As global efforts to achieve carbon neutrality and strengthen energy security accelerate, nuclear power is drawing increasing attention as a carbon-free energy source. At the same time, heightened concerns over the safety and public acceptance of large-scale reactors are driving a market shift toward Small Modular Reactors (SMRs). According to SMR market report by global research firm MarketsandMarkets, the global SMR market is projected to grow from USD 5.7 billion in 2022 to USD 6.8 billion by 2030, with an average annual growth rate of 2.3%. HD Hyundai is fast-tracking its investment in SMR technology development, positioning the company at the forefront of next-generation clean energy innovation.     ■Land-based SMRs gain traction amid rising energy demand – HD Hyundai leads commercialization In November 2022, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) invested USD 30 million in TerraPower, a leading U.S. SMR company founded by Microsoft co-founder Bill Gates. The investment marked the company’s full-fledged foray into the next-generation energy technology.  Founded in 2008, TerraPower is an innovative company that has developed the Natrium™ reactor, a next-generation sodium-cooled fast reactor (SFR) design. As global energy demand continues to surge, TerraPower is moving swiftly to deploy Natrium reactors across the United States and beyond. In December 2024, HD Hyundai secured a project from TerraPower to manufacture cylindrical reactor vessels for the Natrium project in Kemmerer, Wyoming a 345 MW 4th-generation SFR. Recognized as one of the most advanced SMR types, SFR technology offers enhanced safety, a high level of technological maturity, and generates only about one-twentieth of the nuclear waste compared to conventional reactors.   HD Hyundai Chairman Chung Kisun met with TerraPower Chairman and Founder Bill Gates to discuss nuclear supply chain cooperation on August 22, 2025.   Building on its extensive manufacturing experience and advanced technological capabilities, HD Hyundai is expected to play a key role in establishing the foundation for the commercial deployment of Natrium reactors. The company has previously contributed to major fusion energy projects such as Korea’s KSTAR and the International Thermonuclear Experimental Reactor (ITER), strengthening its expertise in next-generation energy technologies. This March, HD Hyundai signed a strategic agreement with TerraPower to expand the manufacturing supply chain for the commercialization of the Natrium reactor. Through this partnership, HD Hyundai will develop optimized manufacturing solutions for key reactor components and establish the commercial-scale production capacity beyond the demonstration phase. The Natrium project aims for completion by 2030 following the issuance of construction and operating licenses from the U.S. Nuclear Regulatory Commission (NRC). ■Leading research on offshore SMR power generation with enhanced safety and efficiency HD Hyundai is spearheading the development of the Floating Nuclear Power Barge, an offshore power generation platform designed to produce electricity using SMR technology. In October 2023, the company obtained its first concept design approval for the floating nuclear power barge, followed by a second approval in May 2025 for the conceptual design and modularization of the power conversion system that converts thermal energy into electric power. The floating nuclear power barge offers significant advantages in terms of cost efficiency and public acceptance. While constructing SMR facilities on land requires substantial investment, leveraging shipbuilding expertise to deploy SMR units at sea can dramatically reduce costs. Offshore installations also provide the flexibility to locate SMR facilities in areas with fewer safety and regulatory constraints compared to land-based sites. Since March of last year, HD Hyundai has dispatched a research and development team to TerraPower in the United States to collaborate on a range of initiatives, including the development of nuclear-powered vessels and other advanced applications of nuclear technology. HD Hyundai is also advancing the development of the Molten Salt Reactor (MSR), widely regarded as one of the most suitable reactor types for offshore nuclear power generation. MSR is a type of Small Modular Reactor (SMR) that uses molten salt at high temperatures as both a coolant and a fuel medium. In February 2024, HD Hyundai organized a technology exchange meeting in Washington State, U.S., to jointly develop MSR with TerraPower, Southern Company from the U.S. and Core Power from the U.K. To further accelerate offshore nuclear commercialization, HD Hyundai has played a leading role in co-founding the world’s first international private organization in the field of offshore nuclear power, the Nuclear Energy Marine Organization (NEMO). A total of 11 leading companies from seven countries participated, including HD Hyundai; TerraPower; Westinghouse Electric Company, a global leader in nuclear power plant technology; Lloyd’s Register; and Seaborg of Denmark, an innovative company in the field of molten salt reactors. Headquartered in London, NEMO will work alongside the International Maritime Organization (IMO) and the International Atomic Energy Agency (IAEA) to develop global standards and regulations governing the deployment, operation, and decommissioning of nuclear power in maritime environments, paving the way for the commercialization of offshore nuclear energy. ■SMR-powered vessels: a game changer in the era of carbon neutrality HD Hyundai is developing its first nuclear-powered vessel — a new type of ship that has yet to be built in Korea. Nuclear propulsion is emerging as a potential game changer in the shipbuilding industry, offering a breakthrough technology for achieving carbon neutrality. “The global market for SMR-powered ships is a blue ocean, free from competition with China,” said Park Sangmin, Head of HD KSOE's Green Energy Research Lab This February, HD Hyundai unveiled its first concept model of a nuclear-powered container ship design model applying SMR technology at an event held in Houston, U.S. The company is currently developing a 15,000 TEU-class container vessel powered by an MSR engine system. Development is approximately 50 percent complete, with the goal of full-scale completion by 2030.   Rendering of a 15,000 TEU-class container ship powered by SMR, unveiled by HD Korea Shipbuilding & Offshore Engineering Unlike conventional ships, nuclear-powered vessels do not require components such as exhaust systems or large fuel tanks, allowing the additional space to be used for more container storage — significantly improving operational efficiency. The design also incorporates actual equipment configurations and advanced safety systems to enhance reliability. Earlier, HD Hyundai received Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for a 15,000 TEU-class container ship design model applying SMR technology.  

▶ HD Hyundai hosts Future Tech Forum in Gyeongju on the 27th, the first official session for APEC 2025 Korea ▶ Chairman Chung emphasized the need for shipbuilding innovation; inviting partnering companies as speakers ▶ Forum covered issues on next-generation defense technologies, AI and digital transformation, robotics, and Korea–U.S. shipbuilding cooperation   HD Hyundai opened APEC 2025 Korea by presenting a blueprint for the future of shipbuilding in collaboration with global leaders.   HD Hyundai held the Future Tech Forum: Shipbuilding at the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Monday, October 27 at Munmu Hall, Gyeongju Expo Grand Park Cultural Center. The theme of the forum was dedicated to "Shaping the Future of Shipbuilding."   Attended by more than 600 participants, the event brought together Chairman Chung Kisun, along with HD Hyundai executives and employees. It also invited speakers from Huntington Ingalls Industries, Anduril Industries, and Siemens, as well as representatives from the shipbuilding industry, academia, government, and the military as the audience.   Chairman Chung delivered the keynote speech, presenting the potential for sustainable development in the shipbuilding industry through innovative technologies and called for global cooperation to make it a reality.   In his remarks, Chairman Chung stated, "The rapid advancement of AI technology has had a tremendous impact on other key fronts of our innovation - the sustainability of our ships and the digital manufacturing cycle," adding, "For all these exciting possibilities to come true, we'll need much closer collaboration across industry boundaries - a truly global alliance of innovation."   He continued, "We are fully ready to be a facilitating partner in the American naval renaissance, working closely with leading innovators in this transformative endeavor."   He further emphasized the future vision and innovations for the shipbuilding industry, underscoring AI-driven technology, smart shipbuilding for enhanced productivity, and strategic cooperation with the United States.   HD Hyundai's key partners also participated as speakers at the forum, discussing innovation and collaborative strategies for the shipbuilding industry.   John Kim, Head of Anduril Korea, emphasized the importance of developing next-generation defense technologies capable of responding flexibly and swiftly in an era marked by complex unmanned threats such as drones and missiles. HD Hyundai and Anduril are collaborating on the joint development of an unmanned surface vehicle (USV). In addition, Kim Hyung-taek, HD Hyundai's Naval AI Advisor, presented HD Hyundai's strategy to lead the autonomous naval vessel market by incorporating the company's vessel autonomy and Anduril's mission autonomy.   Patrick Ryan, Chief Technology Officer (CTO) of the American Bureau of Shipping (ABS), introduced AI, digital twins, smart shipyards, autonomous navigation systems, remote inspection, and robotics as key innovative technologies that will drive the future of the shipbuilding industry.   Aerin Jungmin Lee, Head of AI Strategy at HD Hyundai, shared the company's future vision under the theme "A Sustainable Maritime Industry Powered by Data and AI." She also introduced in-house–developed AI solutions designed to enhance efficiency and safety, including Oceanwise, HD Agent, and Myeong-Jang Agent.   Joe Bohman, CTO of Siemens, presented an intelligent manufacturing innovation strategy for the shipbuilding industry centered on AI-based digital twins and the Marine Digital Thread. He emphasized that AI-powered digital solutions connecting the entire process—from design and production to maintenance—can dramatically enhance productivity and quality.   Nicolaus Radford, CEO of Persona AI, identified population decline, aging demographics, and a shortage of skilled labor as key challenges for future industrial sites. As a solution, he proposed humanoids that combine intelligence with physical capabilities and unveiled the current status of a shipbuilding humanoid being co-developed with HD Hyundai.   Eric D. Chewning, Executive Vice President of Huntington Ingalls Industries, outlined the company's mission and naval shipbuilding capabilities and announced plans to expand Korea–U.S. cooperation in the shipbuilding sector. HD Hyundai and Huntington Ingalls Industries plan to jointly explore ways to strengthen the U.S. Navy's shipbuilding capacity and pursue strategic collaboration on projects such as next generation logistics ship. The two companies also intend to expand joint research and technological exchanges in advanced fields including robotics and AI, while cooperating on lifecycle support and maintenance systems for naval assets. The APEC Future Tech Forum serves as a venue where representatives from leading global corporations, governments and institutions, and academia gather to review the current state of major industries and share blueprints for the future. HD Hyundai opened the forum as its first corporate host, and sessions will continue through the 30th, covering themes including shipbuilding, defense, retail, AI, digital asset, and future energy.

▶ MOA signed in Gyeongju, the host city of APEC 2025; covering joint design and construction of the U.S. Navy’s next-generation fleet auxiliary ships, with plans to expand cooperation across all naval and commercial ship types ▶ Joint investment in the acquisition and establishment of shipbuilding facilities in the United States; consideration of an “Engineering Solutions” joint venture and cooperation on MRO projects for U.S. and allied naval fleets ▶Huntington Ingalls: “Marking the beginning of deeper shipbuilding collaboration between the United States and Korea. We look forward to strengthening partnership with HD Hyundai to transform the U.S. shipbuilding industrial base.” HD Hyundai has agreed to join forces with Huntington Ingalls Industries (HII), the largest defense shipbuilder in the United States, to build the U.S. Navy’s next-generation fleet auxiliary ships. This will mark the first-ever collaboration between Korea and the United States in this field. HD Hyundai announced on Sunday, October 26th, that it signed a Memorandum of Agreement (MOA) with HII, to cooperate on the design and construction of naval and commercial vessels.  The signing ceremony took place at the Lahan Select Hotel in Gyeongju — the host city for APEC 2025 Korea. The event was attended by Joo Won-ho, President of the Naval & Special Ship Business Unit at HD Hyundai Heavy Industries (HHI), and Eric Chewning, Executive Vice President of Maritime Systems and Corporate Strategy at HII. The next-generation auxiliary ships, currently under development by the U.S. Navy, are designed to deliver fuel and logistical supplies to combat ships in operational areas. Featuring enhanced mobility and greater operational efficiency compared to existing replenishment vessels, the new class of ships is expected to play a key role in the Navy’s strategy to modernize its logistics and replenishment capabilities. Under the MOA, the two companies will collaborate on the design and construction of the U.S. Navy’s next-generation auxiliary ships and share technical know-how to improve cost efficiency and shorten construction schedules in naval and commercial shipbuilding. The U.S. Navy recently issued a request for proposals (RFP) for the concept design phase of the next-generation auxiliary ship program. HD Hyundai Heavy Industries has a strong track record in this field, having delivered its first auxiliary vessel, HMNZS Endeavour, to New Zealand in 1987, followed by the HMNZS Aotearoa in 2020. The company has also supplied the Republic of Korea Navy with three Cheonji-class and one Soyang-class auxiliary ships, demonstrating its proven competitiveness. The two companies also agreed to jointly invest in the acquisition or establishment of new shipbuilding facilities in the United States. In addition, HD Hyundai will supply block modules and key components to Huntington Ingalls Industries’ two major shipyards — Newport News Shipbuilding and Ingalls Shipbuilding — as part of their expanded cooperation. The partners are also considering the establishment of a joint “engineering solutions” company to strengthen collaboration from design to construction in next-generation naval and commercial ship programs. Furthermore, the two parties plan to cooperate in the maintenance, repair, and overhaul (MRO) of vessels operated by the U.S. Navy and allied fleets. “Through joint participation in U.S. Navy procurement programs and investments aimed at establishing ship production bases in the United States, the two nations’ key industries are taking a major step toward deeper strategic collaboration,” HHI President Joo Won-ho said. “We are confident that this partnership will generate powerful synergies by combining Korea’s cutting-edge shipbuilding technologies with the U.S. defense sector’s strong market competitiveness.” HII Executive Vice President Eric Chewning commented, “This marks the beginning of deeper collaboration between not only our companies, but each of our countries, that will support enduring changes to military and commercial shipbuilding in America. We look forward to working collaboratively with HHI, the U.S. and South Korean Governments, and with our customers to transform the U.S. shipbuilding industrial base and enable accelerated throughput in our shipyards.” Meanwhile, Eric Chewning will be delivering a keynote speech on “Strategic Collaboration Between the U.S. and Korea in Shipbuilding” at the Future Tech Forum hosted by HD Hyundai on October 27 as part of the APEC CEO Summit Korea 2025. He is expected to highlight the achievements of the partnership between the two companies and outline the future direction of bilateral cooperation in the shipbuilding sector.  Earlier in April, HD Hyundai signed an MOU with HII to enhance collaboration in defense shipbuilding. In early October, executives and technical staff from HD Hyundai Heavy Industries’ Naval & Special Ship Business Unit visited HII’s Ingalls Shipbuilding yard in Mississippi to share expertise on shipbuilding technology and manufacturing processes. In September, the company also began a regular overhaul of the 41,000-ton fleet dry cargo and ammunition ship, USNS Alan Shepard, assigned to the U.S. Navy’s 7th Fleet, further strengthening cooperation between HD Hyundai and the United States in the shipbuilding sector.