hyundai E&C has tied up with its American partner, Holtec International, for the decommissioning of defunct nuclear power plants, starting with the Indian Point Energy Center in Buchanan in Westchester County.


June 6, 2022 - Posted by | Small Modular Nuclear Reactors, South Korea

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