■ On the 19th (Fri), Hyundai E&C signed a memorandum of understanding (MOU) to jointly pursue research and commercialization of SMRs linked to coal-fired power plants

■ Exploring the potential for demonstration and commercialization of a next-generation carbon-free power model to lead the energy transition era

■ "We will create tangible results through practical cooperation between the two companies and take the lead in developing power sources that will drive the future energy market"

On the 19th (Fri), Choi Young, Head of the NewEnergy Business Division at Hyundai E&C (fourth from the left), and Lee Young-ki, Vice President of Safety Technology at KOEN (fourth from the right), pose for a commemorative photo with other officials after signing the business agreement.

Hyundai E&C is accelerating efforts to strengthen its competitiveness in the next-generation nuclear power sector and secure the technological capabilities required to diversify its business portfolio.

On the 19th (Fri), Hyundai E&C signed an MOU with Korea South-East Power (KOEN) at its headquarters in Gye-dong, Jongno-gu, Seoul, to jointly pursue research and commercialization initiatives involving the deployment of small modular reactors (SMRs) at coal-fired power plant sites. The signing ceremony was attended by senior executives from both companies, including Choi Young, Head of Hyundai E&C’s NewEnergy Business Division, and Lee Young-ki, Vice President of Safety Technology at KOEN.

KOEN is a state-owned power generation company that owns and operates one of Korea’s largest coal-fired power generation facilities. Drawing on its extensive experience in operating various types of power generation facilities and its on-site technical expertise, the company plays a major role in the nation’s power supply. As the energy industry evolves, KOEN is accelerating its transition to renewable energy, with the goals of providing clean and safe energy and ensuring sustainable future growth.

Building on this agreement, the two companies will begin developing technology to convert boilers at coal fired power plants, which are scheduled for phased decommissioning in line with the government’s policy to expand carbon free power generation, into SMRs (Small Modular Reactors), thereby reusing the power generation facilities to produce energy. Through this initiative, they also plan to explore the potential for demonstrating and commercializing SMR based power generation projects that utilize idle coal fired power infrastructure.

To this end, the two companies plan to cooperate closely in the following areas: ▲ developing technologies for the installation and utilization of SMRs in conjunction with coal fired power generation facilities and their sites; ▲ sharing information on power generation operation technologies, equipment, and on site data; and ▲ operating a working level consultative body to promote joint research and commercialization.

In particular, the plan is to focus on reviewing the technical and economic feasibility of the “retrofit” approach- which leverages existing power plant sites and facilities - in order to develop a comprehensive energy plant model based on carbon free power sources. “Retrofit” refers to a method of enhancing performance, efficiency, and safety by replacing core equipment or introducing new technologies or additional devices while retaining existing facilities; it is drawing growing attention as a way to maximize the use of existing power generation infrastructure during the energy transition.

A Hyundai E&C official stated, "This agreement is significant in that it combines next generation nuclear reactor technology with existing power generation infrastructure to identify the business models needed for the era of energy transition," adding, "By leveraging Hyundai E&C's competitive nuclear power technology and KOEN's expertise in power plant operations, we will achieve tangible results through practical cooperation and develop power sources that will lead the future energy market."