US nuclear reactor developer TerraPower and South Korean shipbuilder HD Hyundai Heavy Industries (HHI) are to collaborate to construct small modular reactor-powered containerships.
The aim is to gain a competitive edge over Chinese shipbuilders and become an early mover on carbon-free ships.
The firms said on Tuesday they aimed to finalise development of marine SMR models by 2030 and then commercialise SMR-propelled boxships.
The collaboration comes three months after HHI signed an agreement to supply cylindrical reactor containers to TerraPower to produce sodium-cooled fast reactors.
Sodium reactors are expected to be key components of SMR-propelled containerships, which will run on nuclear power instead of fossil fuel. Mainline operators are said to be interested, as additional cargo can be loaded in the place of fuel cylinders and there is no worry about profitability deteriorating in the face of soaring oil prices.
HHI chief operating officer Kwang Shik-won said: “This agreement marks a transformative collaboration that will accelerate the commercial viability of next-generation nuclear energy solutions and help shape the future global energy landscape.”
Founded by Microsoft pioneer Bill Gates in 2008, TerraPower is building a 345-MW sodium-reactor demonstration project near Kemmerer in Wyoming. The facility, which will supply power to PacifiCorp’s electric grid, could begin operations by 2030.
The agreement coincides with the South Korean government’s plan to capitalise on US President Donald Trump’s protectionist moves against Chinese-built ships.
During a seminar organised by the Korea Shipowners’ Association yesterday, its chairman, Park Jung-seok, touched on the proposed Ships for America Act and Mr Trump’s plans to impose hefty port fees on calls by Chinese-built ships and their operators.
Mr Park said: “If South Korea thoroughly prepares and responds to the US policy, with our know-how, we will be able to turn the current situation into an opportunity.”