South Korea is looking to build advanced reactors. Credit: Martin Vorel.

South Korea’s Ministry of Science and ICT (MSIT) has signed a memorandum of understanding (MOU) with eight Korean companies to cooperate on the development of next-generation nuclear reactors.

“While nuclear power is emerging as a core strategic technology due to the global climate crisis and reorganisation of the energy supply chain, competition for next-generation nuclear reactors such as small modular reactors (SMRs) and non-light water reactors is intensifying worldwide as market demand for nuclear power generation diversifies,” the ministry said.

“Accordingly, the government has been actively promoting the securing of core technologies for the development of next-generation nuclear reactors, but in order to flexibly respond to rapidly changing market demand and successfully utilise the results of research and development so far, active participation and investment from the private sector is also necessary.”

A ceremony was held in Seoul on 20 March to mark the signing of the MOU between MSIT and eight private companies: Century, Daewoo Engineering & Construction, Doosan Energy, HD Korea Shipbuilding & Marine Engineering, Hyundai Engineering, Hyundai Engineering & Construction, POSCO Engineering & Construction and Samsung Heavy Industries.

The ministry hopes the MOU will catalyse the dissemination results accumulated through government-led research and development and promote advancement of nuclear in the private sector.

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First Vice-Minister of MSIT Lee Chang-yoon said: “In order to become a global leader in the nuclear energy market, which is rapidly being reorganised centring on next-generation nuclear reactors, the role of private companies that can respond quickly and flexibly is paramount. Based on the public-private cooperation MOU, we will spare no effort in providing the necessary support for our companies to develop into top-tier next-generation nuclear reactor companies, such as transferring technology owned by government-funded research institutes, supporting licensing and establishing a research association.”