Samsung C&T Corporation (Samsung C&T) is joining forces with the Emirates Nuclear Energy Company (ENEC) to expand into the global nuclear power market.
Samsung C&T announced on Wednesday that it has signed a memorandum of understanding (MOU) with ENEC to pursue development and investment opportunities in global nuclear power generation.
By combining its extensive experience in nuclear power and infrastructure projects with ENEC’s leadership in the nuclear energy sector, the company aims to spearhead the global nuclear market.
The MOU covers several key areas of cooperation: collaborating on new nuclear power plant construction, refurbishment, and the acquisition of existing sites in global markets; investing in and developing small modular reactor (SMR) projects; partnering on nuclear-based hydrogen production initiatives worldwide, including in South Korea; and investing in nuclear services and equipment companies.
In a statement, ENEC emphasized that nuclear energy will play a crucial role in meeting the rapidly growing global demand for large-scale electricity and expressed its commitment to expanding global cooperation efforts for the deployment, investment, and innovation of new nuclear power plants.
A Samsung C&T spokesperson highlighted the essential role of nuclear power in ensuring a stable energy supply and expressed optimism that the collaboration would generate innovative synergies by leveraging their combined expertise and networks.