Blackstone and Google Launch AI Cloud Venture, Pressuring CoreWeave and Nebius Shares 
ECB Signals Possible Rate Hike as Middle East Tensions Push Euro Zone Inflation Higher 
Nvidia Beats Earnings Expectations as AI Demand Drives Record Growth 
Tencent Shares Jump 4% as AI Models Move Toward Paid Commercial Services 
Samsung Shares Surge After Strike Deal Eases Labor Tensions 
OpenAI Expands Globally with First Overseas AI Lab in Singapore 
Boeing Wins Fraud Lawsuit Over 737 MAX Filed by LOT Polish Airlines 
Iran-U.S. Talks Continue as Strait of Hormuz and Uranium Dispute Stall Peace Efforts 
US Economy Fueled by AI Investment Faces Rising Risks Ahead of Fed Meeting 
SpaceX IPO Nears as Goldman Sachs Set to Lead Historic $75 Billion Offering 
Japan Posts Strong April Trade Surplus as Exports Surge Amid Robust U.S. and China Demand 
Asian Stocks Slide Ahead of Nvidia Earnings as Tech Shares Tumble 
Intuit Raises Full-Year Forecast After Strong Q3 Earnings Despite Stock Drop 
Australia Regulator Flags Private Credit Risks Amid Global Market Uncertainty 
Trump-China Summit Yields Limited Progress on Trade and Tech Cooperation 
Oil Tankers Exit Strait of Hormuz as Trump Signals Possible Iran Deal 
Texas Sues Meta Over WhatsApp Encryption Claims 
In a pioneering move towards renewable energy, Samsung C&T Corporation is partnering with NuScale Power Corporation, alongside four other entities, for the construction of small modular reactors (SMRs) in Romania, with operations anticipated to start in 2029.
Aside from NuScale Power, Samsung C&T will work with four other groups - Nuclearelectrica, a state-run nuclear power company; Nova Power & Gas, a power supplier in Romania; E-Infra Group, an infrastructure developer; and Fluor Enterprises, an engineering company based in the United States, for the said SMR project.
As per Business Korea, the installation of the small modular reactors in Romania comes as the country is pushing forward with the construction to replace its existing power plants located in the Dobresti area. It will now use SMRs based on NuScale’s technology, and the commercial operation of the facility is expected to start in 2029.
The signing ceremony for the MOU took place this week in Bucharest, Romania, and it was attended by top executives from each company involved. They have agreed to gather and use their respective resources in all aspects of the project - from the planning to licensing to the design, financing, and EPC (engineering, procurement and construction).
Moreover, Samsung C&T and the four other companies mentioned also made the commitment to cooperate actively for the expansion of NuScale technology-based SMR business in Europe and other regions where Romania will serve as the center. The South Korean construction and engineering company officially revealed the partnerships for the deployment of SMRs in Romania on Wednesday, June 14.
Korea Joongang Daily reported that through the agreement with Samsung C&T, Romania will supplant its existing coal-fired power plant with SMRs. Under the agreement, the company will install NuScale Power’s SMR modules with a combined capacity of 462 megawatt-hours. The project may also be extended in the future to include other European regions.
Photo by: Samsung/Wikimedia Commons (Public Domain)
