Under the agreement, Westinghouse will provide the design and development of its AP1000 technology, and Hyundai E&C will provide industrial engineering and construction services for the project.
The teaming agreement builds upon a strategic cooperation agreement signed between the two companies in May 2022 to jointly participate in global AP1000 plant opportunities. At the time, Hyundai E&C said the agreement would enable it to have an opportunity to demonstrate its engineering, procurement and construction (EPC) capabilities applied to Westinghouse's AP1000 plant.
In February, Vattenfall announced plans to initiate new nuclear power projects at Ringhals, aiming to have the first reactor operational in the early 2030s and critical decisions regarding reactor types this year. In addition, Fortum and Westinghouse signed a memorandum of understanding in June last year to explore the potential and prerequisites for new nuclear plants in Finland and Sweden.
"For more than half a century, Westinghouse has proudly supported Vattenfall in delivering clean, safe and reliable energy from the Ringhals nuclear power plant, which is based on Westinghouse design," said Daniel Lipman, president of Westinghouse Energy Systems. "Cooperation with Fortum would add another dimension to nuclear new build in the region.
"In partnership with Hyundai - a global, top-tier EPC company - we look forward to bringing our proven AP1000 technology with a proven nuclear power construction company to provide another 100 years of energy security to Sweden and Finland."
Hyundai E&C CEO and President Young-joon Yoon added: "Hyundai E&C has accumulated unrivalled nuclear EPC competitiveness, technical capabilities and know-how in operating construction management systems through the construction of 24 large-scale nuclear power plants in the global market. Based on the long-standing trust and partnership between Hyundai E&C and Westinghouse, which dates back to 1971, we will exert our best teamwork to maximise the synergies of both companies for success."
