Hyundai’s HD Division Collaborates with TerraPower to Propel Maritime Nuclear Development

HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, has partnered with TerraPower and Core Power for the development of next-generation small modular nuclear reactors. The meeting, held at TerraPower’s headquarters in Washington, focused on TerraPower’s Molten Chloride Fast Reactor (MCFR) design. HD Korea Shipbuilding & Offshore Engineering expects the joint research to accelerate the development of the offshore and maritime nuclear power market. The Korean shipbuilder will send an R&D team to TerraPower in March to continue development research with the partners in various fields, including maritime. HD Hyundai invested $30 million in TerraPower in November 2022.

Core Power CEO Mikal Boe commented on the development, stating that the partnership with Hyundai and Core Power’s shareholders from the maritime and energy industries illustrates the shipping industry’s move towards a net-zero future with new nuclear solutions. The partnership aims to accelerate the development program for the Molten Chloride Fast Reactor. HD Korea Shipbuilding & Offshore Engineering also plans to actively join the establishment of a system for the application of marine reactors with the International Atomic Energy Agency (IAEA) and major classification societies ABS and Lloyd’s Register. This collaboration represents a significant step towards the advancement of next-generation nuclear reactors in the maritime industry.

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