Doosan Enerbility Co. and Export-Import Bank of Korea signed a memorandum of understanding (MOU) with U.S. nuclear power company NuScale Power to expand small modular reactor exports around the world as companies in South Korea and the U.S. are joining forces to grab a lead in the global market.

The parties agreed to work together in areas such as SMR production technology, supply chain development and export financing at a partnership event held in Washington DC on Tuesday local time.

The recent summit meeting between South Korean President Yoon Suk Yeol and U.S. President Joe Biden has sparked renewed interest in energy cooperation between the two countries. The global small modular reactor market is expected to grow to a size of 630 trillion won ($470 billion) by 2035.

SMRs are expected to lead the market for zero-carbon power generation, with full commercialization expected around 2030. The U.S. is currently the leader in this technology and the U.S. government is supporting local SMR companies, such as NuScale, to secure leadership in the market. Earlier, the Biden administration announced $3.2 billion in support for the SMR industry over the next seven years.

SK Inc., SK innovation Co. and Korea Hydro & Nuclear Power signed a memorandum of understanding with U.S. company TerraPower to jointly pursue projects in the construction, operation and management of fourth-generation SMRs.

Hyundai Engineering & Construction Co. and Korea Trade Insurance Corp. signed an agreement with U.S. nuclear power company Holtec International to cooperate in areas such as SMRs and spent nuclear fuel storage. Earlier, Hyundai Engineering and Holtec agreed to cooperate on the construction of SMRs for the reconstruction of Ukraine’s energy infrastructure. Under their agreement, they will work to connect Ukraine to the grid under an SMR pilot project and deploy an additional 20 units by March 2029.

A total of 23 MOUs were signed between Korean and U.S. companies during the event in the U.S. this week, including 13 in the clean energy sector and 10 in the high-tech industry.

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