The largest Korean shipbuilder accelerates maritime nuclear development

In a groundbreaking move, HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, recently conducted its inaugural technology exchange meeting with TerraPower and Core Power. The focus of this collaboration is the advancement of the next-generation small modular nuclear reactor, specifically centering on TerraPower’s Molten Chloride Fast Reactor (MCFR) design.

The pivotal meeting took place at TerraPower's headquarters in Washington, marking a crucial step forward in the joint research efforts. HD Korea Shipbuilding & Offshore Engineering anticipates that this collaboration will expedite the development of the offshore and maritime nuclear power market.

To facilitate seamless cooperation, a dedicated R&D team from the Korean shipbuilder is scheduled to visit TerraPower in March. The collaborative research will span various fields, with a specific emphasis on maritime applications. HD Hyundai had previously invested $30 million in TerraPower in November 2022, underscoring its commitment to advancing nuclear solutions for the maritime industry.

Mikal Boe, CEO of Core Power, shared insights on this development, stating, "Adding Hyundai’s world-class expertise in shipbuilding and process engineering and Core Power's 60 plus shareholders from the maritime and energy industries illustrates how the shipping industry is moving towards a net-zero future with new nuclear solutions. With two strong maritime partners on the Molten Chloride Fast Reactor (MCFR) development team, we aim to accelerate the development program for the Molten Chloride Fast Reactor."

In addition to the collaborative efforts, HD Korea Shipbuilding & Offshore Engineering plans to actively participate in establishing a system for the application of marine reactors. This involvement includes engagement with the International Atomic Energy Agency (IAEA) and major classification societies such as ABS and Lloyd’s Register. The shipbuilder's proactive stance highlights its dedication to promoting safe and efficient marine nuclear power solutions.