KEPCO Nuclear Fuel, GS Engineering & Construction, and Seaborg sign a Memorandum of Understanding for Fuel Salt production

COPENHAGEN,Denmark,June 20,2023 -- KEPCO Nuclear Fuel (KNF),GS Engineering & Construction,and Seaborg have announced a collaboration to investigate the feasibility of developing a LEU fuel salt production facility in South Korea. The three companies share the common vision of pursuing a position within fluoride fuel salt supply for the global 4th generation nuclear energy market.

Signing ceremony between KEPCO Nuclear Fuel,GS E&C,and Seaborg

Seaborg's CMSR uses a low enriched fluoride fuel salt which is not yet commercially available. KNF brings extensive nuclear fuel production and fluorides handling knowledge,while GS E&C have broad experience in a variety of engineering and construction projects. Seaborg is engagedwith a number of research partners covering different aspects of the fuel salt and its properties,and the partners thus have a solid foundation to investigate the path to commercialisationof fuel salt production.

Mr. Choi Ik-Soo,(President & CEO,KEPCO NUCLEAR FUEL.)

"KEPCO Nuclear Fuel wants to explore adding molten salt fuel for 4th generation reactors to our portfolio,enabling us to stay on the forefront of nuclear fuel development in a strive to serve our clients",said Mr. Choi Ik-Soo(President & CEO,KEPCO NUCLEAR FUEL.)

Mr. Kim Young-Shin (CTO,GS ENGINEERING & CONSTRUCTION)

"The development within molten salt reactors looks promising,and nuclear fuel for 4th generation reactors is a very interesting business opportunity for GS E&C,which fits very well with our long-term strategic goals",saidMr. Kim Young-Shin (CTO,GS ENGINEERING & CONSTRUCTION)

Mr. Navid Samandari (CEO,SEABORG)

"We are excited to enter a collaboration with such esteemed companies bringing us one step closer to securing LEU fuel salt for our CMSR. This agreement further strengthens Seaborg's engagement with Korean industrial partners,"saidMr. Navid Samandari (CEO,SEABORG)

Contact:

Kate Hesager,kate.hesager@seaborg.com,+45 31213034