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Press Release

Korea Eximbank signs MOU on Financial Cooperation with NuScale Power

Date 2023.03.16 View 9046

□ The Export-Import Bank of Korea (www.koreaexim.go.kr,  Chairman Yoon Hee-sung, “Korea Eximbank") announced on the 16th that it has signed a financial cooperation MOU with NuScale Power, a leading company in the U.S.

 

   * NuScale Power Corporation is a provider of proprietary and innovative advanced small modular reactor nuclear technology, with a goal of powering the global energy transition by delivering safe, scalable, and reliable carbon-free energy. NuScale’s small modular reactor (SMR) technology incorporates all of the components for steam generation and heat exchange into a single integrated unit called the NuScale Power Module™ (NPM). Inside each NPM, control rods retract from the fuel, allowing a fission process inside fuel rods to produce heat. The reactor operates using the principles of buoyancy-driven natural circulation, meaning no pumps are needed to circulate water through the reactor. This fully passive safety system design ensures that reactors will safely shut down and self-cool indefinitely, and do so with no need for operator or computer action, AC or DC power, or the addition of water ? a first for light water technology. Each NPM is a 77 MWe integral pressurized water reactor (PWR), and the company’s VOYGR™ plants can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 NPMs) of output.

 

 

□ Chairman Yoon Hee-sung met with NuScale Power President and CEO John Hopkins at the NuScale Power Office in Rockville, Maryland, on the 15th (local time) and signed the "Financial Cooperation MOU to expand Korean companies' overseas SMR expansion."

 

 ㅇ The MOU signed by the two organizations is mainly about ▲ sharing the financial system and strategy of Korea Eximbank ▲ sharing investment plans and business information of the NuScale Power ▲ Korea Eximbank’s financial support on the overseas SMR projects by NuScale and Korean companies.

 

 

□ This MOU was prepared to support Korean companies in preoccupying overseas SMR business orders.

 

 ㅇ Earlier in April last year, executives of NuScale Power visited the headquarters of the Korea Eximbank in person and discussed financial cooperation between the two organizations on the CFPP projects. 

 

 

□ As the two organizations signed an MOU, Korea Eximbank plans to provide customized financing for various types of transactions such as export transactions to and overseas joint investments with NuScale by Korean companies.

 

 

□ After signing the MOU, Chairman Yoon said, "NuScale Power is the global SMR leader who obtained the first design approval in 2020 from the U.S. Nuclear Regulatory Commission (NRC), and some Korean companies made equity investments in NuScale last year."

 

 ㅇ "We expect that this MOU helps Korea Eximbank’s financial support for the NuScale’s SMR projects with Korean companies be soon realized," he said.

 

 

□ NuScale Power President and CEO John Hopkins said, “The support of the Korea Eximbank is a significant step forward as we work to advance clean, affordable nuclear power globally.”

 

 ㅇ “Korea Eximbank’s support, along with the continued investment and commitment from our South Korean partners, will advance our efforts to bring numerous economic and environmental benefits, especially as the global community transitions to reliable, clean energy over the next decade.”