South Korean President Lee Jae Myung and US President Donald Trump had “meaningful” discussions on nuclear energy cooperation during their summit meeting in Washington, according to Lee’s National Security Adviser Wi Sung-lac. He told reporters that the two leaders “shared a consensus on significantly expanding cooperation in shipbuilding and held meaningful discussions on nuclear energy cooperation”. The two countries also agreed to establish a non-binding agreement to press ahead with $350bn of investment funds proposed by Seoul in July as part of a trade deal to reduce threatened US tariffs on Korean goods.
During the Korea-US Business Roundtable held at the Willard Intercontinental Hotel following the summit, South Korean companies pledged $150bn in US investments. A delegation of 16 top Korean business leaders participated in the meeting. Korean nuclear power, power equipment and mineral refining companies have emerged as key pillars of Korea-US manufacturing cooperation. Of the 11 memoranda of understanding (MOUs) signed at the roundtable, four involved nuclear power projects.
- Korea Hydro & Nuclear Power (KHNP) and Doosan Enerbility, working as a “one team”, signed an agreement with Amazon Web Services (AWS) and X-energy.
- Doosan Enerbility also signed an MOU with Fermi America for cooperation in nuclear and SMR projects.
- KHNP and Samsung C&T Corp agreed to join Fermi America’s AI Campus Project in Texas.
- KHNP signed a MOU with Centrus Energy and POSCO International to explore support for the expansion of Centrus’s uranium enrichment plant in Piketon.
KHNP and Doosan Enerbility, working as a “one team”, signed an agreement with Amazon Web Services (AWS) and X-energy to cooperate across the full life cycle of small modular reactors (SMRs), from design and construction to operations, supply chains, investment and market expansion. The companies pledged to cooperate on AWS’s $700m investment to commercialise 5 GWe of SMR capacity to power the AI data centres it plans to build by 2039. In 2023, Doosan Enerbility made an equity investment in X-energy and enjoys a strong partnership as its main components’ supplier.
“This partnership brings together proven nuclear leadership and experience from Korean industry and X-energy’s advanced reactor and fuel technology to meet a historic energy challenge,” said X-energy CEO J Clay Sell. “By combining our expertise, we are ensuring that we are best positioned to accelerate the Xe-100 SMR into the marketplace with the unique knowledge and skills developed throughout the South Korea industrial supply chain. Collaboration between the US and South Korea in this critical sector is vital to preserving American leadership in the AI race and surpassing China as the leader in nuclear development.”
KHNP president and CEO Dr Joo-ho Whang noted that global competition for SMR development is becoming increasingly fierce. “By strengthening cooperation with the US, I expect that the technological and business capabilities of both countries will generate strong synergies in the global SMR market,” he said.
Doosan Enerbility also signed an MOU with US energy developer Fermi America to engage in a comprehensive partnership for large reactors and SMRs to be supplied to Fermi’s AI Campus Project in Texas. The project involves building a 11 GWe private grid and world’s largest AI data centre by combining various energy sources, including four large-size reactors (total 4 GWe), SMRs, gas-fired combined cycle power plants, solar energy and a large Battery Energy Storage System.
Doosan is also expected to play a crucial role once KHNP and Westinghouse launch a joint venture to execute nuclear power projects.
“With the support and interest of both governments, this agreement will accelerate SMR commercialization,” said Park Gee-won, chairman of Doosan Enerbility. “Doosan will faithfully fulfil its role, drawing on our proven manufacturing expertise, to make this a model case of bilateral cooperation in the energy sector.”
“Doosan Enerbility is the largest, most respected nuclear power plant component supplier in the world,” stated Fermi America Co-founder Toby Neugebauer. “The Korean culture mirrors our Fermi culture and the Texas way – do what you say you are going to do, on time and in budget. Executing at this velocity is the only way for America to win.”
Doosan Enerbility President Jongdoo Kim said: “We believe this relationship based in mutual respect will prove beneficial to both our company as well as Fermi America and we look forward to broad business collaboration in the days to come.” Fermi America was co-founded by former US Secretary of Energy Rick Perry and former Co-Managing Partner of Quantum Energy, Toby Neugebauer.
KHNP and Samsung C&T Corp will join in the project’s construction, underscoring Korean businesses’ growing role in the US energy build-out. KHNP Samsung C&T and Fermi America, during the roundtable, signed a “Business agreement for cooperation in the construction of a high-tech energy complex centre”.
KHNP also signed a MOU US Centrus and POSCO International to explore potential investment to support expansion of Centrus’s uranium enrichment plant in Piketon, Ohio. US Secretary of Commerce Howard Lutnick and Korea’s Minister of Trade, Industry & Energy Kim Jung-kwan attended the signing. Centrus and KHNP also agreed to an increase in the supply of enriched uranium under a contract signed in February.
“We are proud to be strengthening our relationship with our partners in Korea in support of our work to restore America’s ability to enrich uranium at a large scale,” said Centrus President & CEO Amir Vexler. “This agreement reflects strong demand for a US-owned uranium enrichment capability and another potential avenue for private investment capital to bring added supply diversity and competition to the marketplace – and to meet Korea’s need for affordable, reliable fuel supplies for both new and existing reactors.”
The February contract aims to support construction of new uranium enrichment capacity at Centrus’s American Centrifuge Plant in Ohio. The two companies have now agreed to increase the supply of Low-Enriched Uranium (LEU) under that contract. However, the entire supply commitment is contingent upon Centrus receiving the necessary federal funding to build the new LEU production capacity.
The agreement also calls for the companies to explore additional opportunities for cooperation, such as additional supply agreements for LEU as well as High-Assay, Low-Enriched Uranium (HALEU) for next generation reactors.
Following the summit and roundtable, South Korean Second Vice Foreign Minister Kim Ji-na held the talks with US Deputy Secretary of Energy James Danly on the sidelines of a ministerial meeting of the Asia-Pacific Economic Cooperation member economies in the southeastern port city of Busan. The two sides noted “meaningful” discussions that have taken place regarding nuclear energy cooperation at the summit and agreed to make efforts to advance the partnership going forward, a Ministry statement said.
“Vice Minister Kim proposed the two countries work to deepen nuclear energy cooperation in a way that will contribute to strengthening the bilateral alliance, with Deputy Secretary Danly reaffirming commitment to enhancing such cooperation.” Noting the brisk business partnerships in the SMR sector, the two sides agreed to work closely together for those private sector projects to gain further momentum.
