Korea Hydro & Nuclear Power, Samsung Heavy Industries and Seaborg Technologies form consortium to develop CMSR-based floating nuclear power plants

SEOUL,South Korea,April 21,2023 -- Korea Hydro & Nuclear Power (KHNP),Samsung Heavy Industries (SHI) and Seaborg Technologies have announced a consortium to develop floating nuclear power plants with Seaborg Technologies' innovative molten salt reactor technology. The power plants will be installed on barges with a modular design able to deliver from 200MWe to 800MWe,with the consortium's first project expected to be a 200MWe power barge.

Signing Ceremony

The consortium aims to enable timely commercialization and a scalable export of factory-produced CMSR-based floating nuclear power plants worldwide,offering improved efficiency and inherent safety characteristics. With KHNP's extensive experience in nuclear power generation,SHI's offshore construction expertise and Seaborg Technologies' innovative technology,the consortium is well-positioned to meet the growing demand for clean and reliable energy.

"KHNP's active effort will be aimed at fostering a mutually beneficial partnership between Korea and Denmark,with a focus on cooperation in the next generation nuclear power project,for a safer and cleaner future," said Mr. Jooho Whang,CEO of Korea Hydro & Nuclear Power.

"Floating Nuclear Power Plant is a carbon-free energy solution which is efficiently responding to the climate change issues and a next-generation technology expandable to floating Hydrogen,Ammonia plant that meets the vision of Samsung Heavy Industries," added Mr. Jintaek Jeong,CEO of Samsung Heavy Industries.

"This consortium is unique for deploying nuclear power at scale," said Mr. Navid Samandari,CEO of Seaborg Technologies. "We are proud to say we have partnered with the best for construction and operations as part of our shared mission to develop and deploy the power barges."

The agreement marks a significant milestone for floating nuclear solution for the world,where each 200MWe of generation capacity is expected to save over 26 million tons of carbon dioxide emissions over its 24-year lifetime compared with a coal-fired power plant.

About Korea Hydro & Nuclear Power

Korea Hydro & Nuclear Power Co.,Ltd. (KHNP) owns and operates Korea's 25 nuclear power plants along with 28 hydro-electric power plants. (Ranked 3rd globally in NPP capacity). KHNP and Korea Electric Power Corporation (KEPCO) have jointly executed the first nuclear power project in Barakah,United Arab Emirates,in 2009. Unit 1,2,and 3 entered into commercial operation,and unit 4 is under commissioning test.

About Samsung Heavy Industries

Samsung Heavy Industries (SHI) is a leading shipbuilding and offshore construction company headquartered in South Korea. With a history spanning over several decades,the company has established itself as a global leader in the field,delivering high-quality products and services to customers around the world.

About Seaborg Technologies

Seaborg Technologies is a Danish nuclear energy company that delivers a new,safe nuclear technology based on a molten salt reactor design. The company's mission is to provide clean,safe,and reliable power generation to meet the growing demand for sustainable energy worldwide.

Contact:

Jonas Stampe

Jonas.stampe@seaborg.com

+4528861846