Officials pose for a photo at a joint development agreement signing ceremony held at the headquarters of Khalifa Industrial Zone Abu Dhabi in the United Arab Emirates last month. (Samsung C&T)
The engineering and construction division of Samsung C&T Corporation is aggressively entering the eco-friendly energy businesses such as small modular reactors, or SMRs, green hydrogen and ammonia.
The Engineering & Construction Division of Samsung C&T recently invested $70 million in NuScale Power, an American SMR company, laying a stepping stone for its SMR business overseas.
SMRs are safer compared to conventional nuclear reactors, emits nearly zero carbon, and guarantees a stable supply of electricity without the downsides of renewable energy such as its intermittent nature and geographic limitations.
NuScale’s SMR was the first to receive design approval from the US Nuclear Regulatory Commission, and is assessed to be the closest to commercialization.
Samsung C&T and NuScale Power have agreed to share their technology and personnel from the construction planning stage for an SMR project at the Utah Associated Municipal Power Systems in Idaho. The project is slated to begin commercial operation in 2029.
Based on its experience of building 10 nuclear power plants at home and abroad, the E&C division of Samsung C&T has also agreed to work together as a strategic partner in NuScale’s SMR project with the Romanian government and other SMR projects in Eastern Europe.
In addition to SMRs, Samsung C&T said it plans to cooperate with NuScale on research and commercialization of hydrogen production using high temperature steam.
Focusing on the green hydrogen infrastructure market as an axis of future growth, Samsung C&T is preparing for business across the entire value chain from production to usage, based on its experience in building combined cycle power plants and liquefied natural gas storage tanks. It will also utilize its design technology and network of key clients.
In January, Samsung C&T and Posco signed an agreement with Saudi Arabia’s sovereign wealth fund on green hydrogen production.
In February, Samsung C&T and five other Korean companies including Posco, GS Energy and Korea National Oil Corp. inked a deal to jointly promote clean energy businesses, starting with the construction of a clean energy storage and supply facility in the East Sea area.
Samsung C&T is also part of a consortium that will build a green hydrogen and ammonia plant in the United Arab Emirates’ Khalifa Industrial Zone Abu Dhabi.