South Korean shipbuilder Samsung Heavy Industries has signed a memorandum of understanding with Seaborg, a Denmark-based nuclear reactor developer, to develop floating nuclear power plants.
Samsung Heavy stated on April 12 that the floating power plants will be integrated with Seaborg’s compact molten salt reactor (CMSR) technology, a next-generation carbon-free energy source.
The agreement also covers the development of hydrogen production plants and ammonia plants.
“CMSR is a carbon-free energy source that can efficiently respond to climate change issues and is a next-generation technology that meets the vision of Samsung Heavy Industries,” Jung said in a statement. “In addition, when an abnormal signal occurs inside the reactor, the liquid nuclear fuel, molten salt, is solidified to prevent serious accidents at the source, and provides high safety and high-efficiency power and hydrogen production at the same time.”
The floating nuclear power plant design is for modular CMSR power barges capable of producing up to 800 megawatts of electricity over a 24-year operational life.
South Korea’s energy companies began expanding their nuclear energy businesses after President-elect Yoon Suk-yeol pledged to increase nuclear power plants, signaling a U-turn from incumbent President Moon Jae-in’s nuclear phase-out policy.
SK Group stated on April 12 that it was considering investing in small-sized nuclear reactors, with TerraPower, a U.S. venture founded by Bill Gates, as one of the candidates. But the company’s spokesperson said the investment’s details hadn’t been finalized.
The rethinking of energy sources comes at a time when the crisis in Ukraine has highlighted the risks of overreliance on imports of oil and gas and the European Union’s inclusion of nuclear power in sustainable carbon neutrality goals.
Currently, nuclear power makes up roughly 27 percent of South Korea’s power mix, with 35 percent coming from coal and 29 percent from liquefied natural gas. Yoon pledged to boost nuclear power’s contribution to 30 percent and export 10 nuclear power plants by 2030.
But policy uncertainty caused by a constitutional limit of a single five-year presidential term has magnified the business risks in an industry that relies on long-term investment and commitment.
Cho Seung-eun, CEO of Moojing Keeyeon—a nuclear power subcontractor with 50 employees, down from 100 employees five years ago—said that his company has “lost all capacity” for nuclear power plant construction, while other companies have lost “80 percent of revenue.”
“Nuclear plants take [three to four] years of advance planning, so five years mean a lot of manpower left for jobs with clearer future,” and those workers took their expertise with them, Cho said.
