Gyeongju: Executives from leading U.S. energy firms Westinghouse Electric Co. and TerraPower LLC have reiterated their commitment to strengthening partnerships with South Korean companies, highlighting the growing significance of nuclear energy amid advancements in artificial intelligence (AI) and energy transition.
According to Yonhap News Agency, Westinghouse's collaboration with South Korea continues to advance, as evidenced by past successes such as the delivery of the APR 1400 nuclear reactor in the United Arab Emirates and ongoing projects in the Czech Republic. Gavin Liu, president of Asia markets at Westinghouse, shared these insights during a session at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, an event running alongside the APEC leaders' summit in Gyeongju.
The renewed cooperation follows the resolution of a prolonged intellectual property dispute between Westinghouse and Korea Hydro and Nuclear Power Co. (KHNP) in January. The settlement, which addressed allegations of KHNP's infringement on Westinghouse's licensed technology in their reactor designs, has paved the way for further collaboration. This includes a significant contract signed by a KHNP-led consortium to construct two nuclear reactors in the Czech Republic for an estimated 26 trillion won (US$18.2 billion).
Recent discussions suggest the potential formation of a joint venture between KHNP and Westinghouse, aimed at capturing opportunities in the U.S. and European nuclear power plant markets. Industry sources indicate that nuclear power is being viewed as a sustainable energy source capable of meeting the rising power demands driven by AI advancements.
"We will extend our cooperation into technology and R and D as we pursue AI-driven initiatives," Liu noted, emphasizing Westinghouse's dedication to its Korean partners.
TerraPower CEO Christopher Levesque also highlighted the strong ties with South Korean firms, acknowledging their significant investments in TerraPower's ventures. He praised the alignment of SK Group Chairman Chey Tae-won's vision with that of TerraPower co-founder Bill Gates regarding the future of advanced nuclear energy. SK Inc. and SK Innovation Co. had jointly invested $250 million in TerraPower in 2022.
Levesque further mentioned TerraPower's ongoing collaboration with Korean shipbuilder HD Hyundai Co., which is tasked with fabricating reactor vessels for the company's inaugural nuclear power plant in Wyoming.