South Korean firm Samsung C&T has announced its plan to invest $70m in US-based NuScale, which aims to construct small nuclear power reactor projects.
The US-based startup touts a low cost and safer reactor design to produce nuclear power, reported Nikkei Asia.
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Technical cooperation will be offered by Samsung C&T to NuScale for reactor projects, which are planned to be built in Idaho and Romania in US.
With its engineers taking part in NuScale’s small modular reactor (SMR) projects, the South Korean company aims to gain expertise in the field and secure future plant orders.
C&T is responsible for handling trading and construction in the Samsung group, with experience in design, materials procurement and construction of over 10 nuclear power plants.
NuScale is developing a new nuclear power plant design that involves submerging a minor reactor in water.
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By GlobalDataThe first small nuclear power plant is expected to commence commercial operation in 2029.
Even though the power generation is just less than tenth of the regular large nuclear power plants, NuScale believes its SMRs will serve as a safer substitute with lower initial costs primarily for power companies in developed countries.
NuScale has drawn investments from the Japan Bank for International Cooperation and Japanese engineering companies IHI and JGC Holdings.
South Korean company Doosan Enerbility is also shareholder in NuScale.
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Image: The power generation from SMRs will be less than tenth of the regular large nuclear power plants but it will serve as a safer substitute with lower initial costs. Credit: Markus Distelrath from Pixabay.
