The agreement was signed on 21 August in Seoul by Norsk Kjernekraft CEO Jonny Hesthammer, DL Energy CEO Hoonchul Ha and DL E&C Executive Vice President Jaeho Yoo.
Norsk Kjernekraft - which aims to build, own and operate small modular reactor (SMR) power plants in Norway in collaboration with power-intensive industry - said DL Energy previously visited the Mongstad oil refinery in Austrheim and Alver municipality. The refinery, it said, is Norway's "largest emission point", and that nuclear power "has the potential to become a central contributor when the region is to reach its zero emissions target".
It added: "The recipe is the same that Norway used to build up its, today, world-leading oil industry. By bringing in foreign expertise, the process can be accelerated. The collaboration agreement also opens the way for the DL group to contribute its knowledge and expertise in other Norwegian municipalities as well."
DL Energy and DL E&C are both part of the DL Group, which has built a number of nuclear power plants with an annual production equivalent to more than half of Norway's total power production, Norsk Kjernekraft noted. "South Korea has extensive experience in the efficient construction and operation of nuclear power plants, and their expertise is now being used in Europe for the construction of new nuclear power plants."
A nuclear power plant could be built in Austrheim by the mid-30s, "given political will", the Norwegian firm said. "The nuclear power plant will deliver clean electricity and heat and will be able to help cover the enormous power needs registered in the region, without this coming at the expense of vulnerable nature."
"Without nuclear power, Norway is unable to comply with its international obligations to reduce greenhouse gas emissions and at the same time protect our wonderful nature," Hesthammer said. "Since we started this company a couple of years ago, this message has reached more and more people, and a number of district municipalities are now stepping forward to have nuclear power investigated with us.
"We keep hearing the argument that Norway lacks nuclear power expertise. It is therefore very gratifying that foreign expertise is on hand and will help us. The South Koreans are world champions in building nuclear power plants to the agreed time and cost. They showed that, among other things, with the construction of four reactors at Barakah in the UAE."
Earlier this month, Norsk Kjernekraft submitted a proposal to Norway's Ministry of Energy for an assessment of the construction of a power plant based on multiple SMRs in the municipality of Øygarden, west of Bergen. That proposal followed proposals submitted for SMR power plants in Aure and Heim municipalities, as well as Vardø municipality.
In June, the Norwegian government announced the appointment of a committee to conduct a broad review and assessment of various aspects of a possible future establishment of nuclear power in the country. It must deliver its report by 1 April 2026.
