Hyundai E&C Targets European Nuclear Market, Strengthens Ties in Netherlands

Hyundai Engineering & Construction (000720.KS) is accelerating its push into the European nuclear power market in partnership with U.S. nuclear company Westinghouse.

Hyundai E&C held the "Netherlands Supplier Symposium" with Westinghouse in Amsterdam on June 16 and 17, the company said Wednesday. The event, aimed at participating in the construction of new nuclear power plants in the Netherlands, drew about 150 attendees, including Shin Dal-won, executive director of Hyundai E&C's NewEnergy division, Westinghouse Vice President Roman Romanowski, government officials from Korea, the U.S. and the Netherlands, and local industry representatives.

At the symposium, Hyundai E&C introduced the nuclear power track record and capabilities it has accumulated over half a century, and presented its procurement process and supplier requirements to encourage participation by local companies. The event also featured a "B2B matching session," providing an opportunity to interact directly with Dutch companies and identify strategic partners.

In February this year, the Dutch government established the Nuclear Energy Organization (NEO NL) to lead the construction of new nuclear power plants in order to strengthen energy security and achieve carbon neutrality by 2050, and is proceeding with procedures to build two new nuclear power plants. Officials from NEO NL also attended the symposium, expressing strong interest in Hyundai E&C's nuclear power business.

Hyundai E&C is expanding its business across Europe together with Westinghouse. Starting with the large Kozloduy nuclear power plant in Bulgaria, the company is conducting a technical feasibility study for a new nuclear power project in Slovenia, and has signed an Early Works Agreement (EWA) with Finland's state-owned energy company Fortum. In March, it formed a molten salt reactor (MSR) technology partnership with Thorizon, a spin-off of the Netherlands' Nuclear Research and Consultancy Group (NRG), strengthening its position in the next-generation nuclear power market.

"Now that local suppliers have a foundation to understand and cooperate with Hyundai E&C's nuclear power business strategy and project execution standards, we will do our utmost to win new nuclear power projects in the Netherlands going forward," a Hyundai E&C official said.