Korea Eximbank teams up with US small nuclear reactor firm

The Export-Import Bank of Korea said on Thursday that it had signed a memorandum of understanding (MOU) with NuScale Power, a US company that develops small modular reactors (SMRs), to cooperate on financing overseas SMR projects.

The MOU will help South Korean companies that want to export SMR-related products and services or invest in joint ventures with NuScale Power, which is a global leader in SMR technology, the bank said in a statement.

SMRs are nuclear reactors that are smaller and more flexible than conventional ones. They can be used for various purposes such as power generation, district heating, desalination and hydrogen production.

The state-run bank said it would provide custom-tailored financing solutions for SMR projects involving Korean companies and NuScale Power, as well as share information and expertise on the SMR market.

Yoon Hee-sung, president of the bank, said he expected the MOU to boost Korean companies’ competitiveness in the global SMR industry.

John Hopkins, CEO of NuScale Power, said he was eager to work with the bank and Korean partners on SMR demonstration projects.

Write to In-Hyeok Lee at twopeople@hankyung.com