Fortum has signed a memorandum of understanding (MoU) with Korea Hydro & Nuclear Power Co., Ltd. (KHNP), the owner and operator of the South Korean nuclear fleet and a nuclear power technology supplier, on May 30, 2023.
The scope of the MoU covers cooperation and information exchange regarding future nuclear power plants, new reactor designs as well as safe and efficient operation of existing nuclear power plants. This MoU extends the already established cooperation to a joint exploration of new nuclear. The initial MoU between Fortum and KHNP was signed in 2018.
"Fortum appreciates very much the long-term cooperation with KHNP. We believe the cooperation is beneficial to both parties," says Fortum's President and CEO Markus Rauramo.
"KHNP has world-class capabilities in nuclear new-build projects, while Fortum is one of the largest nuclear companies in northern Europe, and we hope to see both companies become partners that grow together through mutual cooperation ", says KHNP's Presidents and CEO Jooho Whang
Fortum continues to work for powering a thriving world by utilising its nuclear experience and competences in close cooperation with its partners to further improve the safety and reliability of nuclear power plants around the globe.
This new MoU is related to Fortum's Nuclear Feasibility Study launched in November 2022. During the two-year programme, Fortum explores commercial, technological, and societal, including political, legal, and regulatory conditions both for small modular reactors (SMR's) and conventional large reactors in Finland and Sweden. The study also investigates new partnerships and business models. In addition to KHNP, Fortum has made cooperation agreements with British Rolls-Royce SMR, French EDF, and Finnish Outokumpu and Helen.