HD Hyundai Heavy Industries secured its first contract to build a nuclear reactor vessel for TerraPower LLC, the Bill Gates-backed nuclear technology firm, expanding its presence in the growing market for smaller nuclear plants.
The South Korean industrial giant will manufacture a cylindrical vessel for TerraPower’s 345-megawatt Natrium reactor planned for construction in Kemmerer, Wyoming. The sodium-cooled fast reactor is designed to produce one-twentieth of the nuclear waste compared with traditional plants, according to HD Hyundai.
The project marks TerraPower’s push to commercialize smaller, more efficient nuclear technology as countries seek to cut carbon emissions while maintaining energy security. The Wyoming facility is scheduled for completion by 2030, pending regulatory approvals.
HD Hyundai has been positioning itself in the nuclear sector, leading the formation of the Nuclear Energy Maritime Organization in March and conducting joint research on small modular reactors with global partners.
The global market for small modular reactors is expected to reach $6.8 billion by 2030 from $5.7 billion in 2022, according to research firm MarketsandMarkets.
