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| Minister of Trade, Industry, and Energy Lee Chang-yang, second from left, poses with Doosan Enerbility Chairman & CEO Park Gee-won, third from left, Eximbank Korea CEO Yoon Hee-sung, right, and NuScale Power CEO John Hopkins after signing a partnership agreement at Waldorf Astoria Hotel in Washington, D.C. Tuesday (local time). Yonhap |
By Lee Kyung-min
Doosan Enerbility, the energy affiliate of Doosan Group, signed a three-way agreement with its U.S. partner NuScale Power and the Export-Import Bank of Korea (Eximbank) to foster cooperation in the small modular reactor (SMR) business, according to the firms and Korea's state-owned lender, Tuesday. The U.S. firm designs and markets SMRs.
Their reiterated commitment came on the occasion of President Yoon Suk Yeol's six-day state visit to the U.S.
The three signed a memorandum of understanding (MOU) to cooperate in marketing, strengthening of local supply chains and export financing assistance.
Also included was technical support to better promote and supply NuScale Power's SMRs to the global market.
The Doosan affiliate will advance SMR production technology and fortify production capacity. The U.S. entity will be able to use Korea's global supply chains to build SMRs.
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| Minister of Trade, Industry and Energy Lee Chang-yang, center, poses with executives of Korea's HD Hyundai Electric and SK E&S as well as the U.S.' General Electric and Plug Power after signing a partnership agreement at Waldorf Astoria Hotel in Washington, D.C., Tuesday (local time). Yonhap |
"I am glad and grateful that Doosan is able to contribute to strengthening the Korea-U.S. alliance, increasingly expanding beyond military and security matters to include technology and green, clean energy sectors," Doosan Enerbility Chairman & CEO Park Gee-won said at a business forum held to advance the bilateral high-tech and clean energy partnership at Waldorf Astoria Hotel in Washington, D.C., Tuesday (local time).
"The MOU will function as a cornerstone to expanding our market expansion in not only the U.S, but also Europe and Asia. We will continue efforts to diversify supply chains, thereby solidifying the foundation for robust bilateral cooperation."
Tuesday's MOU will fortify joint cooperation between the Doosan affiliate and NuScale Power, one step further following an investment of $104 million (140 billion won) inked since 2019.
Last month, the two signed an agreement to manufacture SMRs to be supplied to the Utah Associated Municipal Power Systems (UAMPS), a power plant project based in the U.S. state of Idaho and scheduled to be completed by 2029.
Meanwhile, HD Korea Shipbuilding & Offshore Engineering, affiliated with HD Hyundai, and SK E&S, the liquefied natural gas business affiliate of SK Group, signed an agreement with two U.S. partners ― Plug Power, an American electrical equipment manufacturing company, and GE Vernova, an energy business entity affiliated with General Electric.
The four will cooperate for blue hydrogen projects. Blue hydrogen refers to hydrogen produced from natural gas and supported by carbon capture and storage.
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