Finnish state-owned energy company Fortum has signed a memorandum of understanding (MoU) with Korea Hydro and Nuclear Power (KHNP) for mutual cooperation on nuclear power.
The MoU will enable the two companies to cooperate and exchange information related to future nuclear power plants in Northern Europe.
It also covers development and commercialisation of small modular reactors (SMR) technology, and nuclear power plant engineering projects.
Under the agreement, the companies will also cooperate on safe operation and maintenance of the existing nuclear power plants.
The agreement builds on the initial MoU signed between the two companies in 2018.
The Korean company has been sharing information with Fortum regarding the operation and maintenance of nuclear power plants since then.
The two companies were also engaged in the joint development of nuclear power plant cogeneration technology and 3D printing technology.
Fortum president and CEO Markus Rauramo said: "Fortum appreciates very much the long-term cooperation with KHNP. We believe the cooperation is beneficial to both parties."
The agreement with Fortum is expected to enable KHNP to expand its nuclear operations in the European market.
KHNP president and CEO Jooho Whang said: "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."
Fortum is conducting a two-year feasibility study with plans to build SMR and conventional large reactors in Finland and Sweden.
Launched in October last year, the study is being conducted to explore prerequisites for new nuclear power opportunities.